908 S 5th Street, Tacoma, WA 98405
- $950,000
Listing courtesy of Kidder Mathews. Selling Office: Skyline Properties, Inc..
- Sold Price
- $950,000
- List Price
- $1,000,000
- Status
- SOLD
- MLS#
- 2470155
- Closing Date
- Mar 31, 2026
- Days on Market
- 20
- Style
- 55 - 5-9 Units
- Building Condition
- Good
- Annual Tax Ammount
- 12576
- Lot Size (sq ft)
- 3,000
- Sewer
- Sewer Connected
Property Description
The Park 5 apartments are a well-located 6-unit apartment building constructed in 1910, offering investors a compelling value-add opportunity in one of Tacoma’s most desirable and historically stable submarkets. Significant recent capital improvements have already been completed, substantially reducing new ownerships near-term maintenance risk. Recent upgrades include brand new exterior siding and paint, along with a new roof and new windows, positioning the asset with strong curb appeal and durable long-term appreciation. These improvements allow a new owner to focus capital and effort on interior enhancements rather than major structural or exterior work. The interiors remain in largely original condition, presenting a clear path for modernization through updated finishes and fixtures. Park5 offers meaningful upside potential through a strategic renovation program aimed at driving rental growth. The property benefits from an exceptional location, situated adjacent to Wright Park, one of Tacoma’s most iconic green spaces, and just steps from Tacoma General Hospital, one of the region’s largest employment hubs. This proximity supports strong tenant demand from healthcare professionals and long-term renters seeking walkability, access to transit, and neighborhood amenities.
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Additional Information
- List Date
- 2026-03-11 00:00:00
- Community
- Stadium District
- Net Operating Income
- $44,806
- Gross Adjusted Income
- $76,266
- Gross Scheduled Income
- $80,280
- Total Monthly Income
- $6,690
- Insurance Expenses
- $4,680
- Water/Sewer/Garbage Expenses
- $7,680
- Gross Rent Multiplier
- 12.4
- Total Expenses
- $31,458
- Cap Rate
- 4.4
- Vacancy Rate
- 5
- Total Number of Units
- 6
- Unit Name
- 908
- Potential Terms
- Conventional
- Year Built
- 1910
- Roof
- Flat
- Other Expenses
- 6522
- Energy Source
- Electric
- School District
- Tacoma
- Total Monthly Income
- $6,690
- Gross Scheduled Income
- $80,280
- Vacancy Rate
- 5
- Gross Adjusted Income
- $76,266
- Tax Year
- 2025
- Insurance Expense
- $4,680
- W/S/G Expenses
- $7,680
- Total Expenses
- $31,458
- Net Operating Income
- $44,806
- Gross Rent Multiplier
- 12.4
- Cap Rate
- 4.4
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.