Triplex With EV Charging
For Sale
$565,000
2147 Martin Luther King Jr Way, Tacoma, WA 98405
Multi-family zoning supports a three-unit income property with additional-unit potential and a neighborhood charging amenity.
Property Size1,996 SF
Days on Market18
Property Features for 2147 Martin Luther King Jr Way
General Information
Standard status
Active
Size
1,996 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
Multi-Family
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,755
Amenities
EV charging station
Building Details
Building Size
1,996 SF
Year Built
1909
Units
3
Listing Agency:
Meridian Real Estate Group
(253) 444-4059
Listed By:
Eric D. Crittendon
(253) 444-4059
Source:
Multifamilyspecialist
Added: Jul 23
Changed: Aug 6
Last Checked: Aug 8 at 12:43PM
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 Meridian Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1909, this three-unit property includes a two-bedroom, two-bath residence identified as Unit A, which is positioned for cosmetic renovation. Units C and D have been improved within the past five years. Recent exterior work includes updated paint and gutters, while the roof remains functional with future replacement planning noted in the property information.
The property is located at 2147 Martin Luther King Jr Way in Tacoma’s McCarver neighborhood and falls within the Hilltop Mixed-Use Center. Multi-Family zoning allows additional units, creating documented redevelopment potential on the generously sized lot. A public dual-head EV charging station and its established community account are included with the sale.
The property is located at 2147 Martin Luther King Jr Way in Tacoma’s McCarver neighborhood and falls within the Hilltop Mixed-Use Center. Multi-Family zoning allows additional units, creating documented redevelopment potential on the generously sized lot. A public dual-head EV charging station and its established community account are included with the sale.
Key Highlights
- Three‑unit property built in 1909
- Unit A offers 2 bedrooms and 2 baths and is ready for cosmetic renovation
- Units C and D improved within the past five years
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
$26,298
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
4.65%
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%
$525,960
$526.0K
Cap Rate 7%
$375,686
$375.7K
Cap Rate 9%
$292,200
$292.2K
Market Conditions
NOI Build-Up for 1,996 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
$39.5K $19.80/SF
− Vacancy
−$2.0K −$0.98/SF
EGI
$37.6K $18.82/SF
− OpEx
−$11.3K −$5.65/SF
NOI
$26.3K $13.18/SF
Area
Tacoma, WA
Vacancy
4.94%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$525,960
Cap Rate 7%
$375,686
Cap Rate 9%
$292,200
Alternative Uses
Best Use
Multifamily LT 5
$375.7K
$328.7K – $438.3K
NOI $26,298 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$326.5K
$285.7K – $380.9K
NOI $22,854 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$613.5K
$536.8K – $715.8K
NOI $42,946 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,943
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Multi-family zoning supports a three-unit income property with additional-unit potential and a neighborhood charging amenity.
Where is this triplex located?
The property is located at 2147 Martin Luther King Jr Way Tacoma, WA.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: Three‑unit property built in 1909; Unit A offers 2 bedrooms and 2 baths and is ready for cosmetic renovation; Units C and D improved within the past five years
