Building Details

Year Built 1970

Listing Agency: Coldwell Banker Danforth

Listed By: Heidi Bright Show Phone

Source: Skylineproperties

Added: Jan 22 Changed: Oct 27 Last Checked: Oct 28 at 9:13AM

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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 Coldwell Banker Danforth

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Investment Insights

Based on property information with market context.

This multifamily property contains remodeled units and is located approximately seven blocks from the beach. The property has a size of 5312 square feet.

Key Highlights

• 7 Blocks to the Beach
• Remodeled
• High Demand Units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$64,280

Cap Rate

3.43%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,285,600 $1.3M

Cap Rate 7%

$918,286 $918.3K

Cap Rate 9%

$714,222 $714.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,312 SF

Gross rent

$126.2K $23.76/SF

− Vacancy

−$9.3K −$1.76/SF

EGI

$116.9K $22.00/SF

− OpEx

−$52.6K −$9.90/SF

NOI

$64.3K $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 Rate 5%

$1,285,600

Cap Rate 7%

$918,286

Cap Rate 9%

$714,222

Alternative Uses

Best Use

Apartment 5plus

$918.3K

$803.5K – $1.07M (±1% cap)

NOI $64,280 @ 7.0% cap · market cap 3.43%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.43M

$1.26M – $1.67M (±1% cap)

NOI $100,430 @ 7.0% cap · market cap 5.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

134

Businesses Nearby

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Demographics for 98388, WA

7,096

Population

2,846

Households

2.5

Avg Household Size

41

Median Age

45%

College-Educated

93%

High-School Grad

8.8 sq mi

ZIP Area

806

Density / Sq Mi

$97,634

Median Household Income

$49,382

Median Earnings

$1,721

Median Rent

$594,600

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - Multifamily property featuring remodeled units, located near the beach.

Where is this multifamily property located?

The property is located at 814 5TH Street Steilacoom, WA.

What is the asking price?

The asking price for this property is $1,875,000.

What are key features of this property?

This property features: 7 Blocks to the Beach; Remodeled; High Demand Units