801 Martin Luther King Jr. Way, Tacoma, WA 98405
- $940,000
- 4,920
- SqFt
Listing courtesy of Paragon Real Estate Advisors. Selling Office: Keasy Property Management.
- Sold Price
- $940,000
- List Price
- $975,000
- Status
- SOLD
- MLS#
- 2391945
- Closing Date
- Dec 01, 2025
- Days on Market
- 123
- Style
- 55 - 5-9 Units
- Finished SqFt
- 4,920
- Area Total SqFt
- 4920
- Annual Tax Ammount
- 10768
- Lot Size (sq ft)
- 3,250
- Sewer
- Sewer Connected
Property Description
The Kelley Arms Apartments is a 7-unit multifamily property located in the heart of Downtown Tacoma’s 6th Ave Business District. The asset combines vintage character with thoughtful updates, offering a boutique investment opportunity in one of Tacoma’s most walkable and transit-connected neighborhoods. Originally built in 1931, the property is well-positioned for a new owner to take advantage of immediate rental upside. The unit mix includes six one-bedroom units averaging 770 square feet and one studio unit at 300 square feet. Recent capital improvements include a new roof installed in 2021 and updated windows within the last four years.
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Additional Information
- List Date
- 2025-07-31 00:00:00
- Community
- North Tacoma
- Net Operating Income
- $66,466
- Gross Adjusted Income
- $99,978
- Gross Scheduled Income
- $105,240
- Total Monthly Income
- $10,078
- Insurance Expenses
- $8,096
- Water/Sewer/Garbage Expenses
- $13,008
- Gross Rent Multiplier
- 8.49
- Total Expenses
- $49,111
- Cap Rate
- 6.82
- Vacancy Rate
- 5
- Total Number of Units
- 7
- Unit Name
- 801
- Potential Terms
- Cash Out, Conventional
- Year Built
- 1931
- Roof
- Flat
- Other Expenses
- 17239
- Energy Source
- Electric
- School District
- Tacoma
- Total Monthly Income
- $10,078
- Gross Scheduled Income
- $105,240
- Vacancy Rate
- 5
- Gross Adjusted Income
- $99,978
- Tax Year
- 2025
- Insurance Expense
- $8,096
- W/S/G Expenses
- $13,008
- Total Expenses
- $49,111
- Net Operating Income
- $66,466
- Gross Rent Multiplier
- 8.49
- Cap Rate
- 6.82
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.