3852 29th St Tacoma, WA 98409-3300

Property Details for 3852 29th St

Year built

1995

Construction

WOOD FRAME

Lot size

0.60 lot acres

Property size

13,284 SF

Zone code

R3

Property type

Apartment buildings

APN

6445000400

APU

6445000400

Description

Sunrise Ridge, located at 3852 S 29th St, Tacoma, WA 98409, presents a compelling value-add investment opportunity. This 36-unit apartment building, built in 1995, comprises three buildings situated on a 2.56-acre lot and offers 34,632 square feet of net rentable space. The property features 61 parking spaces and is zoned R-3. The complex consists primarily of spacious two-bedroom units, with four units recently renovated to a higher standard. An attractive feature is the assumable loan with a balance of $5,191,800, maturing February 28, 2029, at an interest-only rate of 4.08%. The property benefits from its strategic location, minutes from Downtown Tacoma and less than four miles from the Tacoma Dome Station, providing convenient access to light rail service. Strong rental demand in Tacoma, with a high percentage of renters, and current rents averaging $115 below market rate, offer significant upside potential. Immediate income growth is achievable through rent increases, and further increases of $100+ per unit are possible with light renovations. The property's APN numbers are 6445000400, 6445000410, 6445000420, 6445000910, 6445000920, 6445000380, and 6445000390. This is a rare opportunity to acquire a well-maintained multifamily property with substantial potential for increased profitability.