Tacoma Multifamily Investment
For Sale
$7,450,000
1208 S 27th St, Tacoma, WA 98409
50-unit apartment community near I-5 and Hilltop Light Rail.
Property Size41,700 SF
Days on Market201
Property Features for 1208 S 27th St
General Information
Standard status
Active
Size
41,700 SF
Property subtype
Multifamily
Occupancy
95%
Amenities
Excellent Location: Proximity to major arterials such as I-5 as well as Hilltop Light Rail Station
Excellent Historical Occupancy: Owners have been able to maintain below 5% vacancy rate
Rental Upside: Rents have 35% rental upside
Building Details
Building Size
41,700 SF
Units
50
Listing Agency:
Seattle Office
Listed By:
Aimon Heffernan · License #License(s): WA: 23029794
(206) 826-5707
Source:
Marcusmillichap
Added: Apr 3
Changed: Oct 19
Last Checked: Oct 20 at 5:16PM
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 Seattle Office
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Investment Insights
Based on property information with market context.
Vista Rainier is a fifty-unit apartment community constructed in 1968, situated in the Hilltop neighborhood of Tacoma. The property is located near I-5 and approximately one mile from the Hilltop Light Rail Station. The community features forty two-bedroom, one-bathroom units averaging 848 square feet, four one-bedroom, one-bathroom units averaging 750 square feet, five studios averaging 430 square feet, and one three-bedroom, one-bathroom unit of approximately 1,000 square feet. Each unit includes a kitchen and living room. Ample on-site parking is available. The property is positioned as an investment opportunity with potential for rental upside through renovations.
Key Highlights
- Significant rental upside potential through renovations to achieve a 7% annual return.
- Excellent commuter location: close to I‑5 and one mile from the Hilltop Light Rail Station.
- Spacious units: mix of one-, two-, and three‑bedroom units, plus studios.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$477,463
Cap Rate
6.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,549,260
$9.5M
Cap Rate 7%
$6,820,900
$6.8M
Cap Rate 9%
$5,305,144
$5.3M
Market Conditions
NOI Build-Up for 41,700 SF
Gross rent
$915.7K $21.96/SF
− Vacancy
−$47.6K −$1.14/SF
EGI
$868.1K $20.82/SF
− OpEx
−$390.7K −$9.37/SF
NOI
$477.5K $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%
$9,549,260
Cap Rate 7%
$6,820,900
Cap Rate 9%
$5,305,144
Alternative Uses
Best Use
Apartment 5plus
$6.82M
$5.97M – $7.96M
NOI $477,463 @ 7.0% cap · market cap 6.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.82M
$11.22M – $14.95M
NOI $897,217 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
750
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 50-unit apartment community near I-5 and Hilltop Light Rail.
Where is this apartment building located?
The property is located at 1208 S 27th St Tacoma, WA.
What is the asking price?
The asking price for this property is $7,450,000.
What are key features of this property?
This property features: Significant rental upside potential through renovations to achieve a 7% annual return.; Excellent commuter location: close to I‑5 and one mile from the Hilltop Light Rail Station.; Spacious units: mix of one-, two-, and three‑bedroom units, plus studios.
