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    Renovated 10-Plex with Garage Units Title is generated by Realmo AI

    5404 M St, Tacoma, WA 98408

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    For Sale
    $1,775,000

    Renovated 10-unit apartment building with on-site laundry and garages.

    Type:Commercial
    Property size:
    7,889 SF
    Price / SF:
    $224/SF
    Added:
    Jan 17, 2025
    Days on Market:
    523
    Last Refresh:
    May 10 at 9:23 pm

    Property Features for 5404 M St

    General Information

    Standard status
    Active
    Size
    7,889 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1949

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    Listing Contact
    STACEY BROWER
    STACEY BROWER

    Listing agent STACEY BROWER

    Listing office KELLER WILLIAMS GREATER SEATTLE

    Listing date Jan 17, 2025

    Source Corcoran

    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 KELLER WILLIAMS GREATER SEATTLE

    HighLights

    • Fully renovated units featuring new white kitchens, quartz counters, and stainless appliances.
    • Newer roof and hot water boiler.
    • 1‑level brick garden‑style building with front and back doors opening onto a courtyard.
    • Original hardwood floors throughout most units.
    • Separate electric meters and wall heat for each unit.
    • On‑site coin‑op laundry room and storage units for each unit.

    Overview

    This is a one-level brick garden-style 10-plex. All units feature front and back doors that open onto the courtyard. The units have been fully renovated, including new white kitchen cabinets, quartz counters, undermount sinks, microwaves, and stainless appliances. The bathrooms have been updated with tile surrounds. Each unit is equipped with its own electric meter and wall heat. Original hardwood floors are present throughout most of the units. The property includes a newer roof and hot water boiler. On-site amenities include a coin-operated laundry room and storage units for each apartment. Additionally, there are 6 garage units that are fully rented. The property size is 7889 square feet.

    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 $173.2k $21.96
    − Vacancy −$9.0k −$1.14
    EGI $164.2k $20.82
    − OpEx −$73.9k −$9.37
    NOI $90.3k $11.45
    7,889 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.29M
    $1.13M – $1.51M (±1% cap)
    NOI $90,329 @ 7.0% cap · market cap 5.09%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.42M
    $2.12M – $2.83M (±1% cap)
    NOI $169,740 @ 7.0% cap · market cap 9.56%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.451
    Latitude
    47.208

    FAQs

    What type of property is this?
    Apartment building - Renovated 10-unit apartment building with on-site laundry and garages.
    Where is this apartment building located?
    The property is located at 5404 M St Tacoma, WA.
    What is the asking price?
    The asking price for this property is $1,775,000.
    What are key features of this property?
    This property features: Fully renovated units featuring new white kitchens, quartz counters, and stainless appliances.; Newer roof and hot water boiler.; 1‑level brick garden‑style building with front and back doors opening onto a courtyard.
    More about this property
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