Rear Duplex Residential
For Sale
$580,000
7909 114TH Street, Puyallup, WA 98373
Well-maintained duplex with two occupied 2-bed, 1-bath units, each with in-unit WD hookups.
Property Size1,856 SF
Price / SF$312.50
Days on Market128
Property Features for 7909 114TH Street
General Information
Standard status
Active
Size
1,856 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
washer/dryer hookups
Building Details
Year Built
1994
Stories
1
Tenancy
Multi
Listing Agency:
Skyline Properties,Inc.
Listed By:
Alena Pushkina
(206) 458-4290
Source:
Skylineproperties
Added: May 9
Changed: Sep 12
Last Checked: Sep 12 at 10:29AM
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 Skyline Properties,Inc.
Investment Insights
Based on property information with market context.
This rear, one-level duplex offers two residential units configured as 2 bedrooms and 1 bathroom each. Both units include washer/dryer hookups and are currently occupied on a month-to-month basis.
The property is set back at the rear of a quiet dead-end street. The roof and water heaters were replaced in 2022, supporting lower near-term capital needs.
With long-term, month-to-month tenancy in place, the duplex provides steady rental continuity while offering an owner an easier path to manage existing occupancy.
The property is set back at the rear of a quiet dead-end street. The roof and water heaters were replaced in 2022, supporting lower near-term capital needs.
With long-term, month-to-month tenancy in place, the duplex provides steady rental continuity while offering an owner an easier path to manage existing occupancy.
Key Highlights
- Rear one‑level duplex built in 1994 on a quiet dead‑end street
- Two occupied 2‑bed, 1‑bath units, each with in‑unit WD hookups
- Roof and water heaters replaced in 2022, helping reduce future capital expenditures
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
$24,351
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
4.20%
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%
$487,020
$487.0K
Cap Rate 7%
$347,871
$347.9K
Cap Rate 9%
$270,567
$270.6K
Market Conditions
NOI Build-Up for 1,856 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
$37.4K $20.16/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$34.8K $18.74/SF
− OpEx
−$10.4K −$5.62/SF
NOI
$24.4K $13.12/SF
Area
Pierce County, WA
Vacancy
7.03%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
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%
$487,020
Cap Rate 7%
$347,871
Cap Rate 9%
$270,567
Alternative Uses
Best Use
Multifamily LT 5
$347.9K
$304.4K – $405.9K
NOI $24,351 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$320.8K
$280.7K – $374.3K
NOI $22,459 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$501.3K
$438.6K – $584.8K
NOI $35,090 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 98373, WA
28,165
Population
11,113
Households
2.5
Avg Household Size
35
Median Age
26%
College-Educated
94%
High-School Grad
9.4 sq mi
ZIP Area
2,996
Density / Sq Mi
$102,791
Median Household Income
$51,865
Median Earnings
$1,823
Median Rent
$517,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with two occupied 2-bed, 1-bath units, each with in-unit WD hookups.
Where is this duplex located?
The property is located at 7909 114TH Street Puyallup, WA.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Rear one‑level duplex built in 1994 on a quiet dead‑end street; Two occupied 2‑bed, 1‑bath units, each with in‑unit WD hookups; Roof and water heaters replaced in 2022, helping reduce future capital expenditures
