Pearl Plaza — Sale in Tacoma, WA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Tacoma, WA 98406

Photos

Pearl Plaza — Sale in Tacoma, WA, photo 1 of 4
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Investment Figures

Cap rate
5.99%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Pearl Manor & Pearl Plaza offer investors the opportunity to acquire a very well-maintained apartment portfolio with significant recent capital improvements, operational flexibility, and multiple avenues for future income growth. Pearl Manor qualifies under the Housing for Older Persons Act (HOPA), which requires compliance with the federal “80/20” rule, mandating that at least 80% of occupied units be occupied by at least one resident age 55 or older. Pearl Plaza is a traditional market rate community. However, due to the single story construction, both of these properties naturally attract mature tenants presenting a new owner with the benefit of acquiring a long term stable tenant base. In addition to rental upside through continued rent growth, the portfolio offers a unique opportunity to increase ancillary income through the expansion of on-site storage. The property currently includes eleven rentable storage units, and ownership has identified space for up to twelve additional storage units. Based on current rental rates and construction estimates of approximately $30,000, the additional storage units are projected to generate approximately $7,200 in annual income while providing an estimated return on investment of approximately 24%. With current financing assumptions and the implementation of market rents, new ownership can achieve an approximate stabilized capitalization rate of 6.73% and a 8.01% cash-on-cash return based on a three-year loan term with three years of interest-only payments. The combination of strong in-place operations, substantial capital improvements, operational flexibility, and ancillary income opportunities creates a compelling value-add investment opportunity in one of Tacoma’s most desirable multifamily submarkets. Investment Highlights: • Significant Capital Improvements: Extensive interior renovations and major electrical and plumbing upgrades throughout both properties. • Rental Upside: Current rents provide the opportunity to

Market Context

This multifamily in Tacoma, WA is listed for sale. It is offered at an approximate 6.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Tacoma, WA — view the full market.

As of Q1 2026, the Seattle / Bellevue multifamily market showed a 7.3% vacancy rate, and average asking rents near $2004.00/unit/mo. Source: multiple brokerage reports, Q1 2026.

Multifamily market FAQ

Is the Seattle / Bellevue multifamily market tightening or softening?
Vacancy is around 7.3% (Q1 2026).

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