Harbor View Apartments
2902 North Carr St, Tacoma, WA 98403
Marketing description
Kidder Mathews is pleased to present the exclusive listing for Harbor View Apartments, a 16-unit multifamily community ideally situated at 2902 North Carr Street in Tacoma, WA.
Built in 1968 and positioned on the corner of Carr Street and N 30th Avenue, Harbor View Apartments occupies one of Old Town Tacoma's most coveted residential addresses. The property's strategic location places residents at the heart of one of Tacoma's most vibrant and historically rich neighborhoods, with immediate access to the boutique shops, acclaimed restaurants, and waterfront amenities that define the Old Town experience. 6 of the 18 units have been recently renovated with modern finishes and in-unit washer & dryer. Many of the units enjoy sweeping water views of Commencement Bay.
The property features a desirable unit mix of eight one-bedroom homes averaging 722 square feet and eight two-bedroom homes averaging 925 square feet, providing a well-balanced offering that appeals to a broad spectrum of renters. Currently 100% occupied, Harbor View demonstrates the enduring and consistent rental demand that characterizes well-located assets in supply-constrained submarkets. With in-place rents of approximately $24,400 per month against a market rent potential of approximately $30,000 per month, the property presents a compelling value-add opportunity with nearly $5,600 per month in proven rent upside through a thoughtful interior modernization program.
The vintage character and classic construction of Harbor View, combined with its irreplaceable waterfront-adjacent location, creates an asset profile that stands apart from the broader Tacoma multifamily market. For the long term investor seeking a generational hold with rent growth potential, a high-quality renter profile, and a location that will only appreciate in desirability over time, Harbor View Apartments represents a rare and exceptional opportunity.
We invite you to review the offering materials for Harbor Vview Apartments. Please contact Austin Kelley and Ted Sipila, CCIM for additional information or to schedule a tour.
Investment highlights
- Irreplaceable Old Town Tacoma Location Positioned on the corner of Carr Street and N 30th Avenue, Harbor View Apartments occupies one of Old Town Tacoma's most coveted residential addresses. Residents enjoy immediate walkability to boutique shops, acclaimed restaurants, and waterfront amenities that define the Old Town experience - with select units offering sweeping water views of Commencement Bay.
- Compelling Value-Add Upside With Clear Execution Path In-place rents of $24,431 per month trail market rents of $30,302 per month - representing nearly $5,871 in monthly under-rented income and a 24% rental upside opportunity. New ownership can seamlessly continue the in-place renovation program across the remaining 12 unrenovated units, with the addition of in-unit washer and dryer installations - a premium amenity already demonstrated in select units that is expected to further support rent growth and resident retention.
- 100% Occupied — Proven and Consistent DEMAND Harbor View is currently 100% occupied, demonstrating the enduring rental demand that characterizes well-located assets in supply-constrained submarkets. The property's desirable unit mix of eight one-bedroom homes averaging 722 SF and eight two-bedroom homes averaging 925 SF appeals to a broad spectrum of renters and supports stable, long-term occupancy.
- Generational Hold Asset In A Supply-Constrained MARKET The vintage character, classic construction, and irreplaceable waterfront adjacent location of Harbor View create an asset profile that stands apart from the broader Tacoma multifamily market. For the long-term investor seeking sustained rent growth potential, a high-quality renter profile, and a location that will only appreciate in desirability over time - this is a rare and exceptional opportunity.
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