Craftsman-Style
509 S 15th Street, Tacoma, WA 98402
For Sale
New
$850,000
The three residences each have two bedrooms and one bathroom, with outdoor space serving multiple units.
Property Size2,783 SF
Price / SF$305.43
Days on Market2
Property Features for 509 S 15th Street
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
paved courtyard
fenced outdoor area
top-floor deck
Building Details
Year Built
Construction
Listing Agency:
COMPASS
Listed By:
Joseph Kim · License WA NWM147377
Source:
Canorealestate
Added: Nov 12
Last Checked: Nov 12 at 2:20PM
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 COMPASS
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Investment Insights
Based on property information with market context.
Built in 1905, this 2,783-square-foot triplex contains three two-bedroom, one-bath residences. The garden-level apartment connects to a paved courtyard, while Unit 2 has hardwood floors, quartz countertops, and a fenced outdoor area. Unit 3 occupies two levels and includes a finished attic. A deck on the top floor provides views of the Thea Foss Waterway and Tacoma’s city lights.
The property is at 509 S 15th Street in downtown Tacoma, near dining and the waterfront.
The property is at 509 S 15th Street in downtown Tacoma, near dining and the waterfront.
Key Highlights
- Three apartments, each with two bedrooms and one bathroom
- 2,783 square feet; built in 1905
- Garden‑level unit opens onto a paved courtyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,667
Cap Rate
4.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$733,340
$733.3K
Cap Rate 7%
$523,814
$523.8K
Cap Rate 9%
$407,411
$407.4K
Market Conditions
NOI Build-Up for 2,783 SF
Gross rent
$55.1K $19.80/SF
− Vacancy
−$2.7K −$0.98/SF
EGI
$52.4K $18.82/SF
− OpEx
−$15.7K −$5.65/SF
NOI
$36.7K $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 Rate 5%
$733,340
Cap Rate 7%
$523,814
Cap Rate 9%
$407,411
Alternative Uses
Best Use
Multifamily LT 5
$523.8K
$458.3K – $611.1K
NOI $36,667 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$455.2K
$398.3K – $531.1K
NOI $31,865 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$855.4K
$748.5K – $998.0K
NOI $59,879 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,226
Businesses Nearby
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Business Placement
Demographics for 98402, WA
8,053
Population
4,788
Households
1.7
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
1.2 sq mi
ZIP Area
6,711
Density / Sq Mi
$54,712
Median Household Income
$43,145
Median Earnings
$1,478
Median Rent
$558,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - The three residences each have two bedrooms and one bathroom, with outdoor space serving multiple units.
Where is this triplex located?
The property is located at 509 S 15th Street Tacoma, WA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Three apartments, each with two bedrooms and one bathroom; 2,783 square feet; built in 1905; Garden‑level unit opens onto a paved courtyard
