301 S 82nd St · Tacoma, WA 98408

$1,750,000

117 bd · 81.0 ba · 6,696 sqft · MultiFamily public records · 298 Days on market

Built 1963 0.35 ac lot ↓ 5% since listing

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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 +27.7/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

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

Price Improvement 100k! The Alana Apartments present a rare opportunity to acquire a fully renovated 9-unit multifamily property in Tacoma. This turnkey asset features modern interiors with vinyl plank flooring, quartz countertops, new cabinetry, and upgraded fixtures, including brand-new water heaters. Exterior upgrades include fresh paint, updated railings and decking, brand-new exterior doors, a new main electrical panel, and ample off-street parking. The property offers on-site laundry and dedicated storage for each unit. With all major updates complete, the Alana Apartments deliver low-maintenance operations and strong market performance—ideal for investors seeking a stabilized a

Key facts

• Fully renovated
• Quartz countertops
• Upgraded fixtures

Tags

• FULLY RENOVATED
• MODERN INTERIORS
• VINYL PLANK FLOORING
• QUARTZ COUNTERTOPS
• NEW CABINETRY
• UPGRADED FIXTURES

Property features AI

Finance

• Other: Building area total reported at 6,696 square feet
• Financial info: Property is residential income (multi-family); 9 total units; Gross scheduled income: $194,100; Gross adjusted income: $185,250; Total monthly income reported: 193,300; Net operating income: $141,259; Total expenses: $54,707; Electric expense: $1,600; Insurance expense: $12,000; Other expenses: $11,500; Gross rent multiplier: 10; Vacancy rate: 5%; Listing terms: Conventional
• HOA & community: No association (Not applicable)

Exterior

• Parking: Open/uncovered parking with 9 spaces
• Security: Property fully fenced
• Utilities: Electric energy source; Public water (TPU); Sewer connected (TPU); Power provided by TPU
• Home design: Residential income property (multi-family); Building contains 2 stories; Style: 5–9 units
• Construction: Wood construction; Flat roof; Block foundation
• Exterior features: Corner lot with curbs and sidewalk; Fully fenced site; Wood exterior

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Nine units total: mix of 1- and 2-bedroom apartments (several 1-bed units, several 2-bed units)
• Flooring: Vinyl and vinyl plank flooring throughout units
• Bathrooms: All units have one bathroom
• Heating & cooling: Heating present; No central cooling
• Interior features: Updated/remodeled condition; Vinyl and vinyl plank flooring; Coin-operated laundry; Storage available; Fully fenced
• Laundry & utility: Coin-operated laundry on site; Individual units do not have washer/dryer hookups (no in-unit washer/dryer)

What this means for you Summary

Snapshot

• This is a 9 × 13-bed/9.0-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $585/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.75M).
• Recommended offer: $1.54M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 flat; 128 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $20,577/mo this rent would consume 305% of the median local household income ($81k/yr) (locally 383% 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 $12k of loan paydown is wiped out by about $52k 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 298 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,540,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% 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 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.87% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $8,005
• Equity at exit: $260,931

10-year hold

• IRR: 7.9%
• Equity multiple: 1.55×
• Total profit: $267,233
• Equity at exit: $151,308

Cash invested: $490,000 (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 98408

• Rents YoY: 0.9%
• Active inventory: 128
• Price-to-rent: 63.8×

Monthly cashflow live

• Estimated rent: $20,577 medium
• Mortgage (P&I): −$9,177
• Tax from tax record: −$1,088 /mo · $13,052/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,321
• Net cashflow: $5,262

Break-even live

Break-even rent $13,916

Max offer price $1,750,000

Occupancy floor 69%

Sensitivity live

Price	-10% $6,252	-5% $5,757	+0% $5,262	+5% $4,767	+10% $4,271
Rent	-10% $3,636	-5% $4,449	+0% $5,262	+5% $6,075	+10% $6,887
Rate	-1.0pp $6,143	-0.5pp $5,707	base $5,262	+0.5pp $4,808	+1.0pp $4,347

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

Units	Beds	Baths	Est. rent
▸ 9× units	13	9	$20,574
Total (9 units)			$20,577

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,750,000 Active 298 DOM
2. 2026-06-18
   days on market $1,750,000 Active 295 DOM
3. 2026-06-17
   days on market $1,750,000 Active 294 DOM
4. 2026-06-16
   days on market $1,750,000 Active 293 DOM
5. 2026-06-15
   days on market $1,750,000 Active 292 DOM
6. 2026-06-13
   days on market $1,750,000 Active 290 DOM
7. 2026-06-13
   days on market $1,750,000 Active 289 DOM
8. 2026-06-09
   days on market $1,750,000 Active 286 DOM
9. 2026-06-08
   days on market $1,750,000 Active 285 DOM
10. 2026-06-07
    days on market $1,750,000 Active 284 DOM
11. 2026-06-04
    days on market $1,750,000 Active 281 DOM
12. 2026-06-03
    days on market $1,750,000 Active 280 DOM
13. 2026-06-02
    days on market $1,750,000 Active 279 DOM
14. 2026-06-01
    days on market $1,750,000 Active 278 DOM
15. 2026-05-31
    days on market $1,750,000 Active 277 DOM
16. 2025-09-12
    price $1,750,000
17. 2025-08-27
    listed $1,850,000 Active

ⓘ 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: $13,052 · $1,088/mo
• Projected year-2 tax: $17,150 · $1,429/mo
• Expected delta: +$4,098/yr (+$342/mo · 31.4%)

ⓘ 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 · 14 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: $246,924
• − Mortgage interest: −$98,027
• − Property taxes: −$13,052
• − Insurance: −$8,750
• − Repairs & maintenance: −$19,754
• − Management: −$19,754
• − Depreciation: −$50,909
• Taxable income: $36,678
• Est. tax owed @ 24.0%: −$8,803
• After-tax cash flow: $54,339/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): 21,009
• Household income: $80,899
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 383.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 15% Hispanic / Latino 13% Black 10% Asian 8% Pacific Islander 3% Native American 1%
• Hispanic origin (detail): Mexican 8% Cuban 1%
• Common ancestry: Portuguese 3% Lithuanian 3% Italian 2%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 6% Vietnamese 4% 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: ▼ -522.08%
• Current HPI: 346.069
• Rent YoY: ▲ 0.87%
• 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

-5.4% since first listed

2 events — show timeline

• 2025-09-12 Price Changed $1,750,000 NWMLS as Distributed by MLS Grid
• 2025-08-27 Listed $1,850,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2026): $13,052 · -4.9% YoY. Source: county tax records.