Remodeled Duplex with 3-Car
For Sale
$1,169,000
Pending
831 N Lawrence Street, Tacoma, WA 98406
Permitted, studs-out remodeled duplex with two fully functional living spaces and a brand-new 3-car carport off the alley.
Property Size4,056 SF
Days on Market184
Property Features for 831 N Lawrence Street
General Information
Standard status
Pending
Size
4,056 SF
Total Parking Spaces
6
Property subtype
Contingent
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,780
Amenities
Laminate,Carpet
Yes
No
3
Electric
Corner Lot,Curbs,Paved,Sidewalk
Public
Fenced-Partially,Patio,RV Parking
6
0.1377
RV Parking
Wood,Wood Products
Poured Concrete,Slab
4056
Building Details
Building Size
4,056 SF
Year Built
2026
Stories
3
Listing Agency:
CENTURY 21 North Homes Realty
(503) 908-1694
Listed By:
Corena Mohammed
(541) 601-2186
Source:
Premierepropertygroup
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 26 at 3:29AM
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 CENTURY 21 North Homes Realty
Investment Insights
Based on property information with market context.
This completely permitted and conforming studs-out remodeled duplex offers two fully functional living spaces with nearly everything replaced or renewed. The spacious main and upper floors function as one home, while the lower level provides a separate unit. Improvements include all-new electrical wiring, meters, masts, and panels, along with new plumbing and modern fixtures throughout. Interior updates feature fresh paint, laminate flooring, plush carpeting, and updated lighting, with each unit having its own laundry space. The kitchens include new cabinetry, quartz countertops, and stainless-steel appliances, and storage is supported by numerous closets, including a hidden butler’s pantry.
Outside, the property includes a brand-new 3-car carport accessed off the alley, providing protected parking. Located in Tacoma’s North End, University of Puget Sound is directly across the street, and shopping, restaurants, and entertainment along 6th Avenue are described as just blocks away.
Outside, the property includes a brand-new 3-car carport accessed off the alley, providing protected parking. Located in Tacoma’s North End, University of Puget Sound is directly across the street, and shopping, restaurants, and entertainment along 6th Avenue are described as just blocks away.
Key Highlights
- Completely permitted, studs‑out remodeled duplex with two fully functional living spaces
- 3,756 total building area across 3 stories, with 2,732 sqft on the main/upper floors and 1,324 sqft on the lower level
- All‑new electrical wiring, meters, masts, and panels, plus new plumbing and modern fixtures throughout
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
$53,439
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
4.57%
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%
$1,068,780
$1.1M
Cap Rate 7%
$763,414
$763.4K
Cap Rate 9%
$593,767
$593.8K
Market Conditions
NOI Build-Up for 4,056 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
$80.3K $19.80/SF
− Vacancy
−$4.0K −$0.98/SF
EGI
$76.3K $18.82/SF
− OpEx
−$22.9K −$5.65/SF
NOI
$53.4K $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%
$1,068,780
Cap Rate 7%
$763,414
Cap Rate 9%
$593,767
Alternative Uses
Best Use
Multifamily LT 5
$763.4K
$668.0K – $890.7K
NOI $53,439 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$663.4K
$580.5K – $774.0K
NOI $46,441 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,269 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,069
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
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?
Duplex - Permitted, studs-out remodeled duplex with two fully functional living spaces and a brand-new 3-car carport off the alley.
Where is this duplex located?
The property is located at 831 N Lawrence Street Tacoma, WA.
What is the asking price?
The asking price for this property is $1,169,000.
What are key features of this property?
This property features: Completely permitted, studs‑out remodeled duplex with two fully functional living spaces; 3,756 total building area across 3 stories, with 2,732 sqft on the main/upper floors and 1,324 sqft on the lower level; All‑new electrical wiring, meters, masts, and panels, plus new plumbing and modern fixtures throughout
