MARKETING DESCRIPTION: Pine Street Townhomes is a 53-unit townhome-style community built in 2008 and located in South Tacoma. Offered below replacement cost, the property consists of 16 buildings spanning 1.98 acres and features spacious two-, three-, and four-bedroom townhomes averaging 1,374 square feet. Each home includes an in-unit washer and dryer and an attached, direct-access garage, giving renters a differentiated suburban alternative with privacy, functionality, and additional space. Located directly across from Tacoma Mall and just five minutes from I-5, Pine Street Townhomes provides immediate access to retail, dining, and daily-needs amenities, plus quick connectivity to Tacoma's major employment centers and the broader Puget Sound region. Its low-density layout, large-format floor plans, garage parking, and family-oriented unit mix set the property apart in this market. Ownership has completed interior renovations in 47 of 53 residences over the past three years. Nearly $1.1 million has been invested into the value-add program, and renovated units have demonstrated strong resident demand and pricing power. Recent lease trade-outs generated an average monthly premium of $627 per unit; 32% above prior rents. Across 32 sampled turns, this performance equals approximately $240,768 of annualized gross potential rent growth. Six remaining classic units provide a clear path to continue the renovation strategy and capture additional upside. Pine Street Townhomes also offers a low-capital revenue opportunity through the reclassification of select two-bedroom-plus-den floor plans. Historically marketed and priced as standard two-bedroom homes, these units include a separate den that can serve as a third bedroom, office, or guest room. Repositioning these floor plans between prevailing two- and three-bedroom rental rates could generate an estimated $150 to $250 per month of incremental revenue per unit with minimal capital investment. Further near-term growth is available through the lease-up of vacant and offline homes and the recapture of loss-to-lease from legacy residents. Current loss-to-lease represents an estimated $45,000 of annual upside as residents renew or turn. Combined vacancy lease-up, below-market in-place rents, remaining renovations, and den-unit reclassification create nearly $200,000 of identified gross potential rent upside relative to current in-place rents. Recent operating results also show improving performance, with economic loss declining significantly over the trailing three-month period. As a self-managed asset that has recently absorbed repositioning-related maintenance, plumbing, and flooring costs, Pine Street Townhomes offers incoming ownership the benefit of a substantially completed renovation program and a moderating capital-spend profile. INVESTMENT HIGHLIGHTS: Advanced Value-Add Program with Proven Rent Growth: Ownership has renovated 47 of 53 residences and invested nearly $1.1 million in interior upgrades. Recent lease trade-outs across 32 sampled homes averaged $627 per unit per month, or 32% above prior rents, demonstrating strong resident demand for the renovated product. Clear Remaining Renovation Upside: Six classic units are available for renovation. Renovated residences achieve an average 13% premium to classic in-place rents while remaining approximately 8.31% below market, creating a clear path for additional rent growth. Large-Format Townhome Community: Pine Street Townhomes features 53 spacious two-, three-, and four-bedroom townhome-style residences averaging 1,374 square feet. Three-bedroom-or-larger homes comprise approximately 57% of the unit mix, differentiating the property for households seeking additional space. Attached Garages and Functional Amenities: Each residence includes an attached, direct-access garage and in-unit washer and dryer. Renovated units feature quartz countertops, updated shaker cabinetry, stainless steel appliances, hardwood-style flooring, and new carpeting. Community amenities include off-street parking and a BBQ/picnic area. Immediate Revenue from Vacancy and Loss-to-Lease: Investors can drive near-term revenue by leasing vacant and offline homes, including recent turn and insurance-renovation units, at market rents and capturing around $45,000 of annual loss-to-lease from legacy below-market residents as turnover occurs. Demonstrated Premiums Across Multiple Floor Plans: The highest realized post-renovation premium reached $1,178 per month on a four-bedroom residence, or $14,136 annually. Renovated two-bedroom homes have achieved premiums of approximately $400 per month, or $4,800 annually. Supply-Constrained Tacoma-Lakewood Fundamentals: The Tacoma-Lakewood submarket delivered only 264 units through the second quarter of 2026, limiting new competitive supply. Asking rents grew 2.9% year over year through the same period and remain approximately 26% below Seattle metro rents, supporting a compelling affordability profile. Highly Accessible Tacoma Location: The property sits across from Tacoma Mall and within a 10-minute drive of the University of Washington Tacoma, which enrolls around 5,000 students, including 4,700 of whom live off campus, and employs approximately 700 people.