Historic Six-Unit Victorian
For Sale
$1,000,000
Pending
404 Tacoma Ave, Tacoma, WA 98403
Six one-bedroom apartments in a Victorian building built in 1890, with on-site laundry, storage, and rear carport parking.
Property Size3,600 SF
Days on Market74
Property Features for 404 Tacoma Ave
General Information
Standard status
Pending
Size
3,600 SF
Total Parking Spaces
5
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
6
Amenities
common on-site laundry room
Building Details
Year Built
1890
Listing Agency:
BLAKE INVESTMENT ADVISORS
Listed By:
GABE BLAKE
(206) 618-2207
Source:
Corcoran
Added: Jun 26
Changed: Aug 15
Last Checked: Jul 23 at 10:13AM
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 BLAKE INVESTMENT ADVISORS
Investment Insights
Based on property information with market context.
The Stadium District Victorian Apartments is a historic six-unit property constructed in 1890, offering six one-bedroom apartment homes averaging approximately 600 square feet. The building includes access to a common on-site laundry room, six private storage lockers, and a five-car carport located at the rear of the property. All units are currently occupied.
The property is offered for sale with the note that it has been owned and cared for by the same family since 1956, and is reportedly on the market for the first time in 70 years. It is located at 404 Tacoma Ave in Tacoma’s Stadium District.
Tenants are in place, and the listing advises not to disturb residents.
The property is offered for sale with the note that it has been owned and cared for by the same family since 1956, and is reportedly on the market for the first time in 70 years. It is located at 404 Tacoma Ave in Tacoma’s Stadium District.
Tenants are in place, and the listing advises not to disturb residents.
Key Highlights
- Six one‑bedroom apartments in a Victorian building constructed in 1890
- All six units are currently occupied
- Approx. 600 SF average per unit
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
$41,220
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
4.12%
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%
$824,400
$824.4K
Cap Rate 7%
$588,857
$588.9K
Cap Rate 9%
$458,000
$458.0K
Market Conditions
NOI Build-Up for 3,600 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
$79.1K $21.96/SF
− Vacancy
−$4.1K −$1.14/SF
EGI
$74.9K $20.82/SF
− OpEx
−$33.7K −$9.37/SF
NOI
$41.2K $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%
$824,400
Cap Rate 7%
$588,857
Cap Rate 9%
$458,000
Alternative Uses
Best Use
Apartment 5plus
$588.9K
$515.3K – $687.0K
NOI $41,220 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$968.2K – $1.29M
NOI $77,458 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,772
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 - Six one-bedroom apartments in a Victorian building built in 1890, with on-site laundry, storage, and rear carport parking.
Where is this apartment building located?
The property is located at 404 Tacoma Ave Tacoma, WA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Six one‑bedroom apartments in a Victorian building constructed in 1890; All six units are currently occupied; Approx. 600 SF average per unit
