232 4th Ave NW · Puyallup, WA 98371

$609,000

4 bd · 3.0 ba · 1,831 sqft · MultiFamily public records · 41 Days on market

Built 1900 7,200 sqft lot $333/sqft · at area comps Est $605k · at est.

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Why this score? — see what drove the C- 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 +20.7/30.0
• ARV discount +7.2/15.0
• DSCR +6.6/10.0
• Schools +5.4/10.0
• 1% rule +4.9/10.0
• Livability +4.1/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Prime Downtown Puyallup investment opportunity! This fully renovated (2016) triplex at 232 4th Ave NW offers high rental demand near the Sound Transit station with just over 1,800 sq ft, boasting updated interiors while retaining classic charm in a walkable, top-tier location. The lot is zoned CBD (buyer to verify). There are two units downstairs and one upstairs. 100% new electrical and plumbing done in 2017.

Key facts

• 7,200 sq ft lot
• Built 1900
• Listed 40 days

Property features AI

Finance

• Other: Possible use: Business; Units in building: 3; Vacancy rate: 5%
• Financial info: Gross scheduled income: $46,200 annually; Gross adjusted income: $43,890 annually; Total monthly income: $3,850; Net operating income: $34,652 annually; Total expenses: $11,548 annually; Insurance expense: $2,026 annually; Other expense: $600; Gross rent multiplier: 13.18; Listing terms: Cash or Conventional
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Electric energy source; Public water (served by City of Puyallup); Sewer connected (City of Puyallup); Power provided by PSE
• Home design: Triplex (residential income, multi-family); 2 stories; Updated/remodeled
• Construction: Standard frame construction; Wood construction materials; Composition roof; Pillar/post/pier foundation; Effective year built: 1987
• Exterior features: Wood exterior

Interior

• Kitchen: Unit 1: Range/oven, Refrigerator; Unit 2: Range/oven, Refrigerator; Unit 3: Range/oven, Refrigerator
• Bedrooms: Unit 1: 1 bedroom; Unit 2: (bedrooms not specified); Unit 3: 2 bedrooms
• Flooring: Laminate
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 1 bathroom
• Heating & cooling: Baseboard heating; No central cooling (no cooling)
• Interior features: Laminate flooring; Updated/remodeled condition
• Laundry & utility: Each unit has washer/dryer

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $609k.

Deal economics

• At list price, monthly cash flow is $763 ($9k/yr) — positive. Per door: $254/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $601k (1.4% below list).
• Recommended offer: $591k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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); 228 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $6,006/mo this rent would consume 74% 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 $4k of loan paydown is wiped out by about $18k 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 41 days — a 3% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $609k implies a 577% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $590,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.99% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 8.4

CMA / ARV

• ARV (median comp): $604,575
• List price: $609,000
• Delta: 0.73%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
220 4th Ave SW	0.38mi	4/2.0	1,935 (+6%)	4mo	$660,000	$341	66

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-59,591
• Equity at exit: $90,804

10-year hold

• IRR: -2.5%
• Equity multiple: 0.84×
• Total profit: $-27,101
• Equity at exit: $52,655

Cash invested: $170,520 (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: 228
• Price-to-rent: 25.4×

Monthly cashflow live

• Estimated rent: $6,006 high
• Mortgage (P&I): −$3,194
• Tax from tax record: −$468 /mo · $5,613/yr
• Insurance: −$254
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,261
• Net cashflow: $763

Break-even live

Break-even rent $5,040

Max offer price $609,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,108	-5% $935	+0% $763	+5% $591	+10% $418
Rent	-10% $289	-5% $526	+0% $763	+5% $1,000	+10% $1,238
Rate	-1.0pp $1,070	-0.5pp $918	base $763	+0.5pp $605	+1.0pp $445

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$6,006
Total (3 units)			$6,006

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: $152,250
• Closing costs: $18,270
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 10th St SW Puyallup, WA	4.0	2.5	1906	$3,549	$1.86	3d	1	0.50mi
6808 112th Ave E Unit B Puyallup, WA	3.0	1.5	1400	$2,300	$1.64	45d	1	0.76mi
1017 13th Street Ct NW Puyallup, WA	3.0	2.0	1250	$2,200	$1.76	45d	1	0.77mi
509 Valley Ave NE Puyallup, WA	3.0	2.5	1622	$3,098	$1.91	0d	6	1.12mi
1402 7th Ave SE Unit B Puyallup, WA	3.0	2.5	1351	$2,300	$1.70	45d	1	1.14mi
507 15th St SE Puyallup, WA	3.0	2.5	1737	$2,750	$1.58	6d	1	1.15mi

Listing history 26 events

1. 2026-06-21
   days on market $609,000 Active 41 DOM
2. 2026-06-18
   days on market $609,000 Active 38 DOM
3. 2026-06-17
   days on market $609,000 Active 37 DOM
4. 2026-06-16
   days on market $609,000 Active 36 DOM
5. 2026-06-15
   days on market $609,000 Active 35 DOM
6. 2026-06-13
   days on market $609,000 Active 33 DOM
7. 2026-06-13
   days on market $609,000 Active 32 DOM
8. 2026-06-09
   days on market $609,000 Active 29 DOM
9. 2026-06-08
   days on market $609,000 Active 28 DOM
10. 2026-06-07
    days on market $609,000 Active 27 DOM
11. 2026-06-04
    days on market $609,000 Active 24 DOM
12. 2026-06-03
    days on market $609,000 Active 23 DOM
13. 2026-06-02
    days on market $609,000 Active 22 DOM
14. 2026-06-01
    days on market $609,000 Active 21 DOM
15. 2026-05-31
    days on market $609,000 Active 20 DOM
16. 2026-05-18
    status Active
17. 2026-05-07
    status Pending
18. 2026-04-29
    listed $609,000 Active
19. 2015-04-27
    soldstatus $90,000 Sold
20. 2015-04-06
    status Pending
21. 2015-03-09
    price $116,900
22. 2015-01-12
    listed $123,100 Active
23. 2005-07-28
    soldstatus $150,000
24. 1996-09-09
    soldstatus $22,500
25. 1979-07-11
    soldstatus $47,500
26. 1977-12-08
    soldstatus $26,500

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $5,613 · $468/mo
• Projected year-2 tax: $5,968 · $497/mo
• Expected delta: +$355/yr (+$30/mo · 6.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°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: $72,072
• − Mortgage interest: −$34,113
• − Property taxes: −$5,613
• − Insurance: −$3,842
• − Repairs & maintenance: −$5,766
• − Management: −$5,766
• − Depreciation: −$17,716
• Taxable loss: −$745
• Est. tax savings @ 24.0%: +$179
• After-tax cash flow: $9,336/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.

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

+2198.1% since first listed

11 events — show timeline

• 2026-05-18 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-29 Listed $609,000 NWMLS as Distributed by MLS Grid
• 2015-04-27 Sold (MLS) $90,000 NWMLS as Distributed by MLS Grid
• 2015-04-06 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-09 Price Changed $116,900 NWMLS as Distributed by MLS Grid
• 2015-01-12 Listed $123,100 NWMLS as Distributed by MLS Grid
• 2005-07-28 Sold (Public Records) $150,000 Public Records
• 1996-09-09 Sold (Public Records) $22,500 Public Records
• 1979-07-11 Sold (Public Records) $47,500 Public Records
• 1977-12-08 Sold (Public Records) $26,500 Public Records

Property tax history

+6.2%/yr

Latest (2026): $5,613 · +0.7% YoY. Source: county tax records.