Pearl Manor & Pearl Plaza
54-Unit Multifamily Portfolio in West End Tacoma
Marketing description
Marcus & Millichap is pleased to exclusively present Pearl Manor & Pearl Plaza Apartments, a 54-unit multifamily portfolio comprised of two contiguous apartment communities in Tacoma’s highly desirable West End neighborhood.
Constructed in 1967 and 1970, the portfolio features five single-story brick buildings with courtyard-style layouts, pitched composition roofs, mature landscaping, and ample parking. Ownership has completed extensive capital improvements, including renovated interiors, upgraded electrical systems, PEX plumbing (in most), and in-unit washers and dryers in the majority of units.
The portfolio consists of one 16-unit, 55 + senior-oriented community along with a 38-unit traditional market-rate apartment complex. Significant recent improvements, operational flexibility, and a premier North Tacoma location create a compelling investment opportunity.
Investment highlights
- Significant Capital Improvements: Extensive interior renovations and major electrical and plumbing upgrades throughout both properties.
- Strong Investment Returns: Projected 6.73% stabilized cap rate and 8.01% cash-on-cash return with market rents.
- Strong & Stable Tenant Base: A well-established resident base provides stable and dependable cash flow.
- Storage Income Upside: Opportunity to add twelve additional units and increase annual NOI by approximately $7,200.
- Rental Upside: Current rents provide the opportunity to capture additional revenue through market rent growth.
- Stable North Tacoma Submarket: Ideally located near Westgate, Proctor, Point Ruston, and the Ruston Way Waterfront, with convenient access to major employers and everyday amenities.
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