Introducing HEATHER COURT, a compelling value-add investment opportunity located at 12712 C St S in Tacoma’s desirable Parkland neighborhood. Priced at $5,250,000, this 32-unit garden-style community, originally built in 1971 and renovated in 2017, offers an attractive blend of stability and upside with a current T-3 cap rate of 5.94% and a projected 6.77% cap rate through light improvements and market rent alignment. The property features a mix of one- and two-bedroom apartments averaging 675 SF, enhanced by modern upgrades including a new roof, updated exterior paint, and refreshed interiors, all contributing to a well-maintained, comfortable living environment. Strategically situated near major employment centers and outside Tacoma’s stricter rental regulations, HEATHER COURT benefits from sustained renter demand and the ability to further optimize income. With strong fundamentals, meaningful value-add potential, and a prime Parkland location, HEATHER COURT stands out as a rare opportunity to secure a high-quality asset in a thriving rental market. - Compelling Pricing: A strong valued proposition offered at $164,063 per unit and $243 per square foot. - Recent Renovations: In 2017, $555,000 in capital improvements were completed, including a new roof, exterior paint, and updated plumbing and electrical systems. All units received new flooring and refinished bathtubs with fiberglass surrounds. One-bedroom units were upgraded with refinished cabinets, laminate countertops, and white appliances, while two-bedroom units were enhanced with new cabinets, quartz countertops, and stainless-steel appliances. - Balanced Unit Mix: Features an equal number of one- and two-bedroom units, including 17 renovated units and 15 original units, designed to appeal to a diverse renter base. - Income Growth Potential: Opportunity to significantly increase net operating income with minimal expense adjustments and a 10% rent increase to align with market rates. - Renovation Upside: Renovation projections indicate a 6.77% cap rate at post-renovation market rents. - Prime Location: Situated in Parkland, benefiting from proximity to major employment hubs while avoiding Tacoma's restrictive tenant and landlord regulations.