Updated Quadplex with Newer
For Sale
$835,000
922 134th Street Ct S, Tacoma, WA 98444
Four updated rental units offer consistent two-bedroom layouts across a well-maintained multifamily property.
Property Size2,852 SF
Price / SF$292.78
Days on Market33
Property Features for 922 134th Street Ct S
General Information
Standard status
Active
Size
2,852 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Listing Agency:
Century 21 Blue Chip
(253) 444-3108
Listed By:
Greg Pubols
Source:
Katrinahalterman
Added: Jul 29
Changed: Aug 30
Last Checked: Aug 30 at 6:46PM
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 Blue Chip
Investment Insights
Based on property information with market context.
This quadplex contains four rental units, each configured with two bedrooms and one bathroom. The units have been updated, and the property includes a newer roof. Built in 1920, the building totals 2,852 square feet and is positioned as an income-producing multifamily asset.
The property is located at 922 134th Street Ct S in Tacoma and sits directly across from Gonyea Park. Schools, shopping, public transportation, and major commuter routes are identified nearby, adding convenience for residents. The consistent unit layout provides a straightforward physical configuration for operating the property.
The property is located at 922 134th Street Ct S in Tacoma and sits directly across from Gonyea Park. Schools, shopping, public transportation, and major commuter routes are identified nearby, adding convenience for residents. The consistent unit layout provides a straightforward physical configuration for operating the property.
Key Highlights
- Four‑unit quadplex with 2‑bedroom, 1‑bath layouts
- 2,852‑square‑foot multifamily building
- Updated units throughout the property
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
$37,576
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
4.50%
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%
$751,520
$751.5K
Cap Rate 7%
$536,800
$536.8K
Cap Rate 9%
$417,511
$417.5K
Market Conditions
NOI Build-Up for 2,852 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
$56.5K $19.80/SF
− Vacancy
−$2.8K −$0.98/SF
EGI
$53.7K $18.82/SF
− OpEx
−$16.1K −$5.65/SF
NOI
$37.6K $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%
$751,520
Cap Rate 7%
$536,800
Cap Rate 9%
$417,511
Alternative Uses
Best Use
Multifamily LT 5
$536.8K
$469.7K – $626.3K
NOI $37,576 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$466.5K
$408.2K – $544.3K
NOI $32,655 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$876.6K
$767.1K – $1.02M
NOI $61,364 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
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 - Four updated rental units offer consistent two-bedroom layouts across a well-maintained multifamily property.
Where is this quadplex located?
The property is located at 922 134th Street Ct S Tacoma, WA.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2‑bedroom, 1‑bath layouts; 2,852‑square‑foot multifamily building; Updated units throughout the property
