Heather Court Multifamily Investment
For Sale
Contact for pricing
Pending
12712 C St S, Tacoma, WA 98444
32-unit apartment complex in Tacoma's Parkland neighborhood.
Property Size20,996 SF
Days on Market197
Property Features for 12712 C St S
General Information
Standard status
Pending
Size
20,996 SF
Class
C
Total Parking Spaces
56
Property subtype
Multifamily
Zoning
UCOR
Occupancy
100%
Investment Type
Value Add
Building Details
Year Built
1971
Year Renovated
2017
Buildings
4
Stories
2
Units
32
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Feb 4
Changed: Aug 8
Last Checked: Jul 24 at 5:25PM
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 Berkadia
Investment Insights
Based on property information with market context.
Heather Court presents a value-add investment opportunity located at 12712 C St S in Tacoma’s Parkland neighborhood. The property features a 32-unit garden-style community, originally built in 1971 and renovated in 2017. The property is priced at $5,250,000. The community offers a mix of one- and two-bedroom apartments averaging 675 SF. Modern upgrades include a new roof, updated exterior paint, and refreshed interiors. The property has a current T-3 cap rate of 5.94% and a projected 6.77% cap rate through light improvements and market rent alignment. Heather Court benefits from sustained renter demand and the ability to further optimize income. The property is near major employment centers and outside Tacoma’s stricter rental regulations. The property size is 20996 SF.
Key Highlights
- Value‑add investment opportunity with a projected 6.77% cap rate through light improvements.
- Located in Tacoma’s desirable Parkland neighborhood, benefiting from sustained renter demand.
- 32‑unit garden‑style community renovated in 2017.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$240,403
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.58%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,808,060
$4.8M
Cap Rate 7%
$3,434,329
$3.4M
Cap Rate 9%
$2,671,144
$2.7M
Market Conditions
NOI Build-Up for 20,996 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$461.1K $21.96/SF
− Vacancy
−$24.0K −$1.14/SF
EGI
$437.1K $20.82/SF
− OpEx
−$196.7K −$9.37/SF
NOI
$240.4K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,808,060
Cap Rate 7%
$3,434,329
Cap Rate 9%
$2,671,144
Alternative Uses
Best Use
Apartment 5plus
$3.43M
$3.01M – $4.01M
NOI $240,403 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.45M
$5.65M – $7.53M
NOI $451,750 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 98444, WA
36,885
Population
13,762
Households
2.7
Avg Household Size
34
Median Age
15%
College-Educated
87%
High-School Grad
6.9 sq mi
ZIP Area
5,346
Density / Sq Mi
$64,464
Median Household Income
$39,829
Median Earnings
$1,581
Median Rent
$369,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit apartment complex in Tacoma's Parkland neighborhood.
Where is this apartment building located?
The property is located at 12712 C St S Tacoma, WA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Value‑add investment opportunity with a projected 6.77% cap rate through light improvements.; Located in Tacoma’s desirable Parkland neighborhood, benefiting from sustained renter demand.; 32‑unit garden‑style community renovated in 2017.
