Permitted Multifamily Development
For Sale
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605 St Helens Ave, Tacoma, WA
Shovel-ready 80-unit development site in Tacoma, WA.
Property Size15,000 SF
Lot Size0.34 Acres
Price / SF$140
Days on Market269
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 Agency:
Keller Williams West Sound
(206) 708-9463
Listed By:
Andrew Brooks
(206) 708-9463
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 19 at 6:45AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$171,749
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
8.18%
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%
$3,434,980
$3.4M
Cap Rate 7%
$2,453,557
$2.5M
Cap Rate 9%
$1,908,322
$1.9M
Market Conditions
NOI Build-Up for 15,000 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
$329.4K $21.96/SF
− Vacancy
−$17.1K −$1.14/SF
EGI
$312.3K $20.82/SF
− OpEx
−$140.5K −$9.37/SF
NOI
$171.7K $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%
$3,434,980
Cap Rate 7%
$2,453,557
Cap Rate 9%
$1,908,322
Alternative Uses
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,329
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
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.
