1102 N Sheridan Ave · Tacoma, WA 98403

$785,000

4 bd · 3.0 ba · 2,805 sqft · MultiFamily public records · 24 Days on market

Built 1890 4,000 sqft lot Est $780k · at est.

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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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.2/15.0
• 1% rule +6.4/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• 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

Excellent investment opportunity in Tacoma’s sought-after North End! This well-maintained 4-unit property at 1102 N Sheridan Ave offers a strong 6.5% cap rate with significant upside and pride of ownership throughout. Numerous improvements have already been completed, helping reduce future maintenance concerns while enhancing tenant appeal. Located in a premier location close to shopping, dining, parks, waterfront amenities, and commuter routes, this property combines stable income potential with long-term appreciation opportunity. Whether you’re expanding your portfolio or completing a 1031 exchange, this is a rare chance to own a turn-key multifamily asset in one of Tacoma&rsq

Key facts

• Premier location
• Strong cap rate
• 4,000 sq ft lot

Tags

• WELL MAINTAINED PROPERTY
• STRONG CAP RATE
• NUMEROUS IMPROVEMENTS
• PREMIER LOCATION
• STABLE INCOME POTENTIAL
• LONG TERM APPRECIATION

Property features AI

Finance

• Other: Property type: Residential Income — Multi Family (4-plex); Units in building: 4 (no below-grade units)
• Financial info: Gross scheduled income approximately $81,600 (total monthly income $6,800); Gross adjusted income reported as $81,600; Net operating income $65,838; Total expenses $15,762; Insurance expense $2,550; Gross rent multiplier 9.8; Typical listing terms: Cash, Conventional or VA loan
• HOA & community: Storage available

Exterior

• Parking: No specific parking details provided
• Security: Partially fenced
• Utilities: Electric energy source; Water provided by TPU; Power provided by TPU; Sewer connected to TPU
• Home design: Residential income property (quadruplex); Two-story structure; Has a view
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built 1969
• Exterior features: Partial fencing; Deck; Outbuildings; Cable TV and high-speed internet available; Curbs and sidewalks

Interior

• Kitchen: All units include a range/oven; All units include a refrigerator; All units include a dishwasher
• Bedrooms: Four units: two 1-bedroom units (Units A and D) and two 2-bedroom units (Units B and C)
• Flooring: Hardwood, vinyl plank, vinyl and carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; Cooling present
• Interior features: Hardwood, vinyl plank, vinyl and carpet flooring; Has heating (baseboard); Has cooling
• Laundry & utility: Unit A has in-unit washer and dryer; Units B, C and D do not have in-unit washer/dryer

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $785k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $785k).
• Recommended offer: $773k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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 (+1.9%/yr); 41 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $8,958/mo this rent would consume 122% of the median local household income ($88k/yr) (locally 328% 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 $5k of loan paydown is wiped out by about $24k 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.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $785k implies a 1862% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $773,225 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.96%
• DSCR: 1.49
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $779,790
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 N Pine St	0.46mi	3/2.0 (-1)	2,862 (+2%)	6mo	$575,000	$201	61
319 N K St	0.59mi	4/5.0	2,876 (+2%)	7mo	$850,000	$296	54
1301 N 4th St	0.51mi	5/4.0 (+1)	2,756 (-2%)	16mo	$902,000	$327	51
907 S Ainsworth Ave	0.74mi	4/3.5	2,401 (-14%)	4mo	$585,000	$244	36
516 N K St Unit A-C	0.45mi	5/3.0 (+1)	2,412 (-14%)	19mo	$671,000	$278	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.87% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.96×
• Total profit: $-9,463
• Equity at exit: $117,046

10-year hold

• IRR: 7.3%
• Equity multiple: 1.53×
• Total profit: $115,707
• Equity at exit: $67,872

Cash invested: $219,800 (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 98403

• Rents YoY: 1.9%
• Active inventory: 41
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $8,958 medium
• Mortgage (P&I): −$4,117
• Tax from tax record: −$625 /mo · $7,500/yr
• Insurance: −$327
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,881
• Net cashflow: $2,008

Break-even live

Break-even rent $6,416

Max offer price $785,000

Occupancy floor 73%

Sensitivity live

Price	-10% $2,452	-5% $2,230	+0% $2,008	+5% $1,786	+10% $1,564
Rent	-10% $1,300	-5% $1,654	+0% $2,008	+5% $2,362	+10% $2,716
Rate	-1.0pp $2,403	-0.5pp $2,208	base $2,008	+0.5pp $1,805	+1.0pp $1,598

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$8,956
Total (4 units)			$8,958

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: $196,250
• Closing costs: $23,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 N J St Unit A Tacoma, WA	4.0	1.5	2448	$3,500	$1.43	25d	1	0.29mi
1108 S Ridgewood Ave Tacoma, WA	4.0	2.5	2824	$3,200	$1.13	25d	1	0.84mi
2920 N 31st St Tacoma, WA	3.0	2.5	2501	$4,800	$1.92	8d	1	0.97mi
749 S Mason Ave Tacoma, WA	4.0	3.5	2000	$6,599	$3.30	20d	1	1.39mi

Listing history 21 events

1. 2026-06-18
   days on market $785,000 Active 24 DOM
2. 2026-06-17
   price $785,000 Active 23 DOM
3. 2026-06-17
   days on market $805,000 Active 23 DOM
4. 2026-06-16
   days on market $805,000 Active 22 DOM
5. 2026-06-15
   days on market $805,000 Active 21 DOM
6. 2026-06-13
   days on market $805,000 Active 19 DOM
7. 2026-06-13
   days on market $805,000 Active 18 DOM
8. 2026-06-09
   days on market $805,000 Active 15 DOM
9. 2026-06-08
   days on market $805,000 Active 14 DOM
10. 2026-06-08
    status $805,000 Active 13 DOM
11. 2026-06-07
    status $805,000 Pending 13 DOM
12. 2026-06-04
    days on market $805,000 Active 13 DOM
13. 2026-06-03
    days on market $805,000 Active 12 DOM
14. 2026-06-02
    days on market $805,000 Active 11 DOM
15. 2026-06-01
    days on market $805,000 Active 10 DOM
16. 2026-05-31
    days on market $805,000 Active 9 DOM
17. 2026-05-22
    listed $805,000 Active
18. 1988-07-01
    soldstatus $40,000
19. 1984-06-19
    soldstatus $68,000
20. 1981-01-23
    soldstatus $67,500
21. 1978-02-21
    soldstatus $42,000

ⓘ 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: $7,500 · $625/mo
• Projected year-2 tax: $7,693 · $641/mo
• Expected delta: +$193/yr (+$16/mo · 2.6%)

ⓘ 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 ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $107,496
• − Mortgage interest: −$43,972
• − Property taxes: −$7,500
• − Insurance: −$3,925
• − Repairs & maintenance: −$8,600
• − Management: −$8,600
• − Depreciation: −$22,836
• Taxable income: $12,063
• Est. tax owed @ 24.0%: −$2,895
• After-tax cash flow: $21,202/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): 9,097
• Household income: $88,056
• Rent vs Own: 60.3% rent · 39.7% own
• Severe rent burden: 328.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 12% Hispanic / Latino 7% Asian 4% Black 4% Native American 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Italian 3% Slovak 3%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

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: ▼ -544.66%
• Current HPI: 291.232
• Rent YoY: ▲ 1.87%
• 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

+1816.7% since first listed

5 events — show timeline

• 2026-05-22 Listed $805,000 NWMLS as Distributed by MLS Grid
• 1988-07-01 Sold (Public Records) $40,000 Public Records
• 1984-06-19 Sold (Public Records) $68,000 Public Records
• 1981-01-23 Sold (Public Records) $67,500 Public Records
• 1978-02-21 Sold (Public Records) $42,000 Public Records

Property tax history

+4.9%/yr

Latest (2026): $7,500 · -0.6% YoY. Source: county tax records.