301 E 26th

Tacoma, WA 98421

$21,500,000B+

None bd · 6.0 ba · 246,080 sqft · Built 2026 · MultiFamily · Active · 158 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $560,281/mo
• Mortgage (P&I): −$112,748
• Tax + insurance: −$35,833
• HOA: −$0
• Vac / Maint / Mgmt: −$117,659
• Net cashflow: $294,040/mo
• Annual: $3,528,484/yr
• Cap rate: 22.70%
• Cash-on-cash: 58.61%
• DSCR: 3.61
• 1% rule: 2.61%
• Cash to close: $6,020,000

Investor read

• This is a ?-bed/6.0-bath multifamily listed at $21.50M.
• At list price, monthly cash flow is $294k ($3.53M/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($560k rent vs $21.50M).
• It's been on market 158 days — a 12% lower offer ($18.92M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $18.92M (12.0% below list) — sets the bar for market timing.
• In year one you build about $794k of equity ($149k loan paydown + $645k appreciation (3.0% local appreciation)).
• 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).
• 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.
• Cap rate 22.7% vs local median 2.8% 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.

Questions for listing agent

• It's been on market 158 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.