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Victorian Manor Apartments 707-709 S I St 12 Unit Apartment Building $1,599,000 ($133,250/Unit) 5.87% Cap Rate Tacoma, WA 98405
Investment Highlights
- Fully renovated from the studs out
- In a walkable, and transit-connected neighborhood
- Has an estimated 10%+ income growth via utility bill-back and modest rent adjustments.
- Just two blocks from the brand-new T-Line Light Rail and minutes from downtown
- Ideally positioned in Tacoma’s rapidly expanding urban core
Executive Summary
Victorian Manor is a fully renovated from the studs out, multifamily asset ideally positioned in Tacoma’s rapidly expanding urban core, just two blocks from the brand-new T-Line Light Rail and minutes from downtown. Victorian Manor is a rare turnkey opportunity priced under $138K per door, has upside in rents, in a walkable, and transit-connected neighborhood that is poised for appreciation. Victorian Manor has the potential for 10%+ income growth via utility bill-back and modest rent adjustments. With Tacoma’s steady rent growth, healthcare expansion, and regional infrastructure investments this property offers both immediate yield and long-term upside. Victorian Manor delivers stability, scalability, and location-driven value that investors seek.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$187,332
|
$33.21
|
| Other Income |
$1,320
|
$0.23
|
| Vacancy Loss |
$9,433
|
$1.67
|
| Effective Gross Income |
$179,219
|
$31.78
|
| Taxes |
$14,786
|
$2.62
|
| Operating Expenses |
$70,536
|
$12.51
|
| Total Expenses |
$85,322
|
$15.13
|
| Net Operating Income |
$93,897
|
$16.65
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $187,332 |
| Annual Per SF | $33.21 |
| Other Income | |
|---|---|
| Annual | $1,320 |
| Annual Per SF | $0.23 |
| Vacancy Loss | |
|---|---|
| Annual | $9,433 |
| Annual Per SF | $1.67 |
| Effective Gross Income | |
|---|---|
| Annual | $179,219 |
| Annual Per SF | $31.78 |
| Taxes | |
|---|---|
| Annual | $14,786 |
| Annual Per SF | $2.62 |
| Operating Expenses | |
|---|---|
| Annual | $70,536 |
| Annual Per SF | $12.51 |
| Total Expenses | |
|---|---|
| Annual | $85,322 |
| Annual Per SF | $15.13 |
| Net Operating Income | |
|---|---|
| Annual | $93,897 |
| Annual Per SF | $16.65 |
Property Facts
| Price | $1,599,000 | Building Class | C |
| Price Per Unit | $133,250 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 5,640 SF |
| Cap Rate | 5.87% | Average Occupancy | 100% |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1954/2007 |
| Property Subtype | Apartment | Parking Ratio | 1.06/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | URX | ||
| Price | $1,599,000 |
| Price Per Unit | $133,250 |
| Sale Type | Investment |
| Cap Rate | 5.87% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 5,640 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1954/2007 |
| Parking Ratio | 1.06/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | URX |
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Cable Ready
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Oven
- Sprinkler System
- Range
- Tub/Shower
- Views
- Carpet
- Double Pane Windows
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,190 | 338 |
| 1+1 | 11 | $1,386 | 423 |
1 1
Walk Score®
Walker's Paradise (90)
Property Taxes
| Parcel Number | 200717-0040 | Total Assessment | $1,815,900 |
| Land Assessment | $353,200 | Annual Taxes | $14,786 ($2.62/SF) |
| Improvements Assessment | $1,462,700 | Tax Year | 2025 |
Property Taxes
Parcel Number
200717-0040
Land Assessment
$353,200
Improvements Assessment
$1,462,700
Total Assessment
$1,815,900
Annual Taxes
$14,786 ($2.62/SF)
Tax Year
2025
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Victorian Manor Apartments | 707-709 S I St
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