Occupied Duplex with Private
For Sale
$580,000
818 138th St E, Tacoma, WA 98445
Two occupied units offer open layouts, vaulted ceilings, skylights, and gas fireplaces.
Property Size2,118 SF
Price / SF$273.84
Days on Market104
Property Features for 818 138th St E
General Information
Standard status
Active
Size
2,118 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Multifamily Units
2
Parking per Unit
1
Additional Details
Highway Access
Yes
Amenities
vaulted ceilings
skylights
gas fireplace
Building Details
Year Built
2004
Buildings
1
Tenancy
Multi
Listing Agency:
Park 52, Inc.
Listed By:
Carrie Lee Jakeman-Swafford
(253) 473-5200
Source:
Pugetsoundpropertyguide
Added: Jun 24
Changed: Oct 1
Last Checked: Oct 4 at 10:27AM
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 Park 52, Inc.
Investment Insights
Based on property information with market context.
This duplex at 818 138th Street E includes two occupied units, each arranged with an open-concept living area, vaulted ceilings, skylights, and a gas fireplace and furnace. Each residence also has its own private one-car garage. Both units are leased to long-term tenants, providing established occupancy for a new owner.
The property is located near shopping, Spanaway Park, I-5, SR-512, and JBLM. Its Tacoma-area setting combines access to major commuter routes with proximity to everyday amenities. The two-unit configuration, individual garages, and consistent tenant occupancy create a straightforward residential income property profile.
The property is located near shopping, Spanaway Park, I-5, SR-512, and JBLM. Its Tacoma-area setting combines access to major commuter routes with proximity to everyday amenities. The two-unit configuration, individual garages, and consistent tenant occupancy create a straightforward residential income property profile.
Key Highlights
- Two‑unit duplex with both residences occupied by long‑term tenants
- Each unit includes a private one‑car garage
- Open‑concept floor plans with vaulted ceilings and skylights
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
$27,905
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
4.81%
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%
$558,100
$558.1K
Cap Rate 7%
$398,643
$398.6K
Cap Rate 9%
$310,056
$310.1K
Market Conditions
NOI Build-Up for 2,118 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
$41.9K $19.80/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$39.9K $18.82/SF
− OpEx
−$12.0K −$5.65/SF
NOI
$27.9K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /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%
$558,100
Cap Rate 7%
$398,643
Cap Rate 9%
$310,056
Alternative Uses
Best Use
Multifamily LT 5
$398.6K
$348.8K – $465.1K
NOI $27,905 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$346.4K
$303.1K – $404.2K
NOI $24,251 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$651.0K
$569.6K – $759.5K
NOI $45,571 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 98445, WA
33,927
Population
12,546
Households
2.7
Avg Household Size
36
Median Age
19%
College-Educated
90%
High-School Grad
10.4 sq mi
ZIP Area
3,262
Density / Sq Mi
$90,063
Median Household Income
$48,574
Median Earnings
$1,721
Median Rent
$413,200
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 - Two occupied units offer open layouts, vaulted ceilings, skylights, and gas fireplaces.
Where is this duplex located?
The property is located at 818 138th St E Tacoma, 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: Two‑unit duplex with both residences occupied by long‑term tenants; Each unit includes a private one‑car garage; Open‑concept floor plans with vaulted ceilings and skylights
