10-Unit Apartment
1207 Altheimer St, Tacoma, WA 98405
For Sale
New
$1,750,000
The unit mix combines studio and one-bedroom apartments with on-site laundry and off-street parking.
Property Size5,505 SF
Price / SF$317.89
Days on Market3
Property Features for 1207 Altheimer St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Opportunity Zone
Amenities
on-site laundry
off-street parking
Building Details
Year Built
Year Renovated
Listing Agency:
Compass
Listed By:
Chris Murphy · License WA #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Nov 8
Last Checked: Nov 10 at 7:55AM
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 Compass
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Investment Insights
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This 10-unit apartment property contains six one-bedroom units and four studios. Improvements completed in December 2018 included work throughout the apartments, along with building-wide replumbing and rewiring. On-site laundry and limited off-street parking are also available. The building dates to 1889.
At 1207 Altheimer St in Tacoma, the property sits across from Bates Technical College’s Downtown Campus. UW Tacoma and St. Joseph Medical Center are nearby, as are Tacoma General Hospital and Mary Bridge Children’s Hospital. Wright Park, downtown dining, the Theater District, Tacoma Art Museum and Children’s Museum of Tacoma are additional nearby destinations. The property is within a designated Qualified Opportunity Zone; buyers should consult a tax advisor regarding eligibility for associated tax benefits.
At 1207 Altheimer St in Tacoma, the property sits across from Bates Technical College’s Downtown Campus. UW Tacoma and St. Joseph Medical Center are nearby, as are Tacoma General Hospital and Mary Bridge Children’s Hospital. Wright Park, downtown dining, the Theater District, Tacoma Art Museum and Children’s Museum of Tacoma are additional nearby destinations. The property is within a designated Qualified Opportunity Zone; buyers should consult a tax advisor regarding eligibility for associated tax benefits.
Key Highlights
- 10 apartments: six one‑bedroom units and four studios
- December 2018 improvements included replumbing and rewiring throughout the building
- On‑site laundry and limited off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,032
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,260,640
$1.3M
Cap Rate 7%
$900,457
$900.5K
Cap Rate 9%
$700,356
$700.4K
Market Conditions
NOI Build-Up for 5,505 SF
Gross rent
$120.9K $21.96/SF
− Vacancy
−$6.3K −$1.14/SF
EGI
$114.6K $20.82/SF
− OpEx
−$51.6K −$9.37/SF
NOI
$63.0K $11.45/SF
Area
Tacoma, WA
Vacancy
5.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,260,640
Cap Rate 7%
$900,457
Cap Rate 9%
$700,356
Alternative Uses
Best Use
Apartment 5plus
$900.5K
$787.9K – $1.05M
NOI $63,032 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,446 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
6,319
Businesses Nearby
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Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Tacoma, WA
Properties on Market for Apartment buildings in Tacoma
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix combines studio and one-bedroom apartments with on-site laundry and off-street parking.
Where is this apartment building located?
The property is located at 1207 Altheimer St Tacoma, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 10 apartments: six one‑bedroom units and four studios; December 2018 improvements included replumbing and rewiring throughout the building; On‑site laundry and limited off‑street parking
