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Pearl Plaza and Pearl Manor 2 Multifamily Properties Offered at $10,600,000 in Tacoma, WA
Investment Highlights
- SIGNIFICANT CAPITAL IMPROVEMENTS: Extensive interior renovations and major electrical and plumbing upgrades throughout both properties.
- STORAGE INCOME UPSIDE: Opportunity to add twelve additional units and increase annual NOI by approximately $7,200.
- STRONG INVESTMENT RETURNS: Projected 6.73% stabilized cap rate and 8.01% cash-on-cash return with market rents.
- STABLE NORTH TACOMA SUBMARKET: Ideally located near Westgate, Proctor, Point Ruston, and the Ruston Way Waterfront.
Executive Summary
Marcus & Millichap is pleased to exclusively present Pearl Manor & Pearl Plaza Apartments, a 54-unit multifamily portfolio comprised of two contiguous apartment communities in Tacoma’s highly desirable West End neighborhood.
Constructed in 1967 and 1970, the portfolio features five single-story brick buildings with courtyard-style layouts, pitched composition roofs, mature landscaping, and ample parking. Ownership has completed extensive capital improvements, including renovated interiors, upgraded electrical systems, PEX plumbing (in most), and in-unit washers and dryers in the majority of units.
The portfolio consists of one 16-unit, 55 + senior-oriented community along with a 38-unit traditional market-rate apartment complex. Significant recent improvements, operational flexibility, and a premier North Tacoma location create a compelling investment opportunity.
Constructed in 1967 and 1970, the portfolio features five single-story brick buildings with courtyard-style layouts, pitched composition roofs, mature landscaping, and ample parking. Ownership has completed extensive capital improvements, including renovated interiors, upgraded electrical systems, PEX plumbing (in most), and in-unit washers and dryers in the majority of units.
The portfolio consists of one 16-unit, 55 + senior-oriented community along with a 38-unit traditional market-rate apartment complex. Significant recent improvements, operational flexibility, and a premier North Tacoma location create a compelling investment opportunity.
Data Room Click Here to Access
- Title
- Rent Rolls
- Profit and Loss Statements
- Additional Storage Tuff Shed Bid
- 55 and Older Pearl Manor Documents
Taxes & Operating Expenses (Actual - 2025) Click Here to Access |
Annual |
|---|---|
| Gross Rental Income |
$99,999
|
| Other Income |
$99,999
|
| Vacancy Loss |
$99,999
|
| Effective Gross Income |
$99,999
|
| Taxes |
-
|
| Operating Expenses |
-
|
| Total Expenses |
$99,999
|
| Net Operating Income |
$99,999
|
Taxes & Operating Expenses (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Taxes | |
|---|---|
| Annual | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
Property Facts
| Price | $10,600,000 | Number of Properties | 2 |
| Price / SF | $259.80 / SF | Individually For Sale | 0 |
| Cap Rate | 5.96% | Total Building Size | 40,800 SF |
| Sale Type | Investment | Total Land Area | 2.80 AC |
| Status | Active |
| Price | $10,600,000 |
| Price / SF | $259.80 / SF |
| Cap Rate | 5.96% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 40,800 SF |
| Total Land Area | 2.80 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Pearl Plaza Apartments
1409 N Pearl St, Tacoma, WA 98406 |
Multifamily | 28,400 SF | 1970 | - |
|
Pearl Manor
1401 N Pearl St, Tacoma, WA 98406 |
Multifamily | 12,400 SF | 1967 | - |
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Pearl Plaza and Pearl Manor
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