1712 Tacoma Ave Tacoma, WA 98402

This exceptional 6,490 sq ft development site in Tacoma, WA (APN 201712-0-060), is zoned DR (Downtown Residential) and offers a unique opportunity to build a 45-unit residential complex. Building permits are anticipated before December 2024. The property boasts breathtaking views of the Foss Waterway, Commencement Bay, and even Mt. Rainier, providing unparalleled natural beauty. Its prime location places it within walking distance of the University of Washington, Tacoma, serving nearly 5,000 students, and less than half a mile from St. Joseph Medical Center and Pavilion. This location offers convenient access to major commuter routes, I-705 and I-5, connecting residents to both Tacoma and Seattle's job markets. A 12-year MFTE (Multifamily Tax Exemption) is approved, with 20% of units designated as affordable housing at 70% of the Pierce County Area Median Income (AMI). Market rents for the proposed unit types are projected to meet MFTE requirements without rent discounting. The asking price is $925,000, representing a land value of $143 per square foot. This is a rare chance to capitalize on Tacoma's thriving market and create a high-demand residential community. The property's street frontage along Tacoma Avenue South ensures excellent visibility and accessibility.