Commercial Advantage Real Estate is pleased to present the opportunity to acquire the Dwell MLK (the "Property"), a 12-unit secure, mixed-use building, with two street-level retail spaces, and a rented storage space located in Tacoma, WA. Currently, 100% occupied, the Property is located in Tacoma’s thriving Hilltop district, just above Downtown. Major developers are investing in the surrounding areas of suburban Tacoma, including the Hilltop district.
The heart of the Hilltop neighborhood is set for a big development given its proximity to hospitals and other businesses. A major Washington-based developer has submitted plans to the City of Tacoma and is awaiting building permits to build a 250-unit apartment complex half a block from the Property at the corner of 11th and MLK Jr. Way. Developers are attracted to the area not only because of light rail expansion (that includes a route along MLK Jr. Way), but also due to the fact that Pierce County boasts the fastest rising rents in the nation.
Commercial Advantage has retained the services of a highly regarded property management company?in the Tacoma area to perform a rental analysis for the Property. According to its multifamily property expert, the average rent rate for a 1-bedroom unit in the Tacoma area is $1,170 - the highest on record. There is upside income potential in the unit rent rates and bill-back for utilities, as well as the two parking stalls, which could be monetized. Overall rental income could increase by 5% - 10% without any capital improvements or renovations to the property. The Property has been meticulously maintained by its owner, who also happens to be a builder.
Shops and apartments will rise soon at long-vacant corner in Hilltop business district
