Take a look at this Triplex! Near the freeway, JBLM and the mall; this place won’t suffer from
vacancy. Small, medium and large units allow for great opportunities; such as owner occupants could live for free! First unit has a spacious fenced in yard, Second and third units have a viewing deck. Garage is currently being used for owners storage, could be rented to a unit for additional income. Drive by only, do not disturb tenants. Make sure you view the 3D tour!!
Unit A 3D Tour – https://my.matterport.com/show/?m=kyVFYXuQRg7&brand=0
Unit B 3D Tour – https://my.matterport.com/show/?m=yisZ51jqFh9&brand=0
Unit C 3D Tour – https://my.matterport.com/show/?m=7YoHuwStsF4&brand=0
For more information about this home or to schedule a private showing, call /text Ian Broadie at: 253-514.5592.
Come take a look at this Craftsman charmer! Located just 2 miles outside of town, you’ll feel a world away in this peaceful community on Colvos passage. This low maintenance home has two bedrooms on the main level, each with their own bathrooms, and a bright and open living space with a cozy gas fireplace. Upstairs is a huge loft for guests. Above the garage, another loft for a work space or storage. In the back you’ll find a covered patio with a tool shed and RV parking with hookups and clean out.
- 2 bedrooms
- 1.75 bathrooms
- 1,764 square feet
- 0.37 acres
- Built in 1991
- 2 – car attached garage
- Offered for $410,000
Enjoy picturesque views of Mount Rainier and the Puget Sound waters year round! This home is the perfect balance of living, entertaining and outdoor play in the summer.
Get out and enjoy the sun, sand and beach at Sunrise Beach Park! This beachfront park is a 82.0-acre scenic site with 2,135 linear feet of shoreline. There are 6 picnic tables, day-use areas, 2 miles of walking trails and forest paths with stunning views to enjoy of Mount Rainier and the Puget Sound. This is popular destination for scuba divers.
Stop in and get breakfast at the Devoted Kiss – a casual waterfront cafe serving breakfast & a selection of lunch sandwiches with deckside seating. Be sure to try their amazing and filling breakfast burritos!
Downtown Gig Harbor is only 4 miles away and there are some local favorites like The Green Turtle and Tides Tavern that you don’t want to miss! Both have mouth watering menus of fresh seafood dishes. Another great dining option on the water is Netshed No. 9 where you won’t want to miss the house made cinnamon rolls! All have stunning views along the water and the Gig Harbor Lighthouse. Get your fresh fruits and veggies at the Gig Harbor Farmers Market – open on Saturdays. Listen to live music and pick up a bouquet of fresh flowers.
Need to get a little shopping done? You’ll find Target, Albertsons, Costco, Walgreens and more just miles away.
Just 15 minutes away is Uptown Gig Harbor – Here you can find an abundance of dining and shopping like, Moctezuma’s Mexican Restaurant (amazing happy hour and margaritas). It’s a great place to go for dinner before taking in a movie at the Galaxy Uptown Luxury Theater. There’s also a Marshall’s, Talbots, Kohl’s, Michael’s, Ben & Jerry’s, Cutter’s Point Coffee, Panera, Safeway, Starbucks and Domo Sushi. For other grocery needs, Fred Meyer and Harbor Greens are on the other side of Olympic Drive NW.
Enjoy the newly opened Ocean 5 – a GIANT gaming complex! They have a two-story laser arena for up to 40 players, gaming arcade where gamers can win prizes that are redeemable at a prize store, lounging area for 100 with a circular fireplace, cocktail tables and couches, 12 duckpin bowling lanes -duckpin bowling uses a lightweight ball that’s smaller than a typical ball used for 10-pin bowling, 10 lanes for regular 10-pin bowling. Bowling suites can be reserved for private parties, food from neighboring Table 47 can be ordered and a private event and party space can fit between 5 and 400 with private staff. This 57,000 square feet of awesome space is located in the Olympic Towne Center.
Commuting? Hwy 16 onramp is 10 minutes away, Bremerton 33 minutes, Tacoma is just 26 minutes away and Seattle is 50 miles.
For more information about this home or to schedule a private showing, call /text Ian Broadie at: 253-514.5592.
Peaceful Lake House Getaway
Welcome to The Lake House! This custom home has everything you’ve come to expect in a luxury home, from updated cabinets and counter tops, to low maintenance Trex decking and smart home features. French doors lead you to the huge two story deck, where you can turn on the grill and watch the eagles. The serene lake is stocked with trout all year for the angler enthusiast. This is your peaceful getaway from the busyness of the world. VA buyers can assume the owners 3.75% mortgage, call for details!
- 3 bedrooms
- 2.25 bathrooms
- 2,364 square feet
- 10,200 square foot lot
- 2 – car attached garage
- Built in 2009
- Dog run
- Private dock & lake access
- Offered for $540,000
Nestled between towers of trees, along peaceful Lake Minterwood, you’ll find an oasis that’s perfect for relaxation and play in the Pacific Northwest.
Start your day by watching the sunrise peek above the lake, on the back deck as you sip your first cup of coffee; that burst of energy waking you up as you dangle your feet over the porch swing, the morning air nipping your toes and listen to the powerful call of the local eagle as he soars through the neighborhood, looking for his morning breakfast in the lake.
Prepare a delicious frittata, baked until fluffy in one of the ovens as the smell of blueberry muffins permeates the kitchen in the second, and enjoy your morning breakfast with guests as you take in the light and view from the windows, the cracking sounds of the fireplace and the laughter that escapes all of you as you plan your day.
Canoeing, kayaking, or perhaps paddle boarding plans to fill up your day. Or maybe you arrange an afternoon of casting a few lines off the dock and catching a couple of bass or trout to throw on the barbecue for dinner. The second deck makes for a wonderful outdoor entertaining space as the french doors open from the living and dining area.
If you enjoy getting your hands dirty, there’s concrete block raised beds for a little gardening and flowers, along with a well manicured yard and spacious flower bed in the front too.
This home is just a few short minutes away from the Lake Minterwood Beach Club – they put on lots of event throughout the year for residents of this community. In the summer months they hold an Annual Kids Fishing Derby, garage sales, and an Annual Picnic – where’s there’s plenty of food, fun and games + you get to know your neighbors! Keep tabs on all upcoming events on the clubs website calendar – they even let you know what days waste and recycling is picked up.
The Lake Minterwood Community is so peaceful because motorized boats aren’t permitted on the lake, but if you do own a motorized boat and are looking for somewhere to drop it for a day on Henderson Bay, the Purdy Boat Launch is just a short 12 minute drive. This little beach area is also a great spot for public clam and oyster digging open April 1 through April 30. There’s a natural production of Manila, littleneck and butter clams and sometimes goeducks when the tide is really low.
Get fresh oysters from the Minterbrook Oyster farm – just 4.5 miles away and operating since 1932 Minterbrook has been bringing fresh oysters from the pristine waters of the Puget Sound. Enjoy these best of the best, mild and sweet oysters straight from fresh water!
Get outdoors and enjoy miles of trails, one-way mountain biking only trails, picnic tables and benches, and wildlife viewing at the 360 Trails, just 2.5 miles away.
On Purdy Drive NW you can find the Purdy Park & Ride, the Flotation Pub and Grill, NAPA Auto Parts, Bridgeway Market, Dexter’s Drive In, Local Boys Produce & Foods & Taproom, Massimo Italian Grill and the Mexican Food Truck.
Just 7 minutes away, get one of the best burgers on the Peninsula (according to locals) at B’s Spot Grill is the local place to go!
The Key Center is less than a two mile drive and offers a USPS, El Sombrero Mexican Family Restaurant, Reeds Good Food & Spirits, Figaro’s Pizza, the Food Market, public library, medical center, Blend Wine Shop, Cutter Bug Salon, and the Sunnycrest Nursery and Floral shop.
Gig Harbor is 23 minutes, Tacoma is 35 min, Silverdale is 40 minutes and the Southworth Ferry Terminal to Seattle is 35 minutes away.
For more information about this home or to schedule a private showing, call /text Ian Broadie at: 253.514.5592.
So you’ve decided to buy a house. Congratulations! That’s a big deal. Whether it’s your first, your last or somewhere in between, buying a home is an amazing thing that has the power to change your everyday and your financial future.
There are two things you’ll want to do before anything else: find a Realtor, find a lender. Either one can be done first, but both should be done as soon as you begin even thinking about buying a home. I always suggest to begin building your team early on, even if you’re a year out. It doesn’t cost anything and all it can do is help!
Finding a Realtor far in advance will help you to locate the right neighborhood, price point and strategy. A good agent will help you plan for the right timing, and may be able to point out other things that you had not considered (house hacking? Creative financing? Rezoning/Reclassifying?). If you’re selling as well you’ll want them involved early on to get the home ready for market as effectively as possible and plan the transition, but even if you’re only buying, it can pay in spades to get your agent involved as early as possible.
By the way, did I mention the best part? As a home buyer, your agent works for you for free! Of course, nothing in this world is truly free, but the agent is paid from the sellers proceeds at closing, so why not take advantage of that and get your agent involved at the get go?
When it comes to actually choosing your agent, there are four things you want to make sure to look for:
- Responsive: Get an agent who answers your calls. I feel silly even putting this on the list but I’d say the biggest reason my clients left their old agent is because they couldn’t get ahold of them! This doesn’t mean they are a bad agent, they may just be too busy at the moment to effectively take care of you, but you need someone who can handle new clients.
- Professional: Find an agent who shows up ready to get the job done. It’s great and all if a casual relationship is born out of friendship, but first and foremost this is a professional relationship with a lot of money on the line. If they show up in sweats, late, to your first appointment, that should tell you how important your business is to them.
- Knowledgeable: Is Real Estate their full time job? Do they own investment properties? Someone who puts their money where their mouth is will definitely be spending their free time learning everything they can about Real Estate. Also, find an agent with war stories! You want someone on your side who has dealt with and knows how to fix big problems.
- Like-ability: Do you like the guy? This is more important than you might think. Obviously, you’ll be spending a lot of time with them looking at homes and it’d be nice to enjoy that time spent. But equally important, if you like them, other people probably do to and that helps when it comes to negotiating and bringing the parties together. Real Estate is called a relationship business for a reason.
It seems like you can’t walk 100ft without a Realtor chucking a card at you, but unfortunately the barrier to entry into this industry is pretty low so you get a lot of people who don’t take their job very seriously. Find an agent who’s going to work hard for you and who wants to build a long term relationship and you’ll find Real Estate will become surprisingly simple and profitable.
P.S. Click here to find a rockstar agent!
This 1904 Craftsman Triplex is located in the corner of the North Slope Historic District in Tacoma. Recently remodeled and restored, the building keeps the historic charm while meeting modern expectations. This building was owner occupied when they first bought it in 2009 and the pride of ownership is still evident to this day. Not your typical put-a-bandaid-on-the-problem multifamily property, the owners have made sure to keep this a home anybody would be proud to inherit.
As terrific as the home is, I think the greatest selling point is the location. Tucked away in the 3 Bridges neighborhood, you’re centrally located between Proctor and Stadium District with the University practically down the street. Immediately next door you’ll find Dave’s Meat and Produce with fresh, high quality (you guessed it) meat and produce. For the healthy foodie you can’t get more convenient! But if you aren’t up for cooking you’ll find plenty of other options just a minutes walk away on N 21st such as Magoo’s Ale House and Eatery, 21 Cellars, The Rustic Aristocat Coffee Co, Cementine House, Evolve Home + Apparel, Lou’s Barber Shop, Source Yoga, and The Beach House Salon.
- Unit 1915 – 2 beds, 1 bath, 1,250 sq ft: This is the top level and Anne’s favorite of the three. Light and bright, this is a fully carpeted unit with a spacious balcony.
- Unit 1917 – 3 beds, 1 bath, 1,300 sq ft: This unit mirrors the top levels floorplan but with a completely different feel brought on by the dark hardwood floors, craftsman trim and tall ceilings. This one gets my vote!
- Unit 1917 ½ – 2 beds, 1 bath, 750 sq ft: The bottom unit is the smallest of the three and has an open concept floorplan with a large walk in closet off the master.
Now lets do some number crunching (because if you know me, that’s my favorite part).
These units are way under market rent! I hate to say it because the tenants are amazing, but it’s just the reality. The comparable homes in the area are going for $1.50+/sqft while this one is puttering along at $1/sqft (here’s a studio apartment a few buildings away going for $1100, and here’s a duplex with similarly sized units renting for $2350; those are literally the two closest rentals to the property, currently available on craigslist; I’m sure deeper digging would find more). I’m only just beginning to foray into the crazy Tacoma rental market and although I don’t know it like good ol’ Gig Harbor, I don’t think it’s unrealistic in the slightest that you could hit 5k/month in rental income.
Assuming this, you could increase the gross income to $60k per year. As is, that pushes the NOI to $50,368 and a 7.42% cap rate (from a 4.66%!) at the listing price. I would also encourage the incoming landlord to consider separately metering the units and passing W/S/G on to the tenants for an additional $2849/year (7.84% cap baby). Auction off the parking spots? Incentivize a tenant to take care of landscaping? Hire a good professional photographer and stage the home so you can get top dollar (stop running around with an iPhone and snapping 3 pictures to throw on the internet guys – SELL IT). There are tons of creative things you can do to increase your bottom line (I can help).
[Disclaimer] Look guys, do your own homework. Being the listing agent, I shouldn’t be your final resource and even I’m putting a rock of salt next to this as I just did a quick 5 minute analysis. If I was representing the buyer, we would dive way deeper into comps, potentially viewing a few available similar rentals on the market. This property is awesome. I’ll be there Saturday 6/23 from 11-2pm with treats and drinks and ideas, come take a look.
Catchy headline, right? Believe it or not it’s possible. You’re home is the biggest day to day fixed cost most of us have, imagine for a moment that you didn’t have to spend 30% of your income just to cover your rent or mortgage? What would that do for your life?
There are different ways to go about doing it. The most common way? Make mortgage payments for 30 years and when you’re in your late 50’s or 60’s you now own your home free and clear! Congratulations! However, if you don’t want to wait that long or spend all that money there are some creative ways to get it done a whole heck of a lot sooner (note, I didn’t say easier!)!
My personal favorite (because we did it!) is to buy a multi-family (such as a duplex, triplex or fourplex) and rent out the other unit(s). You need to get a pretty good deal to actually live for free with a duplex, but it should be pretty doable with a triplex or especially a fourplex. Another thing? Even if you aren’t free you’re going to be living for pretty dang cheap, this isn’t an all or nothing deal guys. A few hundred bucks sure beats $1200-2500 most others are paying!
That’s a big blog post on it’s own I want to tackle at some point, but it’s not what this one is about. I can understand not wanting to live in a multifamily, whether it’s space limitation, you’ve got kids, you have friends to impress, a mental hurdle, whatever. So if that option isn’t good enough, what if I said you could buy a single family home and get someone else to pay for it for you? Well listen up because there’s a house on the market that you could do that exact thing with! I’ve been trying to find a buyer for it for weeks now (if that buyer is you, call me 253-514-5592)
- $650k Preapproval
- Willing to live in a 1200 sq ft, 3 bedroom, 1.5 bath
- Willing to work hard, make a bunch of money and learn a ton about Real Estate (I’ll help!)
Okay here comes the meat and potatoes. The home is a roughly 1200 sq ft home on 0.8 acres. 1 car garage, split level and it’s a fixer upper, listed for $300k and if it were fixed up I would peg it around $330k to $350k (i.e. not a good deal).
Click HERE to view the listing.
However, there is one detail you may have glossed over, it’s 1200 sq ft and it’s on 0.8 acres! This presents a unique opportunity because in Pierce county any lot zoned for a single family home has the ability to build an ADU (additional dwelling unit; think mother in law, airbnb, guest home, etc). In urban pierce county, you’re limited to 1000 sq ft for your ADU, but in rural areas (crazy enough, the government still sees Gig Harbor as a rural area) you’re able to max out at 1250 sq ft. You’re also able to convert a primary residence into an ADU. SO, this got me interested.
Upon further investigation, the lot is 103′ x 331′ and there is only a 4′ change in elevation between it’s highest and lowest points over the length of the property. In addition, the existing home is located on the first 3rd of the lot. That’s a buildable lot!
I’ve marked on the image above the required 30′ rear setback required for the rural R-10 zoning on this property. Technically you could build closer to the structure as ADU’s have smaller setbacks, however it isn’t necessary and there’s an added benefit to treating it as a standalone structure I’ll touch on later. However, this leaves a 191′ x 103′ lot (equivalent to 0.45 acres) ready to be built on! Due to set backs, your buildable zone would be 136′ x 83′ allowing for just about any home you wanted to be built on it.
You can view the setback table at the pierce county website HERE.
One of my personal favorites is the Lincoln floorplan by Adair homes, so moving forward I’ll be using that as my example.
Click HERE to see the floorplan.
This home baselines around $228k (at 2541 sq ft, that’s about $90/sq ft!), according to Chris Josephson at the Silverdale Adair Office, your typical buyer ends up putting around $30k – $50k in upgrades so a final home will end up costing around $280k. Similarly, to develop a level lot, a conservative estimate lands around $50k – $70k, so you’re all in on your new home for around $350k!
So what does your $650k buy you? A 2500+ sq ft new construction home with a 1200 sq ft ADU on a private 0.8 acre lot in Gig Harbor. I mentioned the 1200 sq ft ADU is a cosmetic fixer, I’ve estimated 30k would get you where you need to be with new flooring, paint trim, etc. Because the home has been listed for 145 days without an offer as of the time of this writing, I would try and negotiate that price off the purchase.
If it were me, I would rent out the new home, expecting around $3000/month. You would find high caliber, professional tenants at that price point and as the owner, you could live in the ADU. $3000/month would cover principal and interest on a $600k mortgage at 4.5%; so if you could put down 10% you’d be able to have your mortgage entirely paid for.
If you could put 25% down ($163k) and could purchase it as an investment property, you could rent the smaller unit for around $1500/month with $2500/month going to principal and interest, throwing you around $2k/month after mortgage for both rentals (this doesn’t include taxes and insurance, which I think could easily cost around $700 – $800/month for both structures).
You would also have a valuable property. I think the 3700 total livable sq ft should fetch you above $800k, but if you were to short plat the property (which is why I suggested treating the ADU as a standalone structure) you could be well above that figure if you sold each property individually.
This is basically an investment deal on a silver platter, however all of these numbers are educated estimates, I would need a buyer to warrant a further investigation. If you’re interested in learning more, give me a call or shoot me a text! My passion is figuring out what the highest and best use of a property is by using creative ways to increase the value. I’d be more than happy to dive deeper into this idea, whether it’s with this lot or looking for another with the same strategy.