Fourplex with Updated
For Sale
$950,000
901 S Grant Avenue, Tacoma, WA 98405
Fully furnished fourplex with two 2-bedroom and two 1-bedroom units, plus shared washer/dryer and recent major improvements.
Property Size2,360 SF
Price / SF$402.54
Days on Market167
Property Features for 901 S Grant Avenue
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Multi-Family
Net Operating Income
$51,801
Additional Details
Furnished
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,047
Amenities
shared washer/dryer
basement storage
Ceramic Tile,Softwood,Vinyl Plank
Yes
No
2
Electric
Corner Lot,Curbs,Paved,Sidewalk
Public
Cable TV,Deck,Fenced-Partially,High Speed Internet
0.0997
Stucco
Poured Concrete
2360
Building Details
Building Size
2,360 SF
Year Built
1962
Stories
2
Tenancy
Multi
Listing Agency:
John L. Scott Vashon
(503) 585-1970
Listed By:
Zac Hoffman · License #201240633
(971) 388-0339
Source:
Premierepropertygroup
Added: Mar 26
Changed: Sep 7
Last Checked: Sep 8 at 4:44AM
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 John L. Scott Vashon
Investment Insights
Based on property information with market context.
This fully furnished fourplex includes two 2-bedroom units and two 1-bedroom units. The 1-bedroom units feature en-suite layouts, and the property offers shared washer/dryer and ample basement storage. Recent updates include a roof, sewer work, partial plumbing and electrical, and heaters completed within the last few years.
The property is located in Hilltop with convenient access to downtown, major commute routes, and the light rail, and it is described as being near hospitals.
With a layout designed for multiple tenancies and the benefit of completed capital improvements, this property presents a straightforward residential income configuration.
The property is located in Hilltop with convenient access to downtown, major commute routes, and the light rail, and it is described as being near hospitals.
With a layout designed for multiple tenancies and the benefit of completed capital improvements, this property presents a straightforward residential income configuration.
Key Highlights
- Fully furnished 4‑plex with 2 two‑bedroom units and 2 one‑bedroom units, totaling 2,360 SF across 2 stories
- Shared washer/dryer plus ample basement storage
- Major recent capital improvements include roof, sewer, partial plumbing and electrical, and heaters
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
$31,094
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
3.27%
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%
$621,880
$621.9K
Cap Rate 7%
$444,200
$444.2K
Cap Rate 9%
$345,489
$345.5K
Market Conditions
NOI Build-Up for 2,360 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
$46.7K $19.80/SF
− Vacancy
−$2.3K −$0.98/SF
EGI
$44.4K $18.82/SF
− OpEx
−$13.3K −$5.65/SF
NOI
$31.1K $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%
$621,880
Cap Rate 7%
$444,200
Cap Rate 9%
$345,489
Alternative Uses
Best Use
Multifamily LT 5
$444.2K
$388.7K – $518.2K
NOI $31,094 @ 7.0% cap · market cap 3.27%
Second Best
Apartment 5plus
$386.0K
$337.8K – $450.4K
NOI $27,022 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$725.4K
$634.7K – $846.3K
NOI $50,778 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
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?
Quadplex - Fully furnished fourplex with two 2-bedroom and two 1-bedroom units, plus shared washer/dryer and recent major improvements.
Where is this quadplex located?
The property is located at 901 S Grant Avenue Tacoma, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Fully furnished 4‑plex with 2 two‑bedroom units and 2 one‑bedroom units, totaling 2,360 SF across 2 stories; Shared washer/dryer plus ample basement storage; Major recent capital improvements include roof, sewer, partial plumbing and electrical, and heaters
