4005 Warner St Tacoma, WA 98409-4604

Property Details for 4005 Warner St

Year built

1976

Construction

WOOD FRAME

Lot size

0.59 lot acres

Property size

3,744 SF

Zone code

RCX

Property type

Apartment buildings

APN

2890000261

APU

2890000261

Description

This stabilized multifamily investment opportunity, the Sedona Apartments, presents a compelling prospect in Tacoma, WA's evolving Tacoma Mall neighborhood, an Opportunity Zone. The property boasts 21 units across two 2-story buildings, totaling 16,100 net rentable square feet on a 25,610 square foot lot. Currently operating at 100% occupancy (projected 10/24/2024), the property generates a strong NOI of $210,476, with a pro-forma NOI of $250,012, resulting in a 6.01% cap rate and a pro-forma cap rate of 7.14%. The asking price is $3,500,000, translating to $166,667 per unit and $217.39 per square foot. Significant recent improvements include 17 remodeled units featuring new hot water tanks, updated electrical panels, hard surface flooring, millwork, stainless appliances, updated cabinets, countertops, and fresh paint. Ten units offer in-unit washer/dryer convenience. Exterior upgrades within the last five years encompass new fencing, insulation, bathroom vents, paint, signage, and a resurfaced parking lot. The property benefits from energy-efficient double-pane windows and copper plumbing. The location provides excellent access to transportation, including proximity to a major bus line, Interstate 5, Highway 16, and the South Tacoma Sounder Train Station. The property also enjoys convenient access to Bates Technical College South Campus and Joint Base Lewis-McChord. The property includes 29 parking spaces and is zoned URX STGPD. The APN is 2890000261.