702 N L St · Tacoma, WA 98403

$875,000

25 bd · 25.0 ba · 3,084 sqft · MultiFamily public records · 6 Days on market

Built 1949 9,750 sqft lot

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Why this score? — see what drove the D 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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• 1% rule +3.2/10.0
• 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 (5+ Unit). Listing-text estimate: 5 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

Welcome to this single level brick 5-plex in great North End Tacoma location. Well maintained property includes three 1 bedroom units, one studio unit and one 2 bedroom unit. 2 bd unit includes washer & dryer in unit. Strong rental history. Current rents are below market value. 3 single car garages can be rented as storage for additional income. Additional carport with space for 2 cars. New roof - May 2026. Convenient location in close proximity to bus line, grocery store, restaurants and downtown Tacoma amenities. Quick, easy freeway access. Investment opportunity!

Key facts

• One 2 bedroom unit
• One studio unit
• 9,750 sq ft lot

Tags

• NORTH END TACOMA LOCATION
• THREE 1 BEDROOM UNITS
• ONE STUDIO UNIT
• ONE 2 BEDROOM UNIT
• WASHER AND DRYER IN UNIT
• STRONG RENTAL HISTORY

Property features AI

Finance

• Other: Calculated building area: 3,084 square feet
• Financial info: Gross scheduled income: $75,780 per year; Total monthly income reported: $5,440; Gross adjusted income: $75,780; Net operating income: $51,627; Total expenses: $23,573.31; Electric expense: $777.70; Insurance expense: $231.23; Other expenses: $7,162.06; Gross rent multiplier: 11.55; Listing terms: Cash, Conventional, VA Loan; Water/sewer/garbage (reported): 7002.32

Exterior

• Parking: 3 garage spaces; 2 carport spaces; 5 covered parking spaces
• Utilities: Electric energy source; Public water (TPU); Sewer connected (TPU); Power company: TPU; Cable: Xfinity and Click available; Internet: Xfinity and Click available
• Home design: Multi-family residential income property; 5 total units; Single-story structure
• Construction: Brick construction; Composition roof; Poured concrete foundation; Built as a 5–9 unit style
• Exterior features: Corner lot with paved streets and sidewalks; Brick exterior

Interior

• Kitchen: Unit A: Range/oven, refrigerator, dishwasher; Unit B: Range/oven, refrigerator; Unit C: Range/oven, refrigerator, dishwasher; Unit D: Range/oven, refrigerator, dishwasher; Unit E: Range/oven, refrigerator, dishwasher
• Bedrooms: Unit A: 1 bedroom; Unit B: 1 bedroom; Unit C: 1 bedroom; Unit D: (bedrooms not specified); Unit E: 2 bedrooms
• Bathrooms: Unit A: 1 bathroom; Unit B: 1 bathroom; Unit C: 1 bathroom; Unit D: 1 bathroom; Unit E: 1 bathroom
• Heating & cooling: Wall furnace heating; No central cooling
• Interior features: Basement
• Laundry & utility: Unit E: Washer/Dryer included; Units A–D: No in-unit washer/dryer

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $74 ($886/yr) — positive. Per door: $15/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $719k (17.9% below list).
• Recommended offer: $719k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $7,187/mo this rent would consume 98% 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 $6k of loan paydown is wiped out by about $26k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $453k; list at $875k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $718,700 (17.9% 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 1949 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.36%
• DSCR: 1.02
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.9%
• Equity multiple: 0.41×
• Total profit: $-145,332
• Equity at exit: $130,465

10-year hold

• IRR: -10.9%
• Equity multiple: 0.37×
• Total profit: $-153,579
• Equity at exit: $75,654

Cash invested: $245,000 (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 98403

• Rents YoY: 1.9%
• Active inventory: 41
• Price-to-rent: 51.5×

Monthly cashflow live

• Estimated rent: $7,187 high
• Mortgage (P&I): −$4,589
• Tax from tax record: −$651 /mo · $7,809/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,509
• Net cashflow: $74

Break-even live

Break-even rent $7,094

Max offer price $875,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,668
1× unit	2	1	$1,521
Total (5 units)			$7,187

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $875,000 Active 6 DOM
2. 2026-06-17
   days on market $875,000 Active 5 DOM
3. 2026-06-16
   days on market $875,000 Active 4 DOM
4. 2026-06-15
   days on market $875,000 Active 3 DOM
5. 2026-06-13
   remarks 574-char remark
6. 2026-06-13
   listed $875,000 Active 1 DOM

ⓘ 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: $7,809 · $651/mo
• Projected year-2 tax: $8,575 · $715/mo
• Expected delta: +$766/yr (+$64/mo · 9.8%)

ⓘ 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: $86,244
• − Mortgage interest: −$49,014
• − Property taxes: −$7,809
• − Insurance: −$4,375
• − Repairs & maintenance: −$6,900
• − Management: −$6,900
• − Depreciation: −$25,455
• Taxable loss: −$14,207
• Est. tax savings @ 24.0%: +$3,410
• After-tax cash flow: $4,295/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

+307.0% since first listed

6 events — show timeline

• 2026-06-12 Listed $875,000 NWMLS as Distributed by MLS Grid
• 2005-05-27 Sold (Public Records) $453,000 Public Records
• 2005-05-27 Sold (MLS) $453,000 NWMLS as Distributed by MLS Grid
• 2005-04-21 Delisted — NWMLS as Distributed by MLS Grid
• 2005-04-11 Listed $453,000 NWMLS as Distributed by MLS Grid
• 2000-12-13 Sold (Public Records) $215,000 Public Records

Property tax history

+2.4%/yr

Latest (2026): $7,809 · -4.9% YoY. Source: county tax records.