417 L StTacoma, WA 98403

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.