Well-Maintained 13-Unit Apartment
15515 89th Street Ct NW Tacoma, WA 98403
For Sale
$1,900,000
Pending
Two-building, 13-unit apartment complex in Key Center.
Property Size12,320 SF
Days on Market440
Property Features for 15515 89th Street Ct NW
General Information
Standard status
Pending
Size
12,320 SF
Property subtype
Commercial
Building Details
Year Built
1992
Listing Agency:
COMMENCEMENT BAY BROKERS
(253) 851-2897
Listed By:
NICOLAS LIND
Source:
Corcoran
Added: May 15, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:47AM
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
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $270.5k | $21.96 |
| − Vacancy | −$14.1k | −$1.14 |
| EGI | $256.5k | $20.82 |
| − OpEx | −$115.4k | −$9.37 |
| NOI | $141.1k | $11.45 |
12,320 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%
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.
Property Analytics
Location Intelligence
Current Use
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%
