322 7th St SW Unit 1-4 · Puyallup, WA 98371

$875,000

28 bd · 16.0 ba · 3,146 sqft · MultiFamily · 28 Days on market

Built 1968 Good condition 0.25 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• Schools +5.4/10.0
• Livability +4.1/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Excellent Multi-Family Investment Opportunity in Downtown Puyallup!Well-maintained single-story 4-plex located in a desirable Puyallup location, offering strong rental appeal and investment potential. Situated at 322 7th St SW, this property features a practical one-level layout, appealing to a broad tenant base. Amenities include a shared on-site laundry room and convenient alley access, with Unit 4 offering the added benefit of private off-alley parking. Ideally located near downtown Puyallup amenities, shopping, dining, parks, and commuter routes, this property presents an outstanding opportunity for investors seeking stable income potential in a high-demand rental market. Add to your po

Key facts

• Single-story 4-plex
• 0.25 acre lot
• 2 parking spots

Tags

• SINGLE-STORY 4-PLEX
• SHARED ON-SITE LAUNDRY ROOM
• PRIVATE OFF-ALLEY PARKING
• HIGH-DEMAND RENTAL MARKET

Property features AI

Finance

• Other: Four residential units with reported actual rents: $1,685; $1,750; $1,475; $1,785
• Financial info: Property marketed for cash or conventional financing; Gross scheduled income approximately $80,340; Gross adjusted income approximately $77,929; Net operating income approximately $57,489; Total monthly income approximately $6,695; Total annual expenses approximately $20,440; Insurance expense approximately $1,533; Other expenses listed at $5,000; Gross rent multiplier about 10.89; Vacancy rate estimated at 3%

Exterior

• Parking: Two covered parking spaces and two carport spaces
• Security: Partially fenced
• Utilities: Public water; Sewer connected; Power provided by PSE
• Home design: Residential income property (multi-family quadruplex); Single-story building; Has a view
• Construction: Built circa 1988 (effective year 1988); Brick and wood construction; Composition roof; Poured concrete foundation
• Exterior features: Partially fenced lot; Alley and sidewalk access; Brick and wood exterior elements

Interior

• Kitchen: Units 1, 2 and 4 include range/oven, refrigerator and dishwasher; Unit 3 includes range/oven and refrigerator (no dishwasher)
• Bedrooms: Four units total: three 2‑bedroom units and one 1‑bedroom unit
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Has heating; Baseboard heating; No central cooling; Laminate, vinyl and carpet flooring
• Laundry & utility: Public electric service

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/4.0-bath units multifamily listed at $875k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $875k).
• Recommended offer: $862k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.6% in Puyallup — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#70 in WA, #1,234 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 227 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $10,517/mo this rent would consume 130% of the median local household income ($97k/yr) (locally 507% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($862k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $861,875 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.20% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.08%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.41% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.93×
• Total profit: $-18,348
• Equity at exit: $130,465

10-year hold

• IRR: 5.9%
• Equity multiple: 1.40×
• Total profit: $99,024
• Equity at exit: $75,654

Cash invested: $245,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 27.7×

Monthly cashflow live

• Estimated rent: $10,517 medium
• Mortgage (P&I): −$4,589
• Tax est. 1.5%: −$1,094 /mo · $13,125/yr
• Insurance: −$365
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,209
• Net cashflow: $2,195

Break-even live

Break-even rent $7,738

Max offer price $875,000

Occupancy floor 74%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	7	4	$10,516
Total (4 units)			$10,517

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $875,000 Active 28 DOM
2. 2026-06-17
   days on market $875,000 Active 27 DOM
3. 2026-06-16
   days on market $875,000 Active 26 DOM
4. 2026-06-15
   days on market $875,000 Active 25 DOM
5. 2026-06-13
   days on market $875,000 Active 23 DOM
6. 2026-06-13
   days on market $875,000 Active 22 DOM
7. 2026-06-09
   days on market $875,000 Active 19 DOM
8. 2026-06-08
   days on market $875,000 Active 18 DOM
9. 2026-06-07
   days on market $875,000 Active 17 DOM
10. 2026-06-04
    days on market $875,000 Active 14 DOM
11. 2026-06-03
    days on market $875,000 Active 13 DOM
12. 2026-06-02
    days on market $875,000 Active 12 DOM
13. 2026-06-01
    days on market $875,000 Active 11 DOM
14. 2026-05-31
    days on market $875,000 Active 10 DOM
15. 2026-05-21
    listed $875,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,204
• − Mortgage interest: −$49,014
• − Property taxes: −$13,125
• − Insurance: −$5,172
• − Repairs & maintenance: −$10,096
• − Management: −$10,096
• − Depreciation: −$25,455
• Taxable income: $13,246
• Est. tax owed @ 24.0%: −$3,179
• After-tax cash flow: $23,162/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This well-maintained 4-plex in Puyallup offers strong rental appeal and investment potential. A fresh coat of paint and some landscaping improvements can further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and property value.
• Both Trim hedges — Well-maintained landscaping can improve curb appeal and attract tenants.
• Both Upgrade HVAC — Modern HVAC can improve energy efficiency and comfort, attracting tenants and increasing property value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and property value. ↑
• Both Trim hedges — Well-maintained landscaping can improve curb appeal and attract tenants. ↑
• Both Upgrade HVAC — Modern HVAC can improve energy efficiency and comfort, attracting tenants and increasing property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — Puyallup

• Score: 82/100
• State rank: #70
• US rank: #1234

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Puyallup, WA
• County: Pierce County · 788,257 people
• City population: 159,771
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 956,648 people
• By 2030: 1,010,862 · +5.7%
• By 2040: 1,113,170 · +16.4%
• By 2050: 1,206,524 · +26.1%
• By 2075: 1,436,425 · +50.2%
• By 2100: 1,563,654 · +63.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 2%

Political lean MEDSL · Pierce

• 2024 margin: D (+10.8) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: -1.4pp toward R · 2008: 12.2pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+11.2 2016: D+7.5 2012: D+11.0 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-05-21 Listed $875,000 NWMLS as Distributed by MLS Grid