Updated Duplex with Greenbelt
For Sale
$615,000
8701 72nd Avenue Ct SW, Lakewood, WA 98499
Two separate residences offer private outdoor areas, individual garages, and flexible occupancy options.
Property Size2,870 SF
Price / SF$214.29
Days on Market68
Property Features for 8701 72nd Avenue Ct SW
General Information
Standard status
Active
Size
2,870 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Net Operating Income
$28,503
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,177
Amenities
private deck
private patio
in-unit laundry
fireplace
views
Ceramic Tile,Laminate,Vinyl,Carpet
Yes
No
2
Electric,Natural Gas,Wood
Cul-De-Sac,Paved
Public
Cable TV,Deck,Fenced-Partially,High Speed Internet,Outbuildings,Patio
0.28
Wood,Wood Products
Poured Concrete
2870
Building Details
Building Size
2,870 SF
Year Built
1967
Buildings
1
Stories
2
Listing Agency:
RE/MAX Northwest
(503) 764-8700
Listed By:
Daphne Tappert
(503) 764-8700
Source:
Premierepropertygroup
Added: Jun 11
Changed: Aug 16
Last Checked: Aug 16 at 3:33AM
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 RE/MAX Northwest
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,870 square feet and was built in 1967. The upper residence includes two bedrooms, an office, 1.5 baths, a fireplace, in-unit laundry hookups, and a private deck. The lower residence also provides two bedrooms, along with one bath, a fireplace, oversized laundry space with washer and dryer hookups, and a private patio. Each residence has its own garage. Interior features include granite countertops, updated cabinetry, laminate flooring, porcelain tile, vinyl windows, and carpet. The property also received interior and exterior paint, a new roof in 2024, new hot water heaters, and new kitchen appliances in the lower unit in 2024.
The duplex sits beside a greenbelt and wildlife corridor with a year-round creek and protected natural surroundings. It is located at 8701 72nd Avenue Ct SW in Lakewood, near Lake Steilacoom, shopping, dining, parks, and Lakewood Towne Center. The 0.28-acre parcel includes paved access, partial fencing, a deck, patio, outbuildings, and public utilities.
The duplex sits beside a greenbelt and wildlife corridor with a year-round creek and protected natural surroundings. It is located at 8701 72nd Avenue Ct SW in Lakewood, near Lake Steilacoom, shopping, dining, parks, and Lakewood Towne Center. The 0.28-acre parcel includes paved access, partial fencing, a deck, patio, outbuildings, and public utilities.
Key Highlights
- Duplex with 2,870 square feet on a 0.28‑acre parcel
- Two 2‑bedroom residences with separate garages
- Upper unit includes an office, 1.5 baths, and private deck
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
$37,654
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
6.12%
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%
$753,080
$753.1K
Cap Rate 7%
$537,914
$537.9K
Cap Rate 9%
$418,378
$418.4K
Market Conditions
NOI Build-Up for 2,870 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
$57.9K $20.16/SF
− Vacancy
−$4.1K −$1.42/SF
EGI
$53.8K $18.74/SF
− OpEx
−$16.1K −$5.62/SF
NOI
$37.7K $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%
$753,080
Cap Rate 7%
$537,914
Cap Rate 9%
$418,378
Alternative Uses
Best Use
Multifamily LT 5
$537.9K
$470.7K – $627.6K
NOI $37,654 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$496.1K
$434.1K – $578.8K
NOI $34,730 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$775.2K
$678.3K – $904.4K
NOI $54,261 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
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 - Two separate residences offer private outdoor areas, individual garages, and flexible occupancy options.
Where is this duplex located?
The property is located at 8701 72nd Avenue Ct SW Lakewood, WA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Duplex with 2,870 square feet on a 0.28‑acre parcel; Two 2‑bedroom residences with separate garages; Upper unit includes an office, 1.5 baths, and private deck
