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22416 40th Ave E, Spanaway, WA 98387

$713,000
Last sold 03/04/2026 after 110 Days
—
bed
—
bath
3,420
Sqft ($208/Sqft)

House not for sale

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About 22416 40th Ave E

Property type House

Neighborhood

Year built 1982

HOA fee $0/month

Lot size 0.45 Acre

Movoto estimate

Property description

Don't miss this very well maintained triplex with a Brand New Roof! These townhouse style units are very desirable with updated kitchens and great living space! Two very generous sized bedrooms upstairs and full bath. Tenants love the covered front porch, private back porch and fully fenced back yard. There is an abundance of parking too! The financials are running strong at a 6.78% CAP and plenty of room for 7%+ with market rents. Don't miss the 3D Scan of each unit!

Listed by

Listing Agent - Andrew Kramer

Listing Office - Redfin

Source: NWMLS

MLS#2451815 • last updated 4 months ago

Movoto checked NWMLS for data 6 minutes ago

Overview
Cooling/AC	None
Heating	Baseboard
Levels/Style	Triplex
MLS #	2451815
Virtual Tour	N/A
SubType	Multi Family
Type	Residential Income
SqFt	3420
Status	Sold
Lot Size (SqFt)	19600
Lot Size (Acres)	0.45
Property Tax	6901
Buying Office	Berkshire Hathaway HS NW
Year Built	1982
Buying Office Phone	425-453-9100

Interior

Exterior
Foundation	Poured Concrete
Roof	Composition
Construction	Wood
# Open Parking Spaces	8
# Uncovered Spaces	8
Exterior Features	Wood

Amenities / Utilities
Sewer/ Septic	Septic Tank, Septic
Water	Public
Water Company	TPU
Power Company	PSE
Power Production: Type	Electric
Security Features	Fully Fenced

Location
View	Territorial
County	Pierce
Subdivision	Spanaway
Area	122 - Graham
Elementary School	Buyer To Verify
Middle School	Buyer To Verify
High School District	Bethel
High School	Buyer To Verify
APN	318136006
Zoning	Multi-Family
Directions	GPS Friendly

Multifamily Details
Net Operating Income	49161
Capitalization Rate	6.78
Expense: Insurance	2000
Gross Scheduled Income	63960
Gross Adjusted Income	60762
Total Expenses	11601
Gross Rent Multiplier	11.33
Nwm_Totalmonthlyincome	63960
Vacancy Rate	5

Lot/ Land Details
Site Features	Cable TV, Fenced-Fully, High Speed Internet

$737K

Range: $501K-$972K

Last 30 days

Rental est.: $1,713/month

• Gross rent multiplier: 34.7

Lower your payment with the loan terms that fit you.

Mar 2026
Public Records
Mar 4, 2026 Sold
$713,000
Mar 2026
MLS # 2451815
Mar 4, 2026 Sold
$713,000 (-1.7%)
Jan 5, 2026 Pending - Backup Offer Requested
—
Dec 4, 2025 Price Change
$725,000 (-6.5%)
Nov 14, 2025 Listed
$775,000

Year Property taxes Tax assessment
2025
$6,901 +2.5%

$567,000 +4.75%
2024
$6,730 +2.5%

$541,300 +0.32%
2023
$6,567 +1.0%

$539,600 +14.03%
2022
$6,499 +7.7%

$473,200 +16.07%
2021
$6,036 +45.2%

$407,700 +13.6%
2019
$4,157 +9.9%

$358,900 +27.36%
2015
$3,782

$281,800

22416 40th Ave E
$713K
122 - Graham
—
98387
$515K -1% y/y
Spanaway
$515K -1% y/y

No chart available

Statistics calculated by Movoto

	Est. value	Bed/bath	Sqft	mi
3922 224th St E, Spanaway, WA 98387	$426,000	3/—	1,116	0.03
4002 224th St E, Spanaway, WA 98387	$365,000	2/1	792	0.04
22505 39th Ave E, Spanaway, WA 98387	$464,000	3/—	1,334	0.04
3819 225th Street Ct E, Spanaway, WA 98387	$449,000	3/—	1,313	0.05
22502 40th Ave E, Spanaway, WA 98387	$457,000	3/1	1,561	0.05
4007 225th St E, Spanaway, WA 98387	$395,000	3/1	892	0.06
22513 39th Ave E, Spanaway, WA 98387	$408,000	3/1	998	0.06
4009 225th St E, Spanaway, WA 98387	$437,000	3/1	1,108	0.07

Estimated values are based on public record data and automated valuation models. Values are not guaranteed and may not reflect current market conditions.