
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
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Upside Through Ancillary Income
Currently no utility charges allowing for $70,000+ increase in NOI
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Ample Parking
1.5 offstreet parking spots per unit
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Excellent Historical Occupancy
Owners have been able to maintain below 5% vacancy rate
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Modern Finished
Units have modern finishes, making them more attractive to tenants
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Rental Upside
Rents have 35% rental upside
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Excellent Location
Proximity to major arterials such as I-5 as well as Hilltop Light Rail Station
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