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Madrona Apartments 7603 Pacific Ave 21 Unit Apartment Building $3,449,000 ($164,238/Unit) Tacoma, WA 98408
Executive Summary
This well-located multi-family property presents a strong investment opportunity with significant upside potential. Set on a 0.809-acre lot, the property consists of two buildings. The front building offers 12 one-bedroom units, with five units recently remodeled and others currently undergoing renovations. A new roof has also been installed on the south side of the building. The rear building, a 3-story structure built in 1989, contains nine spacious two-bedroom units.Conveniently situated near 74th & Pacific, this property is within walking distance to Fred Meyer, various shopping and dining options, and major bus lines. Tenants also benefit from on-site laundry facilities and ample parking.
Property Facts
| Price | $3,449,000 | Building Class | C |
| Price Per Unit | $164,238 | Lot Size | 0.80 AC |
| Sale Type | Investment | Building Size | 13,983 SF |
| No. Units | 21 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1989 |
| Apartment Style | Low-Rise | Parking Ratio | 2.22/1,000 SF |
| Zoning | R 4 L, Tacoma | ||
| Price | $3,449,000 |
| Price Per Unit | $164,238 |
| Sale Type | Investment |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.80 AC |
| Building Size | 13,983 SF |
| Average Occupancy | 95% |
| No. Stories | 1 |
| Year Built | 1989 |
| Parking Ratio | 2.22/1,000 SF |
| Zoning | R 4 L, Tacoma |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Dishwasher
- Storage Space
- Washer/Dryer
- Eat-in Kitchen
- Refrigerator
- Satellite TV
- Oven
- Range
- Carpet
- Vinyl Flooring
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 560 |
| 2+1 | 9 | - | 807 |
Property Taxes
| Parcel Number | 785000-0660 | Improvements Assessment | $1,466,800 |
| Land Assessment | $1,266,200 | Total Assessment | $2,733,000 |
Property Taxes
Parcel Number
785000-0660
Land Assessment
$1,266,200
Improvements Assessment
$1,466,800
Total Assessment
$2,733,000
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Madrona Apartments | 7603 Pacific Ave
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