Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    417 L St Tacoma, WA 98403-1601

    • Apartment buildings
    • 8,040 SF
    • 0.29 lot acres
    OFF-MARKET
    Value Estimations
    $1,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0587444
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Elliott Halls Apt / Apartment Building

    Property Details for 417 L St

    Year built
    1913
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.29 lot acres
    Property size
    8,040 SF
    Zone code
    HMR-SRD
    Property type
    Apartment buildings
    APN
    2034230030
    APU
    2034230030

    Description

    This exceptional investment opportunity presents a 12-unit apartment building in Tacoma, WA's desirable North Tacoma neighborhood. The property, known as Elliott Hall, consists of two buildings totaling 10,936 net rentable square feet, situated on a 0.29-acre lot. Built in 1913 and 1977, with renovations completed in 1993, the property boasts a mix of classic charm and modern upgrades. The 12 units, averaging 911 square feet, are currently 100% occupied, generating a Pro-Forma NOI of $175,530 and a 6.16% cap rate. Units feature desirable amenities such as quartz countertops and washer/dryer units in select apartments, while maintaining original details like coffered ceilings and ornate crown molding in others. The property offers 5 parking spaces and benefits from its prime location near Tacoma General light rail station, major employers (MultiCare Tacoma, Evergreen State College, University of Washington Tacoma, and University of Puget Sound), and public transportation. The asking price is $2,850,000, or $237,500 per unit. The property is zoned HMR-SRD. This value-add opportunity is poised for strong returns given Tacoma's increasing rental demand and the recent light rail expansion. The property's strong occupancy and above-market rental rates contribute to its significant investment potential. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving Tacoma submarket.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,535,000
      6.5%
      $1,415,000
      7%
      $1,315,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,795,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tacoma
    County
    Pierce
    State
    Washington
    Longitude
    -122.457
    Latitude
    47.2611
    CBSA code
    42660
    CBSA name
    SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $30,104
    $323,200
    $2,386,100
    $2,709,300
    -
    $323,200
    $2,386,100
    $2,709,300

    Comparable in this City

    • Value Estimation
      $2,375,000
      15,744 SF

      302 Yakima Ave

      APARTMENT HOUSE (5+ UNITS) • 15,744 SF
      302 Yakima Ave, Tacoma, WA 98403-3400
      View Details
    • Value Estimation
      $700,000
      5,996 SF

      1002 M St

      APARTMENT HOUSE (5+ UNITS) • 5,996 SF
      1002 M St, Tacoma, WA 98403-1507
      View Details
    • Value Estimation
      $1,110,000
      8,250 SF

      1315 4th St

      APARTMENT HOUSE (5+ UNITS) • 8,250 SF
      1315 4th St, Tacoma, WA 98403-1355
      View Details
    • Value Estimation
      $755,000
      4,724 SF

      707 I St

      APARTMENT HOUSE (5+ UNITS) • 4,724 SF
      707 I St, Tacoma, WA 98403-2011
      View Details
    • Value Estimation
      $2,360,000
      15,520 SF

      323rd N I St

      APARTMENT HOUSE (5+ UNITS) • 15,520 SF
      323rd N I St, Tacoma, WA 98403
      View Details
    • Value Estimation
      $1,195,000
      10,410 SF

      422 I St

      APARTMENT HOUSE (5+ UNITS) • 10,410 SF
      422 I St, Tacoma, WA 98403-1959
      View Details

    Similar Nearby for Sale

    • $1,775,000

      Stadium District Mansion Apartments

      Charming apartment building in prime location with significant rent growth potential.
      523 Tacoma Ave, Tacoma, WA 98403
      View Details
    • $3,250,000

      North Tacoma Apartment Investment Opportunity

      Meticulously maintained 14-unit apartment building in desirable North Tacoma location.
      1002 N J St, Tacoma, WA 98403
      View Details
    • $3,250,000

      North Tacoma Multifamily Investment Opportunity

      Well-maintained multifamily property in North Tacoma with value-add potential.
      1002 J St, Tacoma, WA 98403
      View Details
    • $1,900,000
      12,320 SF

      Well-Maintained 13-Unit Apartment Complex

      Two-building, 13-unit apartment complex in Key Center.
      15515 89 St Ct NW, Tacoma, WA 98403
      View Details
    • $850,000

      Oversized Corner Lot with Bay Views

      Rare corner lot in Old Town Tacoma with development potential.
      2801 N Mccarver St, Tacoma, WA 98403
      View Details
    • $1,450,000
      4,992 SF

      Charming Fourplex Near Wright Park

      Fourplex with updated units, garages, and convenient location.
      315 N L St, Tacoma, WA 98403
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      4,920 SF

      Renovated Retail Space in Tacoma

      Renovated retail space in Tacoma's historic Stadium District.
      15 N Tacoma Ave, Tacoma, WA 98403
      View Details
    • $20 SF/Yr
      4,395 SF

      Retail Space Near Stadium Thriftway

      4,300 SF retail space with high visibility and great co-tenants.
      118 N Tacoma Ave, Tacoma, WA 98403
      View Details
    • Contact for pricing
      14,022 SF

      Tacoma Retail Space Available

      Retail property available for lease in Tacoma, Washington.
      633-649 Division Ave, Tacoma, WA 98403
      View Details
    • $20 SF/Yr
      34,506 SF

      Tacoma CBD Office Space Available

      Modern office space in Tacoma CBD with convenient access.
      1001-1005 Pacific Ave, Tacoma, WA 98403
      View Details
    • $24 SF/Yr
      2,747 SF

      Office Space with Puget Sound Views

      Office suites available near downtown Tacoma with secured parking.
      1 Tacoma Ave N, Tacoma, WA 98403
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    417 L St
    Tacoma, WA 98403-1601
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.