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2520 41st Street - Tacoma Mall Multifamily Development Site 4.27 Acres of Commercial Land Offered at $6,020,000 in Tacoma, WA 98409
Investment Highlights
- Directly adjacent to the redeveloping Tacoma Mall
- MFTE incentives available for qualified developers
- No development impact fees or affordability mandates
- UCX zoning allows unlimited residential density
Executive Summary
Positioned directly adjacent to the redeveloping Tacoma Mall, this 172+ unit garden-style multifamily development site offers a rare opportunity to capitalize on one of Tacoma’s most dynamic retail corridors. The property spans over 187,000 square feet and is zoned UCX STGPD, allowing for high-density residential development with no cap on units and no mandatory affordability constraints. With a minimum density requirement of 40 dwelling units per acre and no development impact fees, the site is primed for efficient and profitable construction. The location benefits from immediate access to I-5 and SR-16, placing residents within minutes of downtown Tacoma, Fircrest, and University Place. The surrounding area is undergoing a transformation, with the Tacoma Mall evolving into a premier shopping and dining destination, enhancing the appeal for future tenants. Multifamily Tax Exemption (MFTE) incentives are available, further boosting the financial viability of the project. An additional contiguous 0.73-acre parcel is also available, offering potential for expanded development or phased construction. This site is ideal for developers seeking a high-visibility, transit-accessible location with strong demographic fundamentals and minimal entitlement barriers.
Property Facts Under Contract
| Price | $6,020,000 | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 4.27 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | UCX STGPD Z - Minimum density: 40 du/ac. No max density. No mandatory affordability requirement. | ||
| Price | $6,020,000 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 4.27 AC |
| Opportunity Zone |
Yes |
| Zoning | UCX STGPD Z - Minimum density: 40 du/ac. No max density. No mandatory affordability requirement. |
1 Lot Available
Lot
| Price | $6,020,000 | Lot Size | 4.27 AC |
| Price Per AC | $1,409,845.31 |
| Price | $6,020,000 |
| Price Per AC | $1,409,845.31 |
| Lot Size | 4.27 AC |
187,067 SF lot available ready for development.
1 1
Walk Score®
Very Walkable (70)
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $4,100,000 | Total Assessment | $4,100,000 |
Property Taxes
Parcel Numbers
Land Assessment
$4,100,000
Improvements Assessment
$0
Total Assessment
$4,100,000
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2520 41st Street - Tacoma Mall Multifamily Development Site
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