3202 S D St · Tacoma, WA 98418

$999,950

6 bd · 4.0 ba · 4,032 sqft · MultiFamily public records · 37 Days on market

Built 1967 7,875 sqft lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.6/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Rent growth +5.0/5.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Perched above the city, this striking mid-century modern style fourplex captures sweeping views of downtown Tacoma, Commencement Bay, and the Tacoma Dome from every level. A true standout, the property features oversized units that live large and feel more like homes than apartments. The lower-level one-bedroom units span nearly 1,000 sqft each, complete with fully fenced yards and stunning views both inside and out in the large yards. Upstairs, the spacious two-bedroom units approach 1,100 sqft and showcase fully rebuilt decks with storage, plus incredible view from every north-facing window. Three of the four units have been beautifully renovated with fresh paint, updated lighting, new fl

Key facts

• Designer kitchen
• Full-size pantry
• Sweeping views

Tags

• SWEEPING VIEWS
• FULLY FENCED YARDS
• FULLY REBUILT DECKS
• DESIGNER KITCHEN
• FULL-SIZE PANTRY
• HEATED TILE FLOORS

Property features AI

Finance

• Other: Calculated building area: 4,032 square feet; Building type: Quadruplex (4 units total); Units in building: 4
• Financial info: Gross scheduled income: $93,240; Gross adjusted income: $94,528; Total monthly income: $7,895; Net operating income: $66,004; Total expenses: $28,523; Insurance expense: $5,828; Other expense: $1,200; Gross rent multiplier: 11.7; Listing terms: Cash, Conventional, FHA, VA Loan

Exterior

• Parking: 5 covered parking spaces; 5 carport spaces; 2 uncovered parking spaces
• Security: Partially fenced
• Utilities: Electric service; Public water (Tacoma Public Utilities); Sewer connected (Tacoma Public Utilities)
• Home design: Residential income property (multi-family, quadruplex); Two-story building; Has a view
• Construction: Wood construction; Torch down roof; Poured concrete foundation; Effective year built: 1967
• Exterior features: Partial fencing; Deck; Patio; Outbuildings; Sprinkler system; Cable TV and high-speed internet available; Corner lot with alley access, curbs and paved access; Open space nearby

Interior

• Kitchen: Each unit includes range/oven; Each unit includes refrigerator; Each unit includes dishwasher
• Bedrooms: Two 2-bedroom units; Two 1-bedroom units
• Flooring: Vinyl plank; Carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Vinyl plank and carpet flooring; Thermal windows; Coin-operated laundry (on-site); Storage
• Laundry & utility: Coin-operated laundry on-site; Washer/dryer not provided in individual units

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $1000k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $591/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $1000k).
• Recommended offer: $970k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.9% in Tacoma — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#127 in WA, #2,535 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D, crime F.
• Tacoma School District (urban): math 40% / reading 53% proficiency, ranked #169 of 291 in WA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+11.7%/yr); 56 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $11,285/mo this rent would consume 151% of the median local household income ($90k/yr) (locally 185% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($970k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $90k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $510k; list at $1000k implies a 96% gain — meaningful room to come down on a strong offer.

Recommended offer $969,951 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.14%
• DSCR: 1.45
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $48,191
• Equity at exit: $149,096

10-year hold

• IRR: 17.8%
• Equity multiple: 2.81×
• Total profit: $507,167
• Equity at exit: $86,457

Cash invested: $279,986 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98418

• Home prices YoY: -29.5%
• Rents YoY: 11.7%
• Active inventory: 56
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $11,285 medium
• Mortgage (P&I): −$5,244
• Tax from tax record: −$889 /mo · $10,674/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,370
• Net cashflow: $2,365

Break-even live

Break-even rent $8,291

Max offer price $999,950

Occupancy floor 74%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$11,284
Total (4 units)			$11,285

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,988
• Closing costs: $29,998
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   price $999,950 Active 37 DOM
2. 2026-06-18
   days on market $1,049,950 Active 37 DOM
3. 2026-06-17
   days on market $1,049,950 Active 36 DOM
4. 2026-06-16
   days on market $1,049,950 Active 35 DOM
5. 2026-06-15
   days on market $1,049,950 Active 34 DOM
6. 2026-06-13
   days on market $1,049,950 Active 32 DOM
7. 2026-06-13
   days on market $1,049,950 Active 31 DOM
8. 2026-06-10
   price $1,049,950 Active 28 DOM
9. 2026-06-09
   days on market $1,089,950 Active 28 DOM
10. 2026-06-08
    days on market $1,089,950 Active 27 DOM
11. 2026-06-07
    days on market $1,089,950 Active 26 DOM
12. 2026-06-04
    days on market $1,089,950 Active 23 DOM
13. 2026-06-03
    days on market $1,089,950 Active 22 DOM
14. 2026-06-02
    remarks 699-char remark
15. 2026-06-02
    listed $1,089,950 Active 21 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $10,674 · $889/mo
• Projected year-2 tax: $10,674 · $889/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $135,420
• − Mortgage interest: −$56,013
• − Property taxes: −$10,674
• − Insurance: −$5,000
• − Repairs & maintenance: −$10,834
• − Management: −$10,834
• − Depreciation: −$29,089
• Taxable income: $12,977
• Est. tax owed @ 24.0%: −$3,114
• After-tax cash flow: $25,268/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Tacoma School District
• NCES district ID: 5308700
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $52,467
• Composite: 42.25/100
• National rank: #6987
• State rank: #169 of 291 in WA

Livability — Tacoma

• Score: 78/100
• State rank: #127
• US rank: #2535

Category grades

Amenities A+ Commute A+ Cost of living D Crime F Employment A- Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tacoma, WA
• County: Pierce County · 788,257 people
• City population: 212,935
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 10,264
• Household income: $89,706
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 185.0

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 956,648 people
• By 2030: 1,010,862 · +5.7%
• By 2040: 1,113,170 · +16.4%
• By 2050: 1,206,524 · +26.1%
• By 2075: 1,436,425 · +50.2%
• By 2100: 1,563,654 · +63.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 53% Two or more races 19% Hispanic / Latino 14% Black 10% Asian 7% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Slovak 4% Italian 1%
• Foreign-born: 11% · Canada, South Korea, China
• Languages at home: 85% English-only · Spanish 6% Other Asian/Pacific 3% Tagalog/Filipino 2%

Political lean MEDSL · Pierce

• 2024 margin: D (+10.8) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: -1.4pp toward R · 2008: 12.2pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+11.2 2016: D+7.5 2012: D+11.0 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.36%
• Current HPI: 411.7306
• Rent YoY: ▲ 11.66%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+215.9% since first listed

9 events — show timeline

• 2026-06-02 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-10 Listed $1,089,950 NWMLS as Distributed by MLS Grid
• 2019-03-08 Sold (Public Records) $510,000 Public Records
• 2012-11-20 Delisted — NWMLS as Distributed by MLS Grid
• 2012-11-16 Sold (Public Records) $325,000 Public Records
• 2012-11-16 Sold (MLS) $325,000 NWMLS as Distributed by MLS Grid
• 2012-09-11 Pending — NWMLS as Distributed by MLS Grid
• 2012-08-02 Pending — NWMLS as Distributed by MLS Grid
• 2012-05-29 Listed $345,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $10,674 · +0.7% YoY. Source: county tax records.