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White Rock Apartments 5416 S M St 30 Unit Apartment Building $4,150,000 ($138,333/Unit) 6.23% Cap Rate Tacoma, WA 98408
EXECUTIVE SUMMARY
White Rock Apartments is a fully renovated 30-unit community in Tacoma, WA, offering modern studio units with high-quality finishes and strong tenant appeal. Renovations completed between 2022 and 2025 include upgraded interiors and exteriors, while community amenities feature laundry facilities, parking, and potential storage income.
Tacoma continues to experience strong rental demand, driven by its relative affordability within the Puget Sound region. With high-quality renovations and efficient unit layouts, White Rock is well-positioned to attract tenants seeking modern housing at accessible rents. The property currently offers a 6.23% cap rate, which, paired with attractive interest-only financing options, delivers an estimated cash-on-cash return of 7.47%. Furthermore, investors have the opportunity to grow NOI by approximately 25% through rent adjustments to market levels and minor operational improvements to increase ancillary income. Upon stabilization, projected returns reach an estimated 9.67% (including principal and interest payments)—a rare and compelling offering in today’s market.
Tacoma continues to experience strong rental demand, driven by its relative affordability within the Puget Sound region. With high-quality renovations and efficient unit layouts, White Rock is well-positioned to attract tenants seeking modern housing at accessible rents. The property currently offers a 6.23% cap rate, which, paired with attractive interest-only financing options, delivers an estimated cash-on-cash return of 7.47%. Furthermore, investors have the opportunity to grow NOI by approximately 25% through rent adjustments to market levels and minor operational improvements to increase ancillary income. Upon stabilization, projected returns reach an estimated 9.67% (including principal and interest payments)—a rare and compelling offering in today’s market.
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $4,150,000 | Apartment Style | Low-Rise |
| Price Per Unit | $138,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 6.23% | Building Size | 15,000 SF |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.21/1,000 SF |
| Zoning | C1, Tacoma - Commercial | ||
| Price | $4,150,000 |
| Price Per Unit | $138,333 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 15,000 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1963/2025 |
| Parking Ratio | 1.21/1,000 SF |
| Zoning | C1, Tacoma - Commercial |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 30 | $1,195 | 413 |
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PROPERTY TAXES
| Parcel Number | 778500-6910 | Total Assessment | $3,471,000 |
| Land Assessment | $316,800 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,154,200 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
778500-6910
Land Assessment
$316,800
Improvements Assessment
$3,154,200
Total Assessment
$3,471,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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White Rock Apartments | 5416 S M St
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