3401 Pacific Ave 26270, Tacoma, WA 98418-7922

This exceptional 24-unit apartment building presents a compelling value-add opportunity in Tacoma's South End. Located at 3401 Pacific Ave, this two-story, 13,823 square foot building sits on a 0.38-acre lot and boasts 25 parking spaces. Built in 1925 and extensively renovated in 1993 (including electrical, plumbing, windows, drywall, insulation, and cabinetry), the property offers a blend of classic charm and modern amenities. Currently featuring a mix of studio and one-bedroom units, there's significant potential to increase rents by an estimated 27%, leveraging the recently expired 30-year LIHTC agreement. Thirteen units have already been upgraded with hardwood floors and high-end stainless-steel appliances. The property's strategic location, one mile from the Tacoma Dome Station and near Interstates 5 and 705, provides convenient access to public transportation and major employers. Tacoma's robust rental market, fueled by strong in-migration from King County and the upcoming expansion of the Tacoma Link light rail, ensures high occupancy rates and future growth potential. The asking price is $3,800,000, representing a 7.05% cap rate and a pro-forma cap rate of 7.53% with a pro-forma NOI of $285,977. This translates to a price per unit of $158,333.33. The property is zoned C1/CCX, Pierce, and features on-site laundry facilities. This is a rare opportunity to acquire a well-positioned multifamily asset with immediate upside potential in a thriving market.