Bought with Skyline Properties, Inc.
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Key Details
Sold Price $825,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,200 sqft
Price per Sqft $375
Subdivision Proctor
MLS Listing ID 2256139
Sold Date 09/23/24
Style 55 - 5-9 Units
Year Built 1910
Annual Tax Amount $8,727
Lot Size 4,900 Sqft
Property Description
This unique opportunity allows a new investor to acquire an irreplaceable and charming 5-unit asset in North Tacoma's desirable Proctor District, with the advantage of seller secondary financing at two percent interest-only payments for qualified buyers. Currently, the average rent at Proctor Manor is $757 per unit. With market comparables supporting an average rent of $1,372 per unit, a new investor can capture over 81% rental upside during the proposed three-year holding period. Tenants are not being billed back for water, sewer, and garbage. A new owner can capture additional income by implementing a ratio utility billing system (RUBS) for water, sewer, and garbage.
Location
State WA
County Pierce
Area 18 - North Tacoma
Interior
Fireplace Yes
Exterior
Exterior Feature Wood Products
Waterfront No
View Y/N No
Roof Type Composition
Building
Sewer Available
New Construction No
Schools
School District Tacoma
Others
Senior Community No
Acceptable Financing Cash Out
Listing Terms Cash Out
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