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Royal Plaza 1405 Martin Luther King Jr Way 10 Unit Apartment Building $1,500,000 ($150,000/Unit) 6.57% Cap Rate Tacoma, WA 98405
EXECUTIVE SUMMARY
Are you looking for your next multi family investment? Maybe 1031 exchange? Look no further! This 10 unit apartment complex in Hilltop is an incredible opportunity and perfect for your portfolio! Very conforming 2 story complex with 5 units down, 5 units up, a laundry room, and storage room! Each unit is a 1 bed 1 bath and all separately metered! Various updates have been done throughout the interiors and exterior of the property! This is a prime location conveniently located on the Tacoma Link Light Rail, nearby UW Tacoma, Stadium District, Hospitals, restaurants, shops, entertainment, and more! Fully gated property for security and a dog run out back! This has everything you need for your next investment! Hurry before it's gone!
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$142,560
|
$25.10
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$142,560
|
$25.10
|
| Taxes |
$13,669
|
$2.41
|
| Operating Expenses |
$30,409
|
$5.35
|
| Total Expenses |
$44,078
|
$7.76
|
| Net Operating Income |
$98,482
|
$17.34
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $142,560 |
| Annual Per SF | $25.10 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $142,560 |
| Annual Per SF | $25.10 |
| Taxes | |
|---|---|
| Annual | $13,669 |
| Annual Per SF | $2.41 |
| Operating Expenses | |
|---|---|
| Annual | $30,409 |
| Annual Per SF | $5.35 |
| Total Expenses | |
|---|---|
| Annual | $44,078 |
| Annual Per SF | $7.76 |
| Net Operating Income | |
|---|---|
| Annual | $98,482 |
| Annual Per SF | $17.34 |
PROPERTY FACTS
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $150,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.57% | Building Size | 5,680 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.52 | No. Stories | 2 |
| No. Units | 10 | Year Built/Renovated | 1968/1993 |
| Property Type | Multifamily | Parking Ratio | 1.06/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | NCX | ||
| Price | $1,500,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 6.57% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 10.52 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,680 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1968/1993 |
| Parking Ratio | 1.06/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | NCX |
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Dining Room
- Linen Closet
SITE AMENITIES
- Laundry Facilities
- Pet Play Area
- Public Transportation
- Private Bathroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | $1,335 | 500 |
| 1+1 | 1 | $1,105 | 500 |
| 1+1 | 1 | $1,105 | 500 |
| 1+1 | 1 | $1,165 | 500 |
| 1+1 | 1 | $1,290 | 500 |
| 1+1 | 1 | $1,290 | 500 |
| 1+1 | 1 | $1,105 | 500 |
| 1+1 | 1 | $1,105 | 500 |
| 1+1 | 1 | $1,120 | 500 |
| 1+1 | 1 | $1,260 | 500 |
1 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 201421-0020 | Total Assessment | $1,083,900 |
| Land Assessment | $386,000 | Annual Taxes | $13,669 ($2.41/SF) |
| Improvements Assessment | $697,900 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
201421-0020
Land Assessment
$386,000
Improvements Assessment
$697,900
Total Assessment
$1,083,900
Annual Taxes
$13,669 ($2.41/SF)
Tax Year
2025
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Royal Plaza | 1405 Martin Luther King Jr Way
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