1546 Market StTacoma, WA 98402

Property Details for 1546 Market St

Year built

1924

Lot size

0.41 AC

Property size (Sq ft)

1,448 SF

Property type

Office properties

APN

2015080121

APU

2015080121

Description

This exceptional 90,400 square foot development site, located at 1546 Market St, Tacoma, WA 98402 (APN 201508-012-1), presents a unique investment opportunity. Priced at $4,995,000 ($54/SF), this land is zoned DCC (Downtown Commercial Core) and comes with building permits already in hand for a mixed-use development. The approved plans encompass 176 residential units and 4,841 square feet of commercial space, making it a truly shovel-ready project. Its proximity to the University of Washington, Tacoma, which serves nearly 5,000 students, ensures a strong rental market. The property is eligible for the Multifamily Tax Exemption (MFTE) program, offering potential tax advantages. Future residents will enjoy luxurious amenities including a fitness center, dog parks, bike storage, a rooftop lounge, and a Zen garden. With a WalkScore of 87, the location boasts excellent walkability to numerous attractions such as the Prairie Line Trail, Tacoma Art Museum, Greater Tacoma Convention Center, and Children's Museum of Tacoma. This is an unparalleled chance to capitalize on Tacoma's thriving real estate market and create a vibrant, amenity-rich community. The property's strategic location and comprehensive permitting make this an exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $391,832

  6.5%

  $361,691

  7%

  $335,856

• Comparable approach

  Method

  Valuation

  Relative Method

  $388,301

  Geo Method

  $278,856

• Alternative Use

  Use

  Valuation

  Residential

  $448,497

  Hospitality

  $410,821

  Educational

  $341,798

  Medical

  $353,553

  Retail

  $531,686

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.2473

Longitude

-122.441

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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