ON THE MARKET // 701 South 7th St Tacoma, WA 98405

Wright Park

Listing Price: $3,300,000

Built in 1981, Wright Park Apartments is a sixteen-unit community located just one block South of Wright Park in Tacoma. Proximity to Wright Park and the Port of Tacoma make Wright Park Apartments a great investment driven by amenities and strong economic drivers. From a tenant’s perspective, spacious one- and two- bedroom units combined with a very walkable neighborhood make Wright Park Apartments an excellent place to call home.

Wright Park Apartments consists of one one-bedroom, one-bathroom units approximately ±550 square feet, and fifteen two-bedroom, one-bathroom units averaging ±650 square feet. Each unit has been tastefully refinished for modern style and longevity. At a purchase price of $3,300,000, Wright Park offers great value to a buyer with free property management being offered by the seller for the first year which will allow a buyer to easily achieve over a 6% cash on cash going into the deal.

Property Overview

 

ADDRESSES

701South 7th St,

Tacoma, WA

 

RESIDENTIAL NRSF

± 10,300

NEIGHBORHOOD

Wright Park

 

USE CODE

1305-MULTI FAM APTS 5 UNITS OR MORE

YEAR BUILT

1981

 

HEATING

Electric Baseboard

UNITS

16 Units

 

CAP RATE

Current: 4.82%

Pro Forma: 7.17%

Executive Highlights

  • Upside Through Ancillary Income

    Currently no utility charges allowing for $70,000+ increase in NOI

  • Ample Parking

    1.5 offstreet parking spots per unit

  • Excellent Historical Occupancy

    Owners have been able to maintain below 5% vacancy rate

  • Modern Finished

    Units have modern finishes, making them more attractive to tenants

  • Rental Upside

    Rents have 35% rental upside

  • Excellent Location

    Proximity to major arterials such as I-5 as well as Hilltop Light Rail Station