Multi-family

B+ Composite 75.62

Why this score? — see what drove the B+ 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 +30.0/30.0
1% rule +10.0/10.0
DSCR +10.0/10.0
ARV discount +7.5/15.0
Appreciation +5.0/10.0
Schools +4.2/10.0
Livability +3.9/5.0
Rent growth +2.5/5.0
Condition / age +2.5/5.0

$21,500,000

301 E 26th · Tacoma, WA 98421

None bd · 6.0 ba · 246,080 sqft · MultiFamily · 155 Days on market

Built 2026 0.90 ac lot

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Joint Venture Development Opportunity. Mount Bay Apartments is a permit-ready, fully bid, and shovel-ready 307-unit workforce housing development in the heart of Tacoma’s Transportation District. One block from Tacoma Link Light Rail, Sounder, Amtrak, and Greyhound, the project delivers unmatched regional connectivity to downtown Tacoma, Seattle, and Portland—driving strong demand, high occupancy, and long-term value. Designed for working professionals and essential workforce residents, the community features two landscaped courtyards, convenience retail, below-grade parking, a welcoming lobby, fitness center, shared workspace, and a seventh-floor indoor/outdoor sky lounge. The

Key facts

Fitness center
Below grade parking
Welcoming lobby

Property features AI

Finance

Other: Property zoned for city jurisdiction; Possible commercial use; Listing terms: see remarks
Financial info: Total monthly income reported for the property
HOA & community: On‑site amenities include elevator, fire sprinklers and storage

Exterior

Parking: Covered parking (95 spaces); Garage parking (95 spaces)
Security: Security gate
Utilities: Public water (Tacoma Water); Sewer available (Tacoma Sewer); Power: Electric and natural gas (Tacoma City Light); Cable and internet: Comcast
Home design: Residential income, multi‑family property; Multi‑family structure with view; New construction (presale); Estimated completion in 2027; Seven stories; Corner lot with alley, curbs, paved surfaces and sidewalks; Site dimensions approximately 129 x 299
Construction: Built with cement, cement plank, metal/vinyl and wood materials; Flat roof; Poured concrete foundation; New construction
Exterior features: Cement/concrete exterior elements; Cement planked siding; Metal/vinyl elements; Wood products; Deck; Outdoor fireplace; Patio; Sprinkler system; Gated entry; High‑speed internet available; Cable TV available

Interior

Kitchen: Range/oven in all unit types listed; Refrigerator in all unit types listed; Dishwasher in all unit types listed
Bedrooms: Studio units (124 total); Open 1‑bedroom units (56 total); 1‑bedroom units (69 total); 1‑bedroom plus den units (35 total); 2‑bedroom units (23 total); Retail unit (1)
Flooring: Ceramic tile; Concrete; Laminate; Vinyl plank; Carpet
Bathrooms: One‑bath configurations in many unit types; Two‑bath configurations for some 2‑bedroom units
Heating & cooling: Forced air heating; No central cooling noted
Interior features: Ceramic tile, concrete, laminate, vinyl plank and carpet flooring; Elevator; Fire sprinklers; Storage; Thermal windows
Laundry & utility: Washer/dryer in all unit types listed

Neighborhood map

Property Rental comp Retail Transit Schools Stadiums Fortune 500 · Circle radius: 3.0 mi

Loading POIs…

What this means for you Summary

Snapshot

This is a ?-bed/6.0-bath multifamily listed at $21.50M.

Deal economics

At list price, monthly cash flow is $296k ($3.55M/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($563k rent vs $21.50M).
Recommended offer: $18.92M (12.0% below list) — sets the bar for market timing.
Cap rate 22.8% 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: 1 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

In year one you build about $794k of equity ($149k loan paydown + $645k appreciation (3.0% local appreciation)).
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 + 3.0% rent growth), your $6.02M cash investment doubles in ~2 years — after that, you're playing with house money.
By year 2, paydown + projected appreciation supports a ~$1.29M cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 155 days — a 12% lower offer ($18.92M) is reasonable based on typical stale-listing flexibility.

Recommended offer $18,920,000 (12.0% below list)

Questions for the listing agent

It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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?
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?
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.
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.
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: 2.62% ✓
Cap rate: 22.81%
Cash-on-cash: 58.98%
DSCR: 3.62
GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

IRR: 63.9%
Equity multiple: 4.56×
Total profit: $21,444,708
Equity at exit: $9,667,331

10-year hold

IRR: 63.4%
Equity multiple: 9.30×
Total profit: $49,943,846
Equity at exit: $14,898,510

Cash invested: $6,020,000 (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 98421

Active inventory: 1
Price-to-rent: 977.6×

Monthly cashflow live

Estimated rent: $562,639 high interval (Pro) →
Mortgage (P&I): −$112,748
Tax est. 1.5%: −$26,875 /mo · $322,500/yr
Insurance: −$8,958
HOA: −$0
Vacancy / Maint / Mgmt: −$118,154
Net cashflow: $295,903

Break-even live

Break-even rent $188,078

Max offer price $21,500,000

Occupancy floor 42%

Sensitivity live

Price	-10% $310,761	-5% $303,332	+0% $295,903	+5% $288,474	+10% $281,045
Rent	-10% $251,455	-5% $273,679	+0% $295,903	+5% $318,127	+10% $340,352
Rate	-1.0pp $306,731	-0.5pp $301,371	base $295,903	+0.5pp $290,332	+1.0pp $284,664

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

Units	Beds	Baths	Est. rent
▸ 307× units	1	1	$562,731
#1	1	1	$1,833
#2	1	1	$1,833
#3	1	1	$1,833
#4	1	1	$1,833
#5	1	1	$1,833
#6	1	1	$1,833
#7	1	1	$1,833
#8	1	1	$1,833
#9	1	1	$1,833
#10	1	1	$1,833
#11	1	1	$1,833
#12	1	1	$1,833
#13	1	1	$1,833
#14	1	1	$1,833
#15	1	1	$1,833
#16	1	1	$1,833
#17	1	1	$1,833
#18	1	1	$1,833
#19	1	1	$1,833
#20	1	1	$1,833
#21	1	1	$1,833
#22	1	1	$1,833
#23	1	1	$1,833
#24	1	1	$1,833
#25	1	1	$1,833
#26	1	1	$1,833
#27	1	1	$1,833
#28	1	1	$1,833
#29	1	1	$1,833
#30	1	1	$1,833
#31	1	1	$1,833
#32	1	1	$1,833
#33	1	1	$1,833
#34	1	1	$1,833
#35	1	1	$1,833
#36	1	1	$1,833
#37	1	1	$1,833
#38	1	1	$1,833
#39	1	1	$1,833
#40	1	1	$1,833
#41	1	1	$1,833
#42	1	1	$1,833
#43	1	1	$1,833
#44	1	1	$1,833
#45	1	1	$1,833
#46	1	1	$1,833
#47	1	1	$1,833
#48	1	1	$1,833
#49	1	1	$1,833
#50	1	1	$1,833
#51	1	1	$1,833
#52	1	1	$1,833
#53	1	1	$1,833
#54	1	1	$1,833
#55	1	1	$1,833
#56	1	1	$1,833
#57	1	1	$1,833
#58	1	1	$1,833
#59	1	1	$1,833
#60	1	1	$1,833
#61	1	1	$1,833
#62	1	1	$1,833
#63	1	1	$1,833
#64	1	1	$1,833
#65	1	1	$1,833
#66	1	1	$1,833
#67	1	1	$1,833
#68	1	1	$1,833
#69	1	1	$1,833
#70	1	1	$1,833
#71	1	1	$1,833
#72	1	1	$1,833
#73	1	1	$1,833
#74	1	1	$1,833
#75	1	1	$1,833
#76	1	1	$1,833
#77	1	1	$1,833
#78	1	1	$1,833
#79	1	1	$1,833
#80	1	1	$1,833
#81	1	1	$1,833
#82	1	1	$1,833
#83	1	1	$1,833
#84	1	1	$1,833
#85	1	1	$1,833
#86	1	1	$1,833
#87	1	1	$1,833
#88	1	1	$1,833
#89	1	1	$1,833
#90	1	1	$1,833
#91	1	1	$1,833
#92	1	1	$1,833
#93	1	1	$1,833
#94	1	1	$1,833
#95	1	1	$1,833
#96	1	1	$1,833
#97	1	1	$1,833
#98	1	1	$1,833
#99	1	1	$1,833
#100	1	1	$1,833
#101	1	1	$1,833
#102	1	1	$1,833
#103	1	1	$1,833
#104	1	1	$1,833
#105	1	1	$1,833
#106	1	1	$1,833
#107	1	1	$1,833
#108	1	1	$1,833
#109	1	1	$1,833
#110	1	1	$1,833
#111	1	1	$1,833
#112	1	1	$1,833
#113	1	1	$1,833
#114	1	1	$1,833
#115	1	1	$1,833
#116	1	1	$1,833
#117	1	1	$1,833
#118	1	1	$1,833
#119	1	1	$1,833
#120	1	1	$1,833
#121	1	1	$1,833
#122	1	1	$1,833
#123	1	1	$1,833
#124	1	1	$1,833
#125	1	1	$1,833
#126	1	1	$1,833
#127	1	1	$1,833
#128	1	1	$1,833
#129	1	1	$1,833
#130	1	1	$1,833
#131	1	1	$1,833
#132	1	1	$1,833
#133	1	1	$1,833
#134	1	1	$1,833
#135	1	1	$1,833
#136	1	1	$1,833
#137	1	1	$1,833
#138	1	1	$1,833
#139	1	1	$1,833
#140	1	1	$1,833
#141	1	1	$1,833
#142	1	1	$1,833
#143	1	1	$1,833
#144	1	1	$1,833
#145	1	1	$1,833
#146	1	1	$1,833
#147	1	1	$1,833
#148	1	1	$1,833
#149	1	1	$1,833
#150	1	1	$1,833
#151	1	1	$1,833
#152	1	1	$1,833
#153	1	1	$1,833
#154	1	1	$1,833
#155	1	1	$1,833
#156	1	1	$1,833
#157	1	1	$1,833
#158	1	1	$1,833
#159	1	1	$1,833
#160	1	1	$1,833
#161	1	1	$1,833
#162	1	1	$1,833
#163	1	1	$1,833
#164	1	1	$1,833
#165	1	1	$1,833
#166	1	1	$1,833
#167	1	1	$1,833
#168	1	1	$1,833
#169	1	1	$1,833
#170	1	1	$1,833
#171	1	1	$1,833
#172	1	1	$1,833
#173	1	1	$1,833
#174	1	1	$1,833
#175	1	1	$1,833
#176	1	1	$1,833
#177	1	1	$1,833
#178	1	1	$1,833
#179	1	1	$1,833
#180	1	1	$1,833
#181	1	1	$1,833
#182	1	1	$1,833
#183	1	1	$1,833
#184	1	1	$1,833
#185	1	1	$1,833
#186	1	1	$1,833
#187	1	1	$1,833
#188	1	1	$1,833
#189	1	1	$1,833
#190	1	1	$1,833
#191	1	1	$1,833
#192	1	1	$1,833
#193	1	1	$1,833
#194	1	1	$1,833
#195	1	1	$1,833
#196	1	1	$1,833
#197	1	1	$1,833
#198	1	1	$1,833
#199	1	1	$1,833
#200	1	1	$1,833
#201	1	1	$1,833
#202	1	1	$1,833
#203	1	1	$1,833
#204	1	1	$1,833
#205	1	1	$1,833
#206	1	1	$1,833
#207	1	1	$1,833
#208	1	1	$1,833
#209	1	1	$1,833
#210	1	1	$1,833
#211	1	1	$1,833
#212	1	1	$1,833
#213	1	1	$1,833
#214	1	1	$1,833
#215	1	1	$1,833
#216	1	1	$1,833
#217	1	1	$1,833
#218	1	1	$1,833
#219	1	1	$1,833
#220	1	1	$1,833
#221	1	1	$1,833
#222	1	1	$1,833
#223	1	1	$1,833
#224	1	1	$1,833
#225	1	1	$1,833
#226	1	1	$1,833
#227	1	1	$1,833
#228	1	1	$1,833
#229	1	1	$1,833
#230	1	1	$1,833
#231	1	1	$1,833
#232	1	1	$1,833
#233	1	1	$1,833
#234	1	1	$1,833
#235	1	1	$1,833
#236	1	1	$1,833
#237	1	1	$1,833
#238	1	1	$1,833
#239	1	1	$1,833
#240	1	1	$1,833
#241	1	1	$1,833
#242	1	1	$1,833
#243	1	1	$1,833
#244	1	1	$1,833
#245	1	1	$1,833
#246	1	1	$1,833
#247	1	1	$1,833
#248	1	1	$1,833
#249	1	1	$1,833
#250	1	1	$1,833
#251	1	1	$1,833
#252	1	1	$1,833
#253	1	1	$1,833
#254	1	1	$1,833
#255	1	1	$1,833
#256	1	1	$1,833
#257	1	1	$1,833
#258	1	1	$1,833
#259	1	1	$1,833
#260	1	1	$1,833
#261	1	1	$1,833
#262	1	1	$1,833
#263	1	1	$1,833
#264	1	1	$1,833
#265	1	1	$1,833
#266	1	1	$1,833
#267	1	1	$1,833
#268	1	1	$1,833
#269	1	1	$1,833
#270	1	1	$1,833
#271	1	1	$1,833
#272	1	1	$1,833
#273	1	1	$1,833
#274	1	1	$1,833
#275	1	1	$1,833
#276	1	1	$1,833
#277	1	1	$1,833
#278	1	1	$1,833
#279	1	1	$1,833
#280	1	1	$1,833
#281	1	1	$1,833
#282	1	1	$1,833
#283	1	1	$1,833
#284	1	1	$1,833
#285	1	1	$1,833
#286	1	1	$1,833
#287	1	1	$1,833
#288	1	1	$1,833
#289	1	1	$1,833
#290	1	1	$1,833
#291	1	1	$1,833
#292	1	1	$1,833
#293	1	1	$1,833
#294	1	1	$1,833
#295	1	1	$1,833
#296	1	1	$1,833
#297	1	1	$1,833
#298	1	1	$1,833
#299	1	1	$1,833
#300	1	1	$1,833
#301	1	1	$1,833
#302	1	1	$1,833
#303	1	1	$1,833
#304	1	1	$1,833
#305	1	1	$1,833
#306	1	1	$1,833
#307	1	1	$1,833
Total (307 units)			$562,639

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: $5,375,000
Closing costs: $645,000
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Down + closing: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Listing history 15 events

2026-06-18

days on market $21,500,000 Active 155 DOM
2026-06-17

days on market $21,500,000 Active 154 DOM
2026-06-16

days on market $21,500,000 Active 153 DOM
2026-06-15

days on market $21,500,000 Active 152 DOM
2026-06-13

days on market $21,500,000 Active 150 DOM
2026-06-13

days on market $21,500,000 Active 149 DOM
2026-06-09

days on market $21,500,000 Active 146 DOM
2026-06-08

days on market $21,500,000 Active 145 DOM
2026-06-07

days on market $21,500,000 Active 144 DOM
2026-06-04

days on market $21,500,000 Active 141 DOM
2026-06-03

days on market $21,500,000 Active 140 DOM
2026-06-02

days on market $21,500,000 Active 139 DOM
2026-06-01

days on market $21,500,000 Active 138 DOM
2026-05-31

days on market $21,500,000 Active 137 DOM
2026-01-14

listed $21,500,000 Active

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $6,751,668
− Mortgage interest: −$1,204,334
− Property taxes: −$322,500
− Insurance: −$107,500
− Repairs & maintenance: −$540,133
− Management: −$540,133
− Depreciation: −$625,455
Taxable income: $3,411,612

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$818,787
After-tax cash flow: $2,732,051/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
City population: 212,935
Population (ZIP): 249

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 0.60)
Race & ethnicity: White 57% Black 27% Pacific Islander 12% Hispanic / Latino 3% Native American 1%
Languages at home: 84% English-only · Spanish 12% Other Asian/Pacific 3%

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: —
Current HPI: —
Rent YoY: —
Metro: —
State GDP YoY: ▲ 4.65%
F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
Retail	2	$269B
#12 Costco Wholesale Issaquah $254.5B #236 Nordstrom Seattle $14.9B
Technology / Retail	1	$638B
#2 Amazon Seattle $638.0B
Technology	1	$245B
#14 Microsoft Redmond $245.1B
Telecommunications	1	$38B
#113 T-Mobile US Bellevue $38.3B
Food / Beverage	1	$36B
#230 Starbucks Seattle $36.2B
Automotive / Trucks	1	$34B
#123 PACCAR Bellevue $33.7B

Price history

1 event — show timeline

2026-01-14 Listed $21,500,000 NWMLS as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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301 E 26th · Tacoma, WA

Flood risk No data

Fire risk No data

Heat risk No data

Wind risk No data

Air-quality risk No data