16-Unit Waterfront-View Apartment
For Sale
$3,800,000
2902 N Carr, Tacoma, WA 98403
Built in 1968 with 1- and 2-bedroom units, featuring partially renovated interiors and in-unit washer and dryer.
Property Size13,176 SF
Price / SF$288.40
Days on Market130
Property Features for 2902 N Carr
General Information
Standard status
Active
Size
13,176 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
North End
Additional Details
Multifamily Units
16
Building Details
Year Built
1968
Listing Agency:
Kidder Mathews
Listed By:
David A. Kelley
(360) 705-2800
Source:
Basedinbham
Added: Jun 17
Changed: Oct 2
Last Checked: Oct 23 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
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Investment Insights
Based on property information with market context.
Harbor View Apartments is a 16-unit multifamily community built in 1968. The property offers a unit mix of eight one-bedroom homes and eight two-bedroom homes. Six of the 16 units have been recently renovated with modern finishes and in-unit washer & dryer. Many units also enjoy sweeping water views of Commencement Bay, supporting an apartment product that blends classic, vintage character with select updated interiors.
The community is positioned on the corner of Carr Street and N 30th Avenue in Tacoma, WA. Harbor View’s Old Town Tacoma setting places it in the established, walkable fabric of the neighborhood, with access to local retail, dining, and waterfront amenities.
For buyers seeking an income-producing asset, Harbor View is currently 100% occupied. In-place rents are approximately $24,400 per month, with market rent potential cited at approximately $30,000 per month through an interior modernization program. With a balanced one- and two-bedroom mix, renovated units featuring in-unit laundry, and strong ongoing tenancy, Harbor View Apartments presents a practical option for investors looking to acquire a well-located, renovated-in-part multifamily property in Tacoma.
The community is positioned on the corner of Carr Street and N 30th Avenue in Tacoma, WA. Harbor View’s Old Town Tacoma setting places it in the established, walkable fabric of the neighborhood, with access to local retail, dining, and waterfront amenities.
For buyers seeking an income-producing asset, Harbor View is currently 100% occupied. In-place rents are approximately $24,400 per month, with market rent potential cited at approximately $30,000 per month through an interior modernization program. With a balanced one- and two-bedroom mix, renovated units featuring in-unit laundry, and strong ongoing tenancy, Harbor View Apartments presents a practical option for investors looking to acquire a well-located, renovated-in-part multifamily property in Tacoma.
Key Highlights
- 16‑unit multifamily property in Tacoma, WA built in 1968
- Corner location on N Carr St and N 30th Ave at 2902 N Carr Street
- Unit mix: eight 1‑bedroom units averaging 722 SF and eight 2‑bedroom units averaging 925 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$150,864
Cap Rate
3.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,017,280
$3.0M
Cap Rate 7%
$2,155,200
$2.2M
Cap Rate 9%
$1,676,267
$1.7M
Market Conditions
NOI Build-Up for 13,176 SF
Gross rent
$289.3K $21.96/SF
− Vacancy
−$15.0K −$1.14/SF
EGI
$274.3K $20.82/SF
− OpEx
−$123.4K −$9.37/SF
NOI
$150.9K $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%
$3,017,280
Cap Rate 7%
$2,155,200
Cap Rate 9%
$1,676,267
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.51M
NOI $150,864 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.72M
NOI $283,495 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
628
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1968 with 1- and 2-bedroom units, featuring partially renovated interiors and in-unit washer and dryer.
Where is this apartment building located?
The property is located at 2902 N Carr Tacoma, WA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 16‑unit multifamily property in Tacoma, WA built in 1968; Corner location on N Carr St and N 30th Ave at 2902 N Carr Street; Unit mix: eight 1‑bedroom units averaging 722 SF and eight 2‑bedroom units averaging 925 SF
