Permitted Multifamily Development
605 St Helens Ave, Tacoma, WA
Call to check price and availability
Shovel-ready 80-unit development site in Tacoma, WA.
Type:LAND
Property size:
15,000 SFLot size:
0.34 AcresPrice / SF:
$140/SF- Added:
- Nov 24, 2025
- Days on Market:
- 179
- Last Refresh:
- May 20 at 8:10 pm
Property Features for 605 St Helens Ave
General Information
- Standard status
- Active
- Size
- 15,000 SF
- Lot size
- 0.34 Acres
- Property subtype
- LAND
Listing agent Andrew Brooks (206) 708-9463
Listing office Keller Williams West Sound (206) 708-9463
Listing date Nov 24, 2025
Source Moodyscre
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 West Sound
HighLights
- Fully permitted and ready for Issue 80‑unit Multifamily Development Site.
- Enjoy Unobstructed Rainier/Commencement Bay/Foss Waterway/City Views.
- Downtown Commercial Core zoning with 400' Height Limit and no minimum off‑street parking requirements.
- 8‑year Property Tax Exemption with no affordability component.
- Value engineered to maximize wood framed construction and avoid subterranean parking.
- Convenient transit/freeway access and proximity to restaurants, cafes, breweries, theaters, and nightlife.
Overview
This is a fully permitted, ready-for-issue 80-unit multifamily development site. Alternatively, the plans can be modified to take full advantage of the Downtown Commercial Core zoning, which features a 400-foot height limit and no minimum off-street parking requirements. The property is within a Reduced Parking Area (RPA). Located at 605 St Helens Ave, this unique, shovel-ready, demo-free development site offers unobstructed views of Rainier, Commencement Bay, the Foss Waterway, and the city. It combines convenient transit and freeway access with proximity to numerous restaurants, cafes, breweries, theaters, and nightlife, all while being situated in the safety of North Tacoma’s Stadium and Theater Districts. The project was value-engineered to maximize wood-framed construction, avoid subterranean parking and high-rise construction requirements, and minimize the need for shoring. Designed and approved based on the 2018 Code, it provides flexibility for commercial space, along with an 8-year property tax exemption with no affordability component, all while delivering unit designs and amenities that maximize the project's revenue. The 15,000-square-foot site is suited to take advantage of falling interest rates and historically low unit delivery rates, or for a development site that has minimal constraints with maximum design flexibility.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$1.91M
NOI $171,749 @ 9.00% cap · cautious / downside scenario
Moderate
$2.45M
NOI $171,749 @ 7.00% cap · market / base-case scenario
Aggressive
$3.43M
NOI $171,749 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $329.4k | $21.96 |
| − Vacancy | −$17.1k | −$1.14 |
| EGI | $312.3k | $20.82 |
| − OpEx | −$140.5k | −$9.37 |
| NOI | $171.7k | $11.45 |
15,000 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$2.45M
$2.15M – $2.86M
NOI $171,749 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.61M
$4.03M – $5.38M
NOI $322,740 @ 7.0% cap · market cap 15.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Tacoma
- County
- Pierce
- State
- Washington
- Longitude
- -122.4426981
- Latitude
- 47.2583856
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - Shovel-ready 80-unit development site in Tacoma, WA.
Where is this commercial land located?
The property is located at 605 St Helens Ave Tacoma, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Fully permitted and ready for Issue 80‑unit Multifamily Development Site.; **Enjoy Unobstructed Rainier/Commencement Bay/Foss Waterway/City Views.**; Downtown Commercial Core zoning with 400' Height Limit and no minimum off‑street parking requirements.
