Multifamily Building with Original
705 N 2nd St, Tacoma, WA 98403
For Sale
New
$600,000
A flexible residential layout pairs original interior trim with the character of an early-20th-century building.
Property Size3,420 SF
Price / SF$175.44
Days on Market7
Property Features for 705 N 2nd St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Public Transit
Building Details
Year Built
Listing Agency:
Compass
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Nov 1
Last Checked: Nov 6 at 8:33AM
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.
This 3,420-square-foot multifamily building was constructed in 1900 and retains original interior trim. Its flexible floor plan accommodates high-density residential use.
The property at 705 N 2nd St is a few blocks from Stadium High School, Wright Park, dining, coffee shops, and the T-Line Light Rail Extension. Downtown Tacoma, UW Tacoma, regional hospitals, and Ruston Way are minutes away.
The property at 705 N 2nd St is a few blocks from Stadium High School, Wright Park, dining, coffee shops, and the T-Line Light Rail Extension. Downtown Tacoma, UW Tacoma, regional hospitals, and Ruston Way are minutes away.
Key Highlights
- 3,420‑square‑foot multifamily building
- Built in 1900 with original trim
- Flexible floor plan suited to high‑density living
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,159
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$783,180
$783.2K
Cap Rate 7%
$559,414
$559.4K
Cap Rate 9%
$435,100
$435.1K
Market Conditions
NOI Build-Up for 3,420 SF
Gross rent
$75.1K $21.96/SF
− Vacancy
−$3.9K −$1.14/SF
EGI
$71.2K $20.82/SF
− OpEx
−$32.0K −$9.37/SF
NOI
$39.2K $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 Rate 5%
$783,180
Cap Rate 7%
$559,414
Cap Rate 9%
$435,100
Alternative Uses
Best Use
Apartment 5plus
$559.4K
$489.5K – $652.7K
NOI $39,159 @ 7.0% cap · market cap 6.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$919.8K – $1.23M
NOI $73,585 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
3,150
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
$737,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Multifamily properties in Tacoma, WA
Properties on Market for Multifamily properties in Tacoma
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - A flexible residential layout pairs original interior trim with the character of an early-20th-century building.
Where is this multifamily property located?
The property is located at 705 N 2nd St Tacoma, WA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,420‑square‑foot multifamily building; Built in 1900 with original trim; Flexible floor plan suited to high‑density living
