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Heather Court 12712 C St S 32 Unit Apartment Building $7,183,575 CAD ($224,487 CAD/Unit) 5.94% Cap Rate Tacoma, WA 98444
Investment Highlights
- Compelling Pricing
- Balanced Unit Mix
- Renovation Upside
- Recent Renovations
- Income Growth Potential
- Prime Location
Executive Summary
Introducing HEATHER COURT, a compelling value-add investment opportunity located at 12712 C St S in Tacoma’s desirable Parkland neighborhood. Priced at $5,250,000, this 32-unit garden-style community, originally built in 1971 and renovated in 2017, offers an attractive blend of stability and upside with a current T-3 cap rate of 5.94% and a projected 6.77% cap rate through light improvements and market rent alignment. The property features a mix of one- and two-bedroom apartments averaging 675 SF, enhanced by modern upgrades including a new roof, updated exterior paint, and refreshed interiors, all contributing to a well-maintained, comfortable living environment. Strategically situated near major employment centers and outside Tacoma’s stricter rental regulations, HEATHER COURT benefits from sustained renter demand and the ability to further optimize income. With strong fundamentals, meaningful value-add potential, and a prime Parkland location, HEATHER COURT stands out as a rare opportunity to secure a high-quality asset in a thriving rental market.
- Compelling Pricing: A strong valued proposition offered at $164,063 per unit and $243 per square foot.
- Recent Renovations: In 2017, $555,000 in capital improvements were completed, including a new roof, exterior paint, and updated plumbing and electrical systems. All units received new flooring and refinished bathtubs with fiberglass surrounds. One-bedroom units were upgraded with refinished cabinets, laminate countertops, and white appliances, while two-bedroom units were enhanced with new cabinets, quartz countertops, and stainless-steel appliances.
- Balanced Unit Mix: Features an equal number of one- and two-bedroom units, including 17 renovated units and 15 original units, designed to appeal to a diverse renter base.
- Income Growth Potential: Opportunity to significantly increase net operating income with minimal expense adjustments and a 10% rent increase to align with market rates.
- Renovation Upside: Renovation projections indicate a 6.77% cap rate at post-renovation market rents.
- Prime Location: Situated in Parkland, benefiting from proximity to major employment hubs while avoiding Tacoma's restrictive tenant and landlord regulations.
- Compelling Pricing: A strong valued proposition offered at $164,063 per unit and $243 per square foot.
- Recent Renovations: In 2017, $555,000 in capital improvements were completed, including a new roof, exterior paint, and updated plumbing and electrical systems. All units received new flooring and refinished bathtubs with fiberglass surrounds. One-bedroom units were upgraded with refinished cabinets, laminate countertops, and white appliances, while two-bedroom units were enhanced with new cabinets, quartz countertops, and stainless-steel appliances.
- Balanced Unit Mix: Features an equal number of one- and two-bedroom units, including 17 renovated units and 15 original units, designed to appeal to a diverse renter base.
- Income Growth Potential: Opportunity to significantly increase net operating income with minimal expense adjustments and a 10% rent increase to align with market rates.
- Renovation Upside: Renovation projections indicate a 6.77% cap rate at post-renovation market rents.
- Prime Location: Situated in Parkland, benefiting from proximity to major employment hubs while avoiding Tacoma's restrictive tenant and landlord regulations.
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Property Facts
| Price | $7,183,575 CAD | Building Class | C |
| Price Per Unit | $224,487 CAD | Lot Size | 0.96 AC |
| Sale Type | Investment | Building Size | 21,600 SF |
| Cap Rate | 5.94% | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2017 |
| Property Subtype | Apartment | Parking Ratio | 2.59/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | UCOR | ||
| Price | $7,183,575 CAD |
| Price Per Unit | $224,487 CAD |
| Sale Type | Investment |
| Cap Rate | 5.94% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.96 AC |
| Building Size | 21,600 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2017 |
| Parking Ratio | 2.59/1,000 SF |
| Zoning | UCOR |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Quartz Countertops
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Picnic Area
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 600 |
| 2+1 | 16 | - | 750 |
Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,002,055 CAD | |
| Land Assessment | $1,434,236 CAD | Total Assessment | $5,436,291 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,434,236 CAD
Improvements Assessment
$4,002,055 CAD
Total Assessment
$5,436,291 CAD
Contacts
-
Chad Blenz -
Brandon Lawler -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Berkadia
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Heather Court | 12712 C St S
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