16-Unit Waterfront-View Apartment
For Sale
Contact for pricing
2902 North Carr St, 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 Market62
Property Features for 2902 North Carr St
General Information
Standard status
Active
Size
13,176 SF
Total Parking Spaces
24
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$198,411
Additional Details
Multifamily Units
16
Building Details
Year Built
1968
Units
16
Tenancy
Single
Listing Agency:
Kidder Mathews Tacoma
(253) 722-1421
Listed By:
Austin Kelley · License #WA
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Aug 10 at 9:48AM
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 Tacoma
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 = 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
$150,864
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
3.97%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
717
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
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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 North Carr St 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
