Duplex with Fenced
For Sale
$624,950
916 40th Ave SW, Puyallup, WA 98373
Two residential units feature private outdoor space, attached garages, and flexible month-to-month lease terms.
Property Size1,750 SF
Price / SF$357.11
Days on Market12
Property Features for 916 40th Ave SW
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
fenced yards
decks
attached garages
Building Details
Year Built
1992
Buildings
1
Listing Agency:
Compass Washington
(253) 256-1721
Listed By:
Charles and Janette Wilcox · License #111144
(253) 256-1721
Source:
Wilcoxrealestatewa
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 28 at 10:16AM
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 Compass Washington
Investment Insights
Based on property information with market context.
This 1,750-square-foot duplex contains two residential units, each with a large fully fenced yard, deck, attached one-car garage, and additional driveway parking. New countertops are being installed throughout both units and are not shown in the current photographs. Both leases are month to month, and the property has had long-term tenants without a vacancy during the seller’s ownership.
Located at 916 40th Ave SW in Puyallup, the property is near SR-512, shopping, dining, parks, and schools. The purchaser will receive first rights to purchase the seller’s adjacent duplex, offering a documented opportunity to pursue ownership of four units in the same location. The property was built in 1992.
Located at 916 40th Ave SW in Puyallup, the property is near SR-512, shopping, dining, parks, and schools. The purchaser will receive first rights to purchase the seller’s adjacent duplex, offering a documented opportunity to pursue ownership of four units in the same location. The property was built in 1992.
Key Highlights
- Two‑unit duplex totaling 1,750 square feet
- Large fully fenced yards and decks for both units
- Attached 1‑car garage for each unit, plus driveway parking
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
$22,960
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
3.67%
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%
$459,200
$459.2K
Cap Rate 7%
$328,000
$328.0K
Cap Rate 9%
$255,111
$255.1K
Market Conditions
NOI Build-Up for 1,750 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
$35.3K $20.16/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$32.8K $18.74/SF
− OpEx
−$9.8K −$5.62/SF
NOI
$23.0K $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%
$459,200
Cap Rate 7%
$328,000
Cap Rate 9%
$255,111
Alternative Uses
Best Use
Multifamily LT 5
$328.0K
$287.0K – $382.7K
NOI $22,960 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$302.5K
$264.7K – $353.0K
NOI $21,177 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$472.7K
$413.6K – $551.4K
NOI $33,086 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 98373, WA
28,165
Population
11,113
Households
2.5
Avg Household Size
35
Median Age
26%
College-Educated
94%
High-School Grad
9.4 sq mi
ZIP Area
2,996
Density / Sq Mi
$102,791
Median Household Income
$51,865
Median Earnings
$1,823
Median Rent
$517,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature private outdoor space, attached garages, and flexible month-to-month lease terms.
Where is this duplex located?
The property is located at 916 40th Ave SW Puyallup, WA.
What is the asking price?
The asking price for this property is $624,950.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,750 square feet; Large fully fenced yards and decks for both units; Attached 1‑car garage for each unit, plus driveway parking
