Building Details

Year Built 1968

Stories 2

Listing Agency: Theory Real Estate

Listed By: Ronald Dudley Show Phone

Source: Basedinbham

Added: Jul 20 Changed: Oct 10 Last Checked: Oct 5 at 7:47PM

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Investment Insights

Based on property information with market context.

This 5,680-square-foot apartment property contains 10 units arranged across two stories, with five residences on each level. Every apartment includes one bedroom and one bathroom, and each unit is separately metered. On-site amenities include a laundry room, storage room, and a fenced dog run. Interior and exterior updates have been completed, and the property was built in 1968.

Located at 1405 Martin Luther King Jr in Tacoma, the gated complex is near the Tacoma Link Light Rail, UW Tacoma, the Stadium District, hospitals, restaurants, shops, and entertainment venues.

Key Highlights

• 10‑unit apartment complex with 5 units on each of 2 stories
• Each unit is configured with 1 bedroom and 1 bathroom
• 5,680 square feet with separately metered units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,250

Cap Rate

4.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,145,000 $1.1M

Cap Rate 7%

$817,857 $817.9K

Cap Rate 9%

$636,111 $636.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$109.8K $21.96/SF

− Vacancy

−$5.7K −$1.14/SF

EGI

$104.1K $20.82/SF

− OpEx

−$46.8K −$9.37/SF

NOI

$57.2K $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%

$1,145,000

Cap Rate 7%

$817,857

Cap Rate 9%

$636,111

Alternative Uses

Best Use

Apartment 5plus

$817.9K

$715.6K – $954.2K (±1% cap)

NOI $57,250 @ 7.0% cap · market cap 4.40%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.54M

$1.34M – $1.79M (±1% cap)

NOI $107,580 @ 7.0% cap · market cap 8.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Veterinary Clinic Tanning Salon Pet Grooming Service Restaurant Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Residential units

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

3,789

Businesses Nearby

Explore this area 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

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Two-story property offers separately metered one-bedroom units, laundry space, and gated access.

Where is this apartment building located?

The property is located at 1405 Martin Luther King Jr Way Tacoma, WA.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: 10‑unit apartment complex with 5 units on each of 2 stories; Each unit is configured with 1 bedroom and 1 bathroom; 5,680 square feet with separately metered units