The Villa Apartments
1115 N 12th St, Tacoma, WA 98403
Marketing description
The Villa Apartments is a well-located 10-unit apartment building situated in one of Tacoma's most coveted and historically stable submarkets — North Tacoma. Offered to the market for the first time in over 25 years, this is a rare opportunity to acquire a long-held, carefully maintained asset in a neighborhood that consistently commands strong tenant demand and above-average rent growth.
The property presents a compelling value-add investment profile, with dated interiors that reflect the building's long-term ownership and offer a clear path to modernization. A strategic renovation program targeting updated finishes, fixtures and exteriors would allow a new owner to drive meaningful rental growth and unlock significant upside in stabilized value.
Adding to the opportunity, the seller is offering attractive financing terms, providing qualified buyers with a distinct advantage in today's elevated interest rate environment.
North Tacoma's appeal is well established - tree-lined streets, walkable neighborhoods, proximity to the University of Puget Sound, Tacoma's best retail and dining corridors, and consistently low vacancy make it one of the most sought-after multifamily locations in the South Sound. Tenants in this submarket tend to be long-term, quality renters who value the neighborhood's character and amenities - supporting both occupancy stability and rent durability through market cycles.
Overall, Villa Apartments represents a rare chance to step into well located value-add opportunity while paired with favorable seller finance terms one.
Investment highlights
- FIRST-TIME OFFERING IN OVER 25 YEARS - A true generational asset coming to market for the first time in over a quarter century. Long-term ownership of this nature typically reflects a well-maintained, stabilized property with genuine pride of ownership — and represents the kind of acquisition opportunity that rarely presents itself in a market as competitive as North Tacoma.
- SELLER FINANCING AVAILABLE - The seller is offering attractive financing terms to qualified buyers — a significant advantage in today's elevated interest rate environment. Seller financing provides a new owner with improved day-one cash flow, greater flexibility in deal structuring, and a meaningful edge over competing properties financed at conventional market rates.
- OFFERED AT A 5.7% CAP RATE - Priced at a market cap rate that reflects the in-place income while preserving substantial upside through interior renovation and rent growth. The 5.7% going-in yield provides an attractive current return while a value-add program drives NOI growth and long-term appreciation.
- CLEAR VALUE-ADD UPSIDE - Interiors remain in largely original condition, presenting a well-defined renovation opportunity. Updated finishes, fixtures, and unit upgrades have a proven track record of driving above-market rent premiums in North Tacoma — allowing a new owner to meaningfully grow NOI and compress their cap rate on cost through a targeted improvement program.
- COVETED NORTH TACOMA LOCATION - Situated in one of Tacoma's most desirable and historically stable rental submarkets. North Tacoma consistently commands strong tenant demand, low vacancy, and premium rents relative to the broader market — driven by proximity to the University of Puget Sound, top-rated schools, walkable retail and dining, and the neighborhood's well-established character and curb appeal.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
