15 N Tacoma Ave Tacoma, WA 98403

Property Details for 15 N Tacoma Ave

Year built

1925

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.11 lot acres

Property size

19,529 SF

Zone code

NCX

Property type

High-rise multifamily apartments

APN

2030110020

APU

2030110020

Description

This exceptional 28-unit apartment building, located at 15 N Tacoma Ave in Tacoma, WA, presents a compelling investment opportunity. Built in 1925 and boasting 19,529 square feet on a 0.11-acre lot (APN 20301110020), this five-story property offers a mix of studio, one-bedroom, and two-bedroom units. Currently achieving near 98% occupancy with average rents of $1,100 per unit, significant income growth potential exists through interior renovations and operational improvements. The property benefits from a prime location in Tacoma's Stadium district, offering residents walkability to amenities such as Wight Park, Tacoma General Hospital, and local restaurants. The current zoning (NCX) allows for high-density multifamily development and includes a multifamily tax exemption. The seller is open to considering short-term financing options, providing a unique opportunity for investors to acquire this asset and implement value-add strategies. All 28 units are primed for cosmetic upgrades, potentially increasing monthly income by approximately 45% through updated flooring, fixtures, countertops, and cabinets. Further operational upside can be realized through professional property management, optimized expense control, and the implementation of utility and miscellaneous fee billing. This historic property represents a rare chance to acquire a well-located, high-potential multifamily asset in a thriving Tacoma neighborhood.