Well-Maintained 13-Unit Apartment
For Sale
$1,900,000
Pending
15515 89th Street Ct NW, Tacoma, WA 98403
Two-building, 13-unit apartment complex in Key Center.
Property Size12,320 SF
Days on Market541
Property Features for 15515 89th Street Ct NW
General Information
Standard status
Pending
Size
12,320 SF
Property subtype
Commercial
Site & Location
Neighborhood
North End
Building Details
Year Built
1992
Listing Agency:
COMMENCEMENT BAY BROKERS
Listed By:
NICOLAS LIND
(253) 851-2897
Source:
Corcoran
Added: May 15, 2025
Changed: Oct 25
Last Checked: Nov 4 at 1:06PM
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 COMMENCEMENT BAY BROKERS
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This well-maintained apartment complex features two buildings with a total of 13 units. The units are reported to be clean and in fantastic condition, with newer carpets, paint, and vinyl windows. All 13 apartments are currently occupied by tenants. The property is located in the heart of Key Center, offering convenient access to shopping, retail, and restaurants. The apartments are all metered separately, and there is a coin-operated laundry facility on-site. The property has a potential for more density. The complex is suitable as an addition to an investment portfolio or real estate holdings.
Key Highlights
- Well‑maintained 13‑unit apartment complex in fantastic condition
- Currently 100% occupied with great tenants
- Stable cap rate of approximately 5.4%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,063
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,821,260
$2.8M
Cap Rate 7%
$2,015,186
$2.0M
Cap Rate 9%
$1,567,367
$1.6M
Market Conditions
NOI Build-Up for 12,320 SF
Gross rent
$270.5K $21.96/SF
− Vacancy
−$14.1K −$1.14/SF
EGI
$256.5K $20.82/SF
− OpEx
−$115.4K −$9.37/SF
NOI
$141.1K $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%
$2,821,260
Cap Rate 7%
$2,015,186
Cap Rate 9%
$1,567,367
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.76M – $2.35M
NOI $141,063 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.79M
$3.31M – $4.42M
NOI $265,077 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
2,354
Businesses Nearby
Explore this area
Business Placement
Demographics for 98403, WA
8,341
Population
4,863
Households
1.7
Avg Household Size
39
Median Age
64%
College-Educated
99%
High-School Grad
1.0 sq mi
ZIP Area
8,341
Density / Sq Mi
$86,179
Median Household Income
$63,918
Median Earnings
$1,414
Median Rent
$737,100
Median Home Value
Market
Average Price Trend$/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 - Two-building, 13-unit apartment complex in Key Center.
Where is this apartment building located?
The property is located at 15515 89th Street Ct NW Tacoma, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Well‑maintained 13‑unit apartment complex in fantastic condition; Currently 100% occupied with great tenants; Stable cap rate of approximately 5.4%
