615 Martin Luther King Jr Way, Tacoma, WA 98405
- $619,999
- 2,986
- SqFt
Listing courtesy of 1 Percent Lists Tacoma.
- List Price
- $619,999
- Status
- ACTIVE
- MLS#
- 2562234
- Days on Market
- 74
- Style
- 53 - Tri-plex
- Building Condition
- Good
- Finished SqFt
- 2,986
- Area Total SqFt
- 2986
- Annual Tax Ammount
- 4371.06
- Lot Size (sq ft)
- 3,510
- Sewer
- Sewer Connected
Property Description
Exceptional turnkey investment opportunity in the heart of Downtown Tacoma near Wright Park! Fully renovated, this property functions as a tri-plex while maintaining its legal duplex status, offering two spacious 3-bedroom units, plus a finished lower-level 2-bedroom unit for additional income potential. All three units have been extensively updated and are currently vacant, providing flexibility for investors seeking market rents or owner-occupants looking to offset their mortgage with rental income. Three separate electric meters allow tenants to pay their own electricity, helping reduce operating expenses. The property also offers outstanding future upside with potential to construct a Detached Accessory Dwelling Unit (DADU) in the rear yard, creating the opportunity for a 4th additional income-producing unit. A freshly improved backyard, alley access, and three dedicated parking spaces further enhance the property's functionality and appeal. Located amongst major hospitals, medical facilities, transit, the Tacoma Link light rail, downtown Tacoma, and major commuter routes, this is an ideal location for healthcare professionals, commuters, and long-term tenants alike. A rare opportunity to acquire a move-in-ready investment property with immediate cash flow potential and future development possibilities. Buyer to verify all redevelopment, zoning, and DADU potential. Approx. 11.6% cap rate, $84,000 gross annual income, and $7,000/month in rental income.
Additional Information
- List Date
- 2026-05-16 21:17:14
- Community
- Stadium District
- Net Operating Income
- $71,929
- Gross Adjusted Income
- $84,000
- Gross Scheduled Income
- $84,000
- Total Monthly Income
- $7,000
- Insurance Expenses
- $1,700
- Water/Sewer/Garbage Expenses
- $3,000
- Gross Rent Multiplier
- 7.38
- Total Expenses
- $12,071
- Cap Rate
- 11.6
- Total Number of Units
- 3
- Unit Name
- 615
- Potential Terms
- Cash, Conventional, FHA, VA Loan
- Year Built
- 1892
- View
- Bay, City
- Roof
- Composition
- Site Features
- Fenced-Partially, Patio
- Electric Expenses
- 3000
- Energy Source
- Electric
- School District
- Tacoma
- Total Monthly Income
- $7,000
- Gross Scheduled Income
- $84,000
- Gross Adjusted Income
- $84,000
- Tax Year
- 2026
- Insurance Expense
- $1,700
- W/S/G Expenses
- $3,000
- Total Expenses
- $12,071
- Net Operating Income
- $71,929
- Gross Rent Multiplier
- 7.38
- Cap Rate
- 11.6
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.