Tacoma Investment Property
2222 96th St SW Lakewood, WA 98444
2222 96th St SW, Lakewood, WA, 98444
$2,300,000
Pending
For Sale
$2,300,000
Pending
3.4-acre site with income and development potential in Tacoma.
Property Size9,086 SF
Days on Market412
Property Features for 2222 96th St SW
General Information
- Standard status
- Pending
- Size
- 9,086 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1935
Listing agency
KIDDER MATHEWS
Listed by
BENJAMIN NORBE
Source
Corcoran
Added: Jun 6, 2025 Updated: Jul 6 at 7:41AM Checked: Jul 22 at 8:08AM
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 KIDDER MATHEWS
Investment Insights
Based on property information with market context.
Located in Tacoma's south end, this 3.4-acre investment property at 2222 96th St S offers immediate income and long-term development potential. The property includes nine buildings with older, Class C rental units, generating a gross annual income of approximately $259,000. The units have an average rent of $2.01 per square foot. The property contains 9,086 square feet.
Key Highlights
- 3.4‑acre site in Tacoma's expanding south end offers long‑term development potential.
- Generates approximately $259,000 in gross annual income.
- In‑place cash flow provides immediate income.
Local 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 | $215.9k | $23.76 |
| − Vacancy | −$16.0k | −$1.76 |
| EGI | $199.9k | $22.00 |
| − OpEx | −$90.0k | −$9.90 |
| NOI | $109.9k | $12.10 |
9,086 SF · lease $23.76/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,949 @ 7.0% cap · market cap 4.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.45M
$2.15M – $2.86M
NOI $171,782 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - 3.4-acre site with income and development potential in Tacoma.
Where is this apartment building located?
The property is located at 2222 96th St SW Lakewood, WA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 3.4‑acre site in Tacoma's expanding south end offers long‑term development potential.; Generates approximately $259,000 in gross annual income.; In‑place cash flow provides immediate income.
