Single-Story Apartment
For Sale
$3,250,000
1401 N Pearl St, Tacoma, WA 98406
Portfolio combines HOPA-qualified housing with a separate market-rate community and on-site storage facilities.
Property SizeContact for details
Days on Market47
Property Features for 1401 N Pearl St
General Information
Standard status
Active
Property subtype
Multifamily
Occupancy
95%
Amenities
Significant Capital Improvements: Extensive interior renovations and major electrical and plumbing upgrades throughout both properties.
Rental Upside: Current rents provide the opportunity to capture additional revenue through market rent growth.
Storage Income Upside: Opportunity to add twelve additional units and increase annual NOI by approximately $7,200.
Building Details
Units
16
Listing Agency:
MARCUS & MILLICHAP, INC.
(206) 826-5724
Listed By:
Scott Morasch · License #License(s): WA: 4731
(206) 826-5724
Source:
Marcusmillichap
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 31 at 1:05PM
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 MARCUS & MILLICHAP, INC.
Investment Insights
Based on property information with market context.
Pearl Manor and Pearl Plaza comprise a two-property apartment portfolio in Tacoma. Both communities feature single-story construction and have received substantial recent capital improvements. Pearl Manor qualifies under the Housing for Older Persons Act and operates subject to the federal 80/20 occupancy requirement, while Pearl Plaza serves the traditional market-rate apartment segment.
The properties currently include eleven rentable storage units, with identified space for up to twelve more. This provides an additional operational component alongside the apartment units and supports potential expansion of storage offerings. The portfolio is located at 1401 N Pearl St in Tacoma, Washington.
Under the stated financing assumptions and market-rent scenario, the offering is projected to reach an approximate stabilized capitalization rate of 6.73% and an 8.01% cash-on-cash return based on a three-year loan term with three years of interest-only payments.
The properties currently include eleven rentable storage units, with identified space for up to twelve more. This provides an additional operational component alongside the apartment units and supports potential expansion of storage offerings. The portfolio is located at 1401 N Pearl St in Tacoma, Washington.
Under the stated financing assumptions and market-rent scenario, the offering is projected to reach an approximate stabilized capitalization rate of 6.73% and an 8.01% cash-on-cash return based on a three-year loan term with three years of interest-only payments.
Key Highlights
- Two‑property apartment portfolio comprising Pearl Manor and Pearl Plaza
- Pearl Manor qualifies under HOPA and follows the federal 80/20 occupancy requirement
- Pearl Plaza operates as a traditional market‑rate apartment community
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
869
Businesses Nearby
Explore this area
Business Placement
Demographics for 98406, WA
22,768
Population
10,748
Households
2.1
Avg Household Size
42
Median Age
48%
College-Educated
96%
High-School Grad
4.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$104,761
Median Household Income
$59,659
Median Earnings
$1,677
Median Rent
$594,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio combines HOPA-qualified housing with a separate market-rate community and on-site storage facilities.
Where is this apartment building located?
The property is located at 1401 N Pearl St Tacoma, WA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Two‑property apartment portfolio comprising Pearl Manor and Pearl Plaza; Pearl Manor qualifies under HOPA and follows the federal 80/20 occupancy requirement; Pearl Plaza operates as a traditional market‑rate apartment community
