222 N I St - Apartments FOR SALE


Tacoma, WA 98403- Stadium District
$1,100,000 USD
206-618-2207
222 N I St, Tacoma, WA for Sale
$1,100,000 USD
Apartments - FOR SALE
1/9
null | Request Cap Rate

222 N I St
Tacoma, WA 98403
Stadium District


HIGHLIGHTS

  • Scarcity Driven Location: The Stadium District is famous for irreplaceable aesthetic/character, boasts proximity to major employers, recreational amen
  • Turn-key Asset: Each unit has been thoughtfully renovated to modern standards with classy, high-quality finishes, with two units also featuring in-uni
  • Cash Cow Upside without CapEx: 47% NOI growth through increasing rents to market rates and implementing utility bill-back, with no renovations require
  • Attractive Basis: Offered at just $157,143 per unit, 50% of replacement cost protecting equity with room to push rents without aggressive assumptions.

OVERVIEW

$157,143 PER UNIT IN A+ TACOMA LOCATION | The Prime Stadium District 7-Unit is a turnkey apartment investment in one of Tacoma's most sought-after neighborhoods. The three-story building consists of five one-bedroom units averaging approximately 606 square feet and two studios averaging approximately 520 square feet, a unit mix that has proven easy to keep full in this submarket. The renovation work is already done. Current ownership has updated every unit with a mix of refinished hardwood floors, granite countertops, new kitchen cabinetry, stainless steel appliances, tiled backsplashes, new bathroom tub surrounds, vanities, toilets, and LED lighting. Ownership also installed a brand-new composition roof last year, taking the largest near-term capital expense off the table for a new owner. Units 1 and 6 have in-unit washers and dryers, and the remaining units share a common laundry room in the basement. The property sits on a corner lot within walking distance of the restaurants, retail, and amenities that define the Stadium District, with convenient access to Tacoma's major employment centers. That location, in a safe and affluent neighborhood, is why operations have been exceptionally stable with near-zero economic vacancy throughout current ownership.

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$315 USD /SF

# OF UNITS

7

PRICE/UNIT

$157,143

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1904

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.07 AC

LAND SF

3,049 SF

ZONING

R4

APN/PARCEL ID

203218-0010

ASK ABOUT THIS PROPERTY

Gabe BlakeBlake Investment AdvisorsMore Info
206-618-2207

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Gabe BlakeBlake Investment AdvisorsMore Info
206-618-2207

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.