3401 Pacific AveTacoma, WA 98418

Property Details for 3401 Pacific Ave

Year built

1925

Construction

WOOD FRAME

Lot size

0.38 AC

Property size (Sq ft)

22,605 SF

Zone code

C1

Property type

Apartment buildings

APN

2084140010

APU

2084140010

Description

This exceptional 24-unit apartment building presents a compelling value-add opportunity in Tacoma's South End. Located at 3401 Pacific Ave, this two-story, 13,823 square foot building sits on a 0.38-acre lot and boasts 25 parking spaces. Built in 1925 and extensively renovated in 1993 (including electrical, plumbing, windows, drywall, insulation, and cabinetry), the property offers a blend of classic charm and modern amenities. Currently featuring a mix of studio and one-bedroom units, there's significant potential to increase rents by an estimated 27%, leveraging the recently expired 30-year LIHTC agreement. Thirteen units have already been upgraded with hardwood floors and high-end stainless-steel appliances. The property's strategic location, one mile from the Tacoma Dome Station and near Interstates 5 and 705, provides convenient access to public transportation and major employers. Tacoma's robust rental market, fueled by strong in-migration from King County and the upcoming expansion of the Tacoma Link light rail, ensures high occupancy rates and future growth potential. The asking price is $3,800,000, representing a 7.05% cap rate and a pro-forma cap rate of 7.53% with a pro-forma NOI of $285,977. This translates to a price per unit of $158,333.33. The property is zoned C1/CCX, Pierce, and features on-site laundry facilities. This is a rare opportunity to acquire a well-positioned multifamily asset with immediate upside potential in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $7,585,041

  6.5%

  $7,001,576

  7%

  $6,501,464

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,395,862

  Geo Method

  $6,747,570

• Alternative Use

  Use

  Valuation

  Residential

  $7,001,576

  Hospitality

  $6,413,406

  Educational

  $5,335,879

  Medical

  $5,519,388

  Retail

  $8,300,256

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.2299

Longitude

-122.434

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].