417 L StTacoma, WA 98403

Property Details for 417 L St

Year built

1913

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.29 AC

Property size (Sq ft)

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.

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.2611

Longitude

-122.457

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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