$599,999
 $3,221 est/mo Sourced by Back At You

615 Martin Luther King Jr Way,Tacoma, WA 98405

Tacoma, WA 98405

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Description

Exceptional turnkey investment opportunity in the heart of Downtown Tacoma near Wright Park! Fully renovated, this property functions as a tri-plex while maintaining its legal duplex status, offering two spacious 3-bedroom units, plus a finished lower-level 2-bedroom unit for additional income potential. All three units have been extensively updated and are currently vacant, providing flexibility for investors seeking market rents or owner-occupants looking to offset their mortgage with rental income. Three separate electric meters allow tenants to pay their own electricity, helping reduce operating expenses. The property also offers outstanding future upside with potential to construct a Detached Accessory Dwelling Unit (DADU) in the rear yard, creating the opportunity for a 4th additional income-producing unit. A freshly improved backyard, alley access, and three dedicated parking spaces further enhance the property's functionality and appeal. Located amongst major hospitals, medical facilities, transit, the Tacoma Link light rail, downtown Tacoma, and major commuter routes, this is an ideal location for healthcare professionals, commuters, and long-term tenants alike. A rare opportunity to acquire a move-in-ready investment property with immediate cash flow potential and future development possibilities. Buyer to verify all redevelopment, zoning, and DADU potential. Approx. 11.6% cap rate, $84,000 gross annual income, and $7,000/month in rental income.

Details

MLS #2562234
Listing TypeFor Sale
Building NameCentral Add To Tacoma
Sub-TypeResale
StatusPending
Year1892
Days On Site26
Listing Provided By1 Percent Lists Tacoma | Chad Nolan

Features

SQ Feet2,986
Story(s)3
Units3
ZoningMulti-Family
Acreage0.08
Property ViewYes

Taxes

Property4371

Area Information

StateWA
CountyPierce
CityTacoma
Zip Code98405
Area20 North Tacoma
Community NameStadium District
Listing VS Median (in Stadium District)
Price:
$599,999
low | high
Med:
$499,950
66.674861124769% of Average
sqft:
2,986
low | high
Med:
710
100% of Average
$ / sqft:
$201
low | high
Med:
$704
100% of Average
On site:
26
low | high
Med:
116
22.413793103448% of Average
Sourced by Back At You

Market Activity 98405

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Learn More About This Property

StateWA
CountyPierce
CityTacoma
Zip Code98405
Area20 North Tacoma
Community NameStadium District
Listing VS Median (in Stadium District)
Price:
$599,999
low | high
Med:
$499,950
66.674861124769% of Average
sqft:
2,986
low | high
Med:
710
100% of Average
$ / sqft:
$201
low | high
Med:
$704
100% of Average
On site:
26
low | high
Med:
116
22.413793103448% of Average
Sourced by Back At You
Nearby Listings (Within 1/4 mile)
Price: $449K - $749K
sqft: 2,000 - 3,500
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1216 S 4th Street Property Photo 1
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1216 S 4th Street
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Listing Updated: August 25, 2026 at 7:12:05 AM PDT