The Monroe Apartments
Multifamily | 59 Units
Marketing description
Kidder Mathews is pleased to present the exclusive listing for The Monroe Apartments, a 59-unit multifamily community located at 3218 S Monroe St in Tacoma, WA, at the corner of Tyler and Center Street. Built in 1976 and maintained in excellent condition, The Monroe offers a compelling dual-track investment opportunity. Currently all 59-units are rent restricted ranging from 50 - 80% of the AMI, AMI set annually by the City of Tacoma. Beginning in October 2031, all rent restrictions will lift, allowing the entire community to transition to market-rate rents, creating a clear and time-defined path to significant NOI growth. The offering includes an assumable $1.5M grant from the Tacoma Community Redevelopment Authority, which is fully forgiven in October 2031 - the same date the rent restrictions expire - providing meaningful value to a qualified buyer through the hold period.
This dual positioning makes The Monroe well-suited for two distinct buyer profiles: affordable housing / tax credit investors seeking a stabilized, restricted-income asset, and value-add operators positioning for a 2031 conversion to full market-rate operations. The property benefits from a centralized Tacoma location near Cheney Stadium and University Place, with convenient access to transit, schools, and neighborhood retail, supporting strong long-term demand from both subsidized and market-rate renters.
Investment highlights
- Centralized tacoma location
- Strategically positioned on the corner of Tyler and center street, with convenient access to transit, schools, and neighborhood retail.
- Located near cheney stadium and university place, two major tacoma draws that support sustained rental demand from a diverse tenant BASE.
- Centralized submarket location offers strong connectivity to broader tacoma employment and amenity corridors.
- Dual-track investment opportunity — affordable + value-add upside
- New investor has the opportunity to slowly renovate units while benefiting from the favorable debt, to be in a position to re-lease rent ready renovated homes post 2031.
- All rent restrictions lift in October 2031, creating a clear, time-defined path to convert the full community to market-rate rents and substantially increase noi.
- Buyer can assume a $1.5m grant from the tacoma community redevelopment authority, fully forgiven in October 2031 — the same date restrictions expire — enhancing returns through the hold period.
- Building quality
- Property is in excellent condition, offering a buyer the ability to underwrite with minimal near-term capital expenditure or deferred maintenance risk.
- Well-built structure with functional unit layouts suited to both subsidized and conventional renters.
- Positions a buyer to capture upside through light renovations and operational improvements ahead of the 2031 rent restriction expiration.
- Gated community with onsite office and ample surface parking
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
