19-Unit Mixed-Use Apartment
For Sale
Contact for pricing
7902 27th St W, University Place, WA 98466
Mixed-use property with 10 apartment units and 9 commercial suites in University Place, serving both residents and retail users.
Property Size15,400 SF
Price / SF$214.29
Days on Market94
Property Features for 7902 27th St W
General Information
Standard status
Active
Size
15,400 SF
Net Rentable
15,400 SF
Total Parking Spaces
38
Property subtype
MULTIFAMILY
Net Operating Income
$209,664
Units
Unit Mix
5 x 1BR, 5 x 2BR
Multifamily Units
10
Additional Details
Cap Rate
6.35%
Building Details
Year Built
1961
Listing Agency:
Northmarq Multifamily LLC
(425) 830-2254
Listed By:
Taylor Wyman · License #87455
(425) 577-8481
Source:
Moodyscre
Added: May 6
Changed: Jul 30
Last Checked: Aug 6 at 4:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq Multifamily LLC
Investment Insights
Based on property information with market context.
Prestige Center is a 19-unit mixed-use apartment building built in 1961. The property totals approximately 15,400 net rentable square feet, including 8,000 SF of residential space and 7,400 SF of commercial space. The residential component is a balanced mix of five one-bedroom units averaging 700 SF and five two-bedroom units averaging 900 SF. It also includes 9 commercial suites sized to support on-site retail demand.
The asset provides 38 surface parking spaces for both residential tenants and retail users. Located at 7902 27th St W in University Place, it benefits from proximity to major employment centers including Joint Base Lewis-McChord, MultiCare Health System, CHI Franciscan Health, and the University of Washington Tacoma.
From an income perspective, the property is currently generating net operating income and is offered at a 6.35% in-place cap rate. Current rents are approximately 6.53% below market, offering room to increase revenue over time.
The asset provides 38 surface parking spaces for both residential tenants and retail users. Located at 7902 27th St W in University Place, it benefits from proximity to major employment centers including Joint Base Lewis-McChord, MultiCare Health System, CHI Franciscan Health, and the University of Washington Tacoma.
From an income perspective, the property is currently generating net operating income and is offered at a 6.35% in-place cap rate. Current rents are approximately 6.53% below market, offering room to increase revenue over time.
Key Highlights
- 19‑unit mixed‑use property built in 1961 with 10 apartment units and 9 commercial suites
- Approximately 15,400 net rentable SF total: 8,000 SF residential and 7,400 SF commercial
- Residential mix includes five one‑bedroom units averaging 700 SF and five two‑bedroom units averaging 900 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$186,355
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,727,100
$3.7M
Cap Rate 7%
$2,662,214
$2.7M
Cap Rate 9%
$2,070,611
$2.1M
Market Conditions
NOI Build-Up for 15,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$365.9K $23.76/SF
− Vacancy
−$27.1K −$1.76/SF
EGI
$338.8K $22.00/SF
− OpEx
−$152.5K −$9.90/SF
NOI
$186.4K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,727,100
Cap Rate 7%
$2,662,214
Cap Rate 9%
$2,070,611
Alternative Uses
Best Use
Apartment 5plus
$2.66M
$2.33M – $3.11M
NOI $186,355 @ 7.0% cap · market cap 5.65%
Second Best
Retail
$1.91M
$1.67M – $2.23M
NOI $133,500 @ 7.0% cap · market cap 4.05%
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,156 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 98466, WA
29,769
Population
12,773
Households
2.3
Avg Household Size
39
Median Age
44%
College-Educated
96%
High-School Grad
6.2 sq mi
ZIP Area
4,801
Density / Sq Mi
$94,598
Median Household Income
$53,823
Median Earnings
$1,724
Median Rent
$564,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use property with 10 apartment units and 9 commercial suites in University Place, serving both residents and retail users.
Where is this apartment building located?
The property is located at 7902 27th St W University Place, WA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 19‑unit mixed‑use property built in 1961 with 10 apartment units and 9 commercial suites; Approximately 15,400 net rentable SF total: 8,000 SF residential and 7,400 SF commercial; Residential mix includes five one‑bedroom units averaging 700 SF and five two‑bedroom units averaging 900 SF
