Prestige Center 7902 27th St W 19 Unit Apartment Building $4,500,078 CAD ($236,846 CAD/Unit) 6.23% Cap Rate University Place, WA 98466

We are pleased to present Prestige Center, a 19-unit mixed-use property located at 7902 27th St W in University Place, Washington. Built in 1961, the property consists of 10 apartments and 9 ground-floor commercial suites totaling approximately 15,400 rentable square feet on a 27,600 square foot lot, with 38 surface parking spaces serving both residential and retail tenants.
The residential component features five one-bedroom units averaging 700 square feet and five two-bedroom units averaging 900 square feet. The commercial component consists of nine suites ranging from 800 to 1,000 square feet, leased to a mix of established local service businesses on gross leases.
The property is offered at $3,300,000, or $173,684 per unit and $214 per square foot, representing a 6.23% capitalization rate on $205,512 of in-place net operating income. Residential rents currently sit approximately 6.5% below market, capturable through natural turnover and standard interior improvements, with no significant renovation required.
University Place is among the most established residential submarkets in Pierce County, with median household income approaching $100,000 and a population of approximately 229,000 within a five-mile radius. The submarket is characterized by strong public schools, well-maintained infrastructure, and proximity to Chambers Bay Regional Park. Regional demand is supported by Joint Base Lewis-McChord, MultiCare Health System, CHI Franciscan Health, and the University of Washington Tacoma — anchoring a stable employment base across the South Puget Sound region.