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222 N I St 7 Unit Apartment Building $1,100,000 ($157,143/Unit) Tacoma, WA 98403
Investment Highlights
- Scarcity Driven Location: The Stadium District is famous for irreplaceable aesthetic/character, boasts proximity to major employers, recreational amen
- Cash Cow Upside without CapEx: 47% NOI growth through increasing rents to market rates and implementing utility bill-back, with no renovations require
- Turn-key Asset: Each unit has been thoughtfully renovated to modern standards with classy, high-quality finishes, with two units also featuring in-uni
- Attractive Basis: Offered at just $157,143 per unit, 50% of replacement cost protecting equity with room to push rents without aggressive assumptions.
Executive Summary
$157,143 PER UNIT IN A+ TACOMA LOCATION | The Prime Stadium District 7-Unit is a turnkey apartment investment in one of Tacoma's most sought-after neighborhoods. The three-story building consists of five one-bedroom units averaging approximately 606 square feet and two studios averaging approximately 520 square feet, a unit mix that has proven easy to keep full in this submarket. The renovation work is already done. Current ownership has updated every unit with a mix of refinished hardwood floors, granite countertops, new kitchen cabinetry, stainless steel appliances, tiled backsplashes, new bathroom tub surrounds, vanities, toilets, and LED lighting. Ownership also installed a brand-new composition roof last year, taking the largest near-term capital expense off the table for a new owner. Units 1 and 6 have in-unit washers and dryers, and the remaining units share a common laundry room in the basement. The property sits on a corner lot within walking distance of the restaurants, retail, and amenities that define the Stadium District, with convenient access to Tacoma's major employment centers. That location, in a safe and affluent neighborhood, is why operations have been exceptionally stable with near-zero economic vacancy throughout current ownership.
Property Facts
| Price | $1,100,000 | Building Class | C |
| Price Per Unit | $157,143 | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 3,488 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1904 |
| Apartment Style | Low-Rise | ||
| Zoning | R4 | ||
| Price | $1,100,000 |
| Price Per Unit | $157,143 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 3,488 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1904 |
| Zoning | R4 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 5 | - | - |
1 1
Very walkable
80/100
Fairly drivable
50/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 203218-0010 | Improvements Assessment | $858,900 |
| Land Assessment | $211,600 | Total Assessment | $1,070,500 |
Property Taxes
Parcel Number
203218-0010
Land Assessment
$211,600
Improvements Assessment
$858,900
Total Assessment
$1,070,500
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