Multifamily

McCarthy Apartments

315 N G St, Tacoma, WA 98403

Listing Price: $3,125,000

Cap Rate
4.03%
Number of Units
18
GRM
14.46
Occupancy
95.0%
Price/Unit
$173,611
Price/Gross SF
$281.53
Gross SF
11,100

Investment Overview

The McCarthy Apartments is located in the heart of the Stadium District of Tacoma, Washington, north of Downtown. The Stadium District is one of the oldest and most sought-after neighbors in all of Pierce County, which has always created a large demand for apartments in the area. This has caused the area 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 McCarthy has been meticulous maintained by current and previous ownership, the property still has not been taken to its full potential to capture the rapidly increasing market rents over the past several years. In the last 3 years, the current ownership has turned every unit in the complex but has left significant upside by only performing substantial renovations to modernize 1 unit. With the propertys vintage charm and character, the asset offers a new investor the opportunity to perform more substantial interior unit renovations to modernize the finishes, which will allow them to significantly increase the income and value of the asset.

Based off similar aged properties in the area that have gone through these renovations to modernize the finishes, the current rents at the McCarthy are an estimated 28% below market. McCarthy offers the opportunity for an investor to perform these similar renovations, spending additional capital on renovations that will give a direct return for their capital. Once these renovations are completed, an investor will be able to capture the $287 per unit per month upside in addition the current rent roll.


Investment Highlights

  • Value-Add Opportunity in The Stadium District of Tacoma, WA
  • Current Rents Average $287 Below Renovated Comparables in the Submarket
  • Walk Score of 89 Very Walkable
  • Units Feature Built-In Furnishings & Vintage Charm
  • Meticulously Maintained Asset

Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    Email Scott

    License(s): WA: 4731

    Seattle

Multifamily

McCarthy Apartments

Listing Price: $3,125,000

Cap Rate
4.03%
Number of Units
18
GRM
14.46
Occupancy
95.0%
Price/Unit
$173,611
Price/Gross SF
$281.53
Gross SF
11,100

Investment Highlights

  • Value-Add Opportunity in The Stadium District of Tacoma, WA
  • Current Rents Average $287 Below Renovated Comparables in the Submarket
  • Walk Score of 89 Very Walkable
  • Units Feature Built-In Furnishings & Vintage Charm
  • Meticulously Maintained Asset

Investment Overview

The McCarthy Apartments is located in the heart of the Stadium District of Tacoma, Washington, north of Downtown. The Stadium District is one of the oldest and most sought-after neighbors in all of Pierce County, which has always created a large demand for apartments in the area. This has caused the area 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 McCarthy has been meticulous maintained by current and previous ownership, the property still has not been taken to its full potential to capture the rapidly increasing market rents over the past several years. In the last 3 years, the current ownership has turned every unit in the complex but has left significant upside by only performing substantial renovations to modernize 1 unit. With the propertys vintage charm and character, the asset offers a new investor the opportunity to perform more substantial interior unit renovations to modernize the finishes, which will allow them to significantly increase the income and value of the asset.

Based off similar aged properties in the area that have gone through these renovations to modernize the finishes, the current rents at the McCarthy are an estimated 28% below market. McCarthy offers the opportunity for an investor to perform these similar renovations, spending additional capital on renovations that will give a direct return for their capital. Once these renovations are completed, an investor will be able to capture the $287 per unit per month upside in addition the current rent roll.


Exclusively Listed By

  • Kellan Moll

    First Vice President Investments

    Email Kellan

    License(s): WA: 111361

    Seattle

  • Scott Morasch

    First Vice President Investments

    Email Scott

    License(s): WA: 4731

    Seattle

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