3841 S Park Ave · Tacoma, WA 98418

$925,000

48 bd · 36.0 ba · 3,656 sqft · MultiFamily public records · 231 Days on market

Built 1950 9,583 sqft lot

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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
• 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 (5+ Unit). Listing-text estimate: 6 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

$8,840 MONTHLY RENTS | PRICE REDUCED to a 6.78% Cap Rate | 3841 S Park Ave is a well-maintained, single-story 6-unit apartment building. Originally built in 1950 and fully renovated in 2020, the property features a low-maintenance brick façade, double-paned vinyl windows, metal entry doors, and a composition shingle roof replaced in 2020. The unit mix includes two two-bedroom/one-bath apartments and four one-bedroom/one-bath apartments, averaging 750 square feet and 550 square feet, respectively. All six units have been comprehensively renovated within the last five years with luxury vinyl plank flooring, white shaker cabinetry, new appliances, granite countertops, and LED lighting f

Key facts

• Metal entry doors
• 9,583 sq ft lot
• Built 1950

Tags

• LOW-MAINTENANCE BRICK FAÇADE
• DOUBLE-PANED VINYL WINDOWS
• METAL ENTRY DOORS
• COMPOSITION SHINGLE ROOF
• LUXURY VINYL PLANK FLOORING
• WHITE SHAKER CABINETRY

Property features AI

Finance

• Other:
• Financial info: Total of 6 units; Gross scheduled income approximately $98,880; Gross adjusted income approximately $93,936; Total monthly income approximately $8,940; Net operating income approximately $64,957; Total expenses approximately $37,379; Insurance expense approximately $2,214; Other expenses approximately $11,661; Gross rent multiplier about 10.31; Listing terms: Cash or Conventional
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Electric service; Sewer connected; Water/sewer/garbage information available
• Home design: Residential income property (multi-family); 5–9 unit style; 2 stories; Built (effective) in 2008
• Construction: Brick construction; Composition roof; Effective year built 2008
• Exterior features: Brick exterior

Interior

• Kitchen: Each unit equipped with a range/oven; Each unit has a refrigerator; Each unit has a dishwasher
• Bedrooms: Four 1-bedroom units; Two 2-bedroom units
• Flooring: Vinyl plank
• Bathrooms: Six 1-bath units
• Heating & cooling: Baseboard heating; No central air
• Interior features: Vinyl plank flooring; Baseboard heating; No cooling
• Laundry & utility: Coin-operated laundry on site; Individual units do not include washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $6k ($66k/yr) — positive. Per door: $919/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $925k).
• Recommended offer: $814k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 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 $14,818/mo this rent would consume 198% 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 $6k of loan paydown is wiped out by about $28k 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 $259k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 20y ago; this cycle's ask has dropped $125k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $400k; list at $925k implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $814,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 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 1950 — 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: 1.60% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.54%
• DSCR: 2.14
• GRM: 5.2

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: 24.6%
• Equity multiple: 2.08×
• Total profit: $279,606
• Equity at exit: $137,921

10-year hold

• IRR: 35.4%
• Equity multiple: 5.06×
• Total profit: $1,052,385
• Equity at exit: $79,977

Cash invested: $259,000 (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 98418

• Home prices YoY: -29.5%
• Rents YoY: 11.7%
• Active inventory: 56
• Price-to-rent: 31.2×

Monthly cashflow live

• Estimated rent: $14,818 medium
• Mortgage (P&I): −$4,851
• Tax from tax record: −$958 /mo · $11,492/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,112
• Net cashflow: $5,512

Break-even live

Break-even rent $7,840

Max offer price $925,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 6× units	8	6	$14,820
Total (6 units)			$14,818

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-13
   statusdays on market $925,000 Pending 231 DOM
2. 2026-06-09
   days on market $925,000 Active 230 DOM
3. 2026-06-08
   days on market $925,000 Active 229 DOM
4. 2026-06-07
   days on market $925,000 Active 228 DOM
5. 2026-06-04
   days on market $925,000 Active 225 DOM
6. 2026-06-03
   days on market $925,000 Active 224 DOM
7. 2026-06-02
   days on market $925,000 Active 223 DOM
8. 2026-06-01
   days on market $925,000 Active 222 DOM
9. 2026-05-31
   days on market $925,000 Active 221 DOM
10. 2026-05-21
    price $925,000
11. 2025-11-17
    price $1,020,000
12. 2025-10-22
    listed $1,050,000 Active
13. 2023-06-16
    historical
14. 2017-10-06
    soldstatus $400,000 Sold
15. 2017-10-06
    soldstatus $400,000
16. 2017-08-23
    status Pending
17. 2017-07-17
    status Active
18. 2017-07-08
    status Pending Inspection
19. 2017-07-08
    status Active
20. 2017-06-08
    status Pending
21. 2017-06-06
    status Active
22. 2017-05-19
    status Pending
23. 2017-05-07
    status Active
24. 2017-04-29
    status Pending Inspection
25. 2017-04-01
    status Active
26. 2017-03-29
    status Pending Inspection
27. 2017-03-18
    status Active
28. 2017-03-15
    status Pending Inspection
29. 2017-03-08
    status Active
30. 2017-03-01
    status Pending Inspection
31. 2016-12-17
    status Active
32. 2016-12-12
    status Pending Inspection
33. 2016-12-07
    listed $440,000 Active
34. 2007-05-21
    soldstatus $410,000
35. 2007-03-24
    historical
36. 2006-08-15
    listed
37. 1997-07-16
    soldstatus $175,000
38. 1990-10-02
    soldstatus $150,000
39. 1979-10-01
    soldstatus $87,100

ⓘ 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: $11,492 · $958/mo
• Projected year-2 tax: $11,492 · $958/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 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $177,816
• − Mortgage interest: −$51,814
• − Property taxes: −$11,492
• − Insurance: −$4,625
• − Repairs & maintenance: −$14,225
• − Management: −$14,225
• − Depreciation: −$26,909
• Taxable income: $54,525
• Est. tax owed @ 24.0%: −$13,086
• After-tax cash flow: $53,062/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

+962.0% since first listed

30 events — show timeline

• 2026-05-21 Price Changed $925,000 NWMLS as Distributed by MLS Grid
• 2025-11-17 Price Changed $1,020,000 NWMLS as Distributed by MLS Grid
• 2025-10-22 Listed $1,050,000 NWMLS as Distributed by MLS Grid
• 2023-06-16 Rental Removed — APPFOLIO
• 2017-10-06 Sold (Public Records) $400,000 Public Records
• 2017-10-06 Sold (MLS) $400,000 NWMLS as Distributed by MLS Grid
• 2017-08-23 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-17 Relisted — NWMLS as Distributed by MLS Grid
• 2017-07-08 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-08 Relisted — NWMLS as Distributed by MLS Grid
• 2017-06-08 Pending — NWMLS as Distributed by MLS Grid
• 2017-06-06 Relisted — NWMLS as Distributed by MLS Grid
• 2017-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2017-05-07 Relisted — NWMLS as Distributed by MLS Grid
• 2017-04-29 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-01 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-29 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-18 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-15 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-08 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-01 Pending — NWMLS as Distributed by MLS Grid
• 2016-12-17 Relisted — NWMLS as Distributed by MLS Grid
• 2016-12-12 Pending — NWMLS as Distributed by MLS Grid
• 2016-12-07 Listed $440,000 NWMLS as Distributed by MLS Grid
• 2007-05-21 Sold (Public Records) $410,000 Public Records
• 2007-03-24 Delisted — NWMLS as Distributed by MLS Grid
• 2006-08-15 Listed — NWMLS as Distributed by MLS Grid
• 1997-07-16 Sold (Public Records) $175,000 Public Records
• 1990-10-02 Sold (Public Records) $150,000 Public Records
• 1979-10-01 Sold (Public Records) $87,100 Public Records

Property tax history

+6.1%/yr

Latest (2026): $11,492 · -4.9% YoY. Source: county tax records.