Downtown Tacoma Multifamily Investment
801 Martin Luther King Jr Way Tacoma, WA 98405
For Sale
$975,000
Pending
7-unit multifamily property in Tacoma's 6th Ave Business District.
Property Size4,920 SF
Days on Market410
Property Features for 801 Martin Luther King Jr Way
General Information
- Standard status
- Pending
- Size
- 4,920 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1931
Listing Agency:
PARAGON REAL ESTATE ADVISORS
Listed By:
TANNER FOGLE
Source:
Corcoran
Added: Jun 13, 2025
Changed: Jul 6
Last Checked: Jul 23 at 7:21AM
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
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 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 | $108.0k | $21.96 |
| − Vacancy | −$5.6k | −$1.14 |
| EGI | $102.4k | $20.82 |
| − OpEx | −$46.1k | −$9.37 |
| NOI | $56.3k | $11.45 |
4,920 SF · lease $21.96/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
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.
