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Multifamily

Farrah Apartments

415 Fawcett Ave, Tacoma, WA 98402

Listing Price: $2,625,000

Cap Rate
3.23%
Number of Units
16
GRM
15.62
Occupancy
95.0%
Price/Unit
$164,063
Price/Gross SF
$281.05
Gross SF
9,340

Investment Overview

The Farrah Apartments is located just North of the corner of S 6th St and Fawcett Ave, on the East side of Wright Park in the Theater District of Tacoma, WA. The property is ideally situated within walking distance from multiple groupings of popular restaurants, bars, and other retail stores positioned to the North in the Stadium District and South in Downtown Tacoma. Bosting an impressive Walk Score of 96, Walkers Paradise, Farrah is a property that has strong appeal to a variety of different tenants looking to live in the Tacoma area. This demand for apartments in the area has cause this location to have one of the lowest vacancy rates and highest percentage increases in markets rents over this cycle for submarkets in the Puget Sound.

Even though the Farrah has received significant system upgrades, as well as interior renovations over time, the property has still not been taken to its full potential to capture the rapidly increasing market rents over the past several years. A new owner will benefit from the opportunity to purchase the asset and perform more significant interior renovations to the units to substantially increase the rents to market, at an estimated 44% over the current rents in place. Furthermore, there is also operational upside in the Farrah by implementing a utility bill-back system, charging for parking, as well as joining the vacant southern lot parcel used for parking to the main building parcel (2021 taxes for parcel are $4,516). After all renovations have been performed and the operational value add components have been implemented, a new investor will have the opportunity to raise the net operating income of the property by an estimated 86%.

Investment Highlights

  • Property Features Unique Common Space and Vintage Charm
  • Well Maintained Asset with System Upgrades
  • Value-Add Opportunity in Theater District of Tacoma, WA
  • Opportunity to Increase NOI by 86%
  • Walk Score of 96 Walkers Paradise

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    (206) 826-5724

    Email Scott

    License(s): WA: 4731

    Seattle

Listing Price: $2,625,000

Cap Rate
3.23%
Number of Units
16
GRM
15.62
Occupancy
95.0%
Price/Unit
$164,063
Price/Gross SF
$281.05
Gross SF
9,340

Investment Highlights

  • Property Features Unique Common Space and Vintage Charm
  • Well Maintained Asset with System Upgrades
  • Value-Add Opportunity in Theater District of Tacoma, WA
  • Opportunity to Increase NOI by 86%
  • Walk Score of 96 Walkers Paradise

Investment Overview

The Farrah Apartments is located just North of the corner of S 6th St and Fawcett Ave, on the East side of Wright Park in the Theater District of Tacoma, WA. The property is ideally situated within walking distance from multiple groupings of popular restaurants, bars, and other retail stores positioned to the North in the Stadium District and South in Downtown Tacoma. Bosting an impressive Walk Score of 96, Walkers Paradise, Farrah is a property that has strong appeal to a variety of different tenants looking to live in the Tacoma area. This demand for apartments in the area has cause this location to have one of the lowest vacancy rates and highest percentage increases in markets rents over this cycle for submarkets in the Puget Sound.

Even though the Farrah has received significant system upgrades, as well as interior renovations over time, the property has still not been taken to its full potential to capture the rapidly increasing market rents over the past several years. A new owner will benefit from the opportunity to purchase the asset and perform more significant interior renovations to the units to substantially increase the rents to market, at an estimated 44% over the current rents in place. Furthermore, there is also operational upside in the Farrah by implementing a utility bill-back system, charging for parking, as well as joining the vacant southern lot parcel used for parking to the main building parcel (2021 taxes for parcel are $4,516). After all renovations have been performed and the operational value add components have been implemented, a new investor will have the opportunity to raise the net operating income of the property by an estimated 86%.

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    (206) 826-5724

    Email Scott

    License(s): WA: 4731

    Seattle

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