Downtown Tacoma Multifamily Investment
For Sale
$975,000
Pending
801 Martin Luther King Jr Way, Tacoma, WA 98405
7-unit multifamily property in Tacoma's 6th Ave Business District.
Property Size4,920 SF
Days on Market498
Property Features for 801 Martin Luther King Jr Way
General Information
Standard status
Pending
Size
4,920 SF
Property subtype
Commercial
Site & Location
Neighborhood
Central
Building Details
Year Built
1931
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
TANNER FOGLE
Source:
Corcoran
Added: Jun 13, 2025
Changed: Oct 15
Last Checked: Oct 23 at 6:06AM
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 PARAGON REAL ESTATE ADVISORS
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Investment Insights
Based on property information with market context.
The Kelley Arms Apartments is a 7-unit multifamily property situated in the heart of Downtown Tacoma’s 6th Ave Business District. Built in 1931, this property combines vintage character with updates. The unit mix includes six one-bedroom units averaging 770 square feet and one studio unit at 300 square feet, totaling 4920 square feet. Recent capital improvements include a new roof installed in 2021 and updated windows within the last four years. Located just two blocks from the LINK Light Rail 6th Ave Station, and less than one mile from both the Stadium District and Wright Park, the location offers access to transit and neighborhood amenities. The property is well-positioned for a new owner to take advantage of immediate rental upside.
Key Highlights
- Located in the heart of Downtown Tacoma’s 6th Ave Business District, a highly walkable and transit‑connected neighborhood.
- Immediate rental upside potential.
- New roof installed in 2021.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,334
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,126,680
$1.1M
Cap Rate 7%
$804,771
$804.8K
Cap Rate 9%
$625,933
$625.9K
Market Conditions
NOI Build-Up for 4,920 SF
Gross rent
$108.0K $21.96/SF
− Vacancy
−$5.6K −$1.14/SF
EGI
$102.4K $20.82/SF
− OpEx
−$46.1K −$9.37/SF
NOI
$56.3K $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%
$1,126,680
Cap Rate 7%
$804,771
Cap Rate 9%
$625,933
Alternative Uses
Best Use
Apartment 5plus
$804.8K
$704.2K – $938.9K
NOI $56,334 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,859 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
4,047
Businesses Nearby
Explore this area
Business Placement
Demographics for 98405, WA
24,617
Population
11,645
Households
2.1
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
4.1 sq mi
ZIP Area
6,004
Density / Sq Mi
$80,024
Median Household Income
$51,028
Median Earnings
$1,480
Median Rent
$443,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 7-unit multifamily property in Tacoma's 6th Ave Business District.
Where is this apartment building located?
The property is located at 801 Martin Luther King Jr Way Tacoma, WA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Located in the heart of Downtown Tacoma’s 6th Ave Business District, a highly walkable and transit‑connected neighborhood.; Immediate rental upside potential.; New roof installed in 2021.
