9445 S Park Ave · Tacoma, WA 98444

$955,000

35 bd · 25.0 ba · 3,836 sqft · MultiFamily · 104 Days on market

Built 1925 0.28 ac 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 +25.4/30.0
• Appreciation +10.0/10.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

This is a 5 plex in which the property offers three updated residential units and two commercial units, with the upper/second-story roof recently renovated in 2017. Renovated in 2004. The commercial zoning designation presents a unique opportunity for business or investment. Additionally, the property's owned washer and dryer provide a convenient amenity for tenants.

Key facts

• 0.28 acre lot
• Built 1925
• Listed 104 days

Tags

• RECENTLY RENOVATED ROOF
• OWNED WASHER AND DRYER

Property features AI

Finance

• Other: Building total area reported as 3,836 square feet; Lot size reported as approximately 0.28 acres
• Financial info: Multi-family income information provided: gross scheduled income and adjusted income, total monthly income and expenses; Gross Scheduled Income: $64,800; Gross Adjusted Income: $61,560; Total Monthly Income: $5,300; Total Expenses: $16,999; Insurance expense: $4,583; Other expense: $6,930; Net operating income: $76,800; Gross rent multiplier: 9; Vacancy rate: 5%; Listing terms: Conventional

Exterior

• Parking: 12 uncovered parking spaces
• Utilities: Electric energy source; Water service provided by Tacoma; Sewer connected (Tacoma); Power provided by Tacoma; Monthly water/sewer/garbage fee noted (value listed)
• Home design: Residential income property (multi-family); 5-unit building; 2 stories; Built or effectively 1925; Property condition listed as good; Possible commercial or multi-family use
• Construction: Construction materials: metal/vinyl and wood; Composition roof; Block foundation; Effective year built 1925
• Exterior features: Exterior finished with metal/vinyl and wood products

Interior

• Kitchen: Range/oven provided in several units; Refrigerator provided in several units; Some units do not include dishwashers
• Bedrooms: Unit mix includes 3-bedroom, 2-bedroom and studio/efficiency units (various units)
• Flooring: Hardwood flooring; Vinyl plank flooring
• Bathrooms: All units have 1 bathroom
• Heating & cooling: Heating present; Ductless heating; Radiant heating; Wall furnaces; Cooling present; Radiant cooling; Wall unit air conditioners
• Interior features: Hardwood and vinyl plank flooring
• Laundry & utility: Washer and dryer included in some units; other units do not have washer/dryer

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/?-bath units multifamily listed at $955k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $438/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $955k).
• Recommended offer: $869k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+2.9%/yr); 158 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $11,124/mo this rent would consume 204% of the median local household income ($65k/yr) (locally 2169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $102k of equity ($7k loan paydown + $96k appreciation (10.0% local appreciation)).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 2.9% rent growth), your $267k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$164k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($869k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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 $560k; list at $955k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $869,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 1925 — 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: 1.16% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.82%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.93% rent growth · sell at horizon

5-year hold

• IRR: 31.4%
• Equity multiple: 3.46×
• Total profit: $658,869
• Equity at exit: $860,340

10-year hold

• IRR: 27.2%
• Equity multiple: 7.84×
• Total profit: $1,829,413
• Equity at exit: $1,855,355

Cash invested: $267,400 (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 98444

• Home prices YoY: 3.6%
• Rents YoY: 2.9%
• Active inventory: 158
• Price-to-rent: 35.8×

Monthly cashflow live

• Estimated rent: $11,124 medium
• Mortgage (P&I): −$5,008
• Tax est. 1.5%: −$1,194 /mo · $14,325/yr
• Insurance: −$398
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,336
• Net cashflow: $2,188

Break-even live

Break-even rent $8,354

Max offer price $955,000

Occupancy floor 75%

Sensitivity live

Price	-10% $2,848	-5% $2,518	+0% $2,188	+5% $1,858	+10% $1,528
Rent	-10% $1,309	-5% $1,749	+0% $2,188	+5% $2,628	+10% $3,067
Rate	-1.0pp $2,669	-0.5pp $2,431	base $2,188	+0.5pp $1,941	+1.0pp $1,689

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	—	$11,125
Total (5 units)			$11,124

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: $238,750
• Closing costs: $28,650
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   price $955,000 Active 104 DOM
2. 2026-06-18
   days on market $965,000 Active 104 DOM
3. 2026-06-17
   days on market $965,000 Active 103 DOM
4. 2026-06-16
   days on market $965,000 Active 102 DOM
5. 2026-06-15
   days on market $965,000 Active 101 DOM
6. 2026-06-13
   days on market $965,000 Active 99 DOM
7. 2026-06-13
   days on market $965,000 Active 98 DOM
8. 2026-06-09
   days on market $965,000 Active 95 DOM
9. 2026-06-08
   days on market $965,000 Active 94 DOM
10. 2026-06-07
    days on market $965,000 Active 93 DOM
11. 2026-06-04
    days on market $965,000 Active 90 DOM
12. 2026-06-03
    days on market $965,000 Active 89 DOM
13. 2026-06-02
    days on market $965,000 Active 88 DOM
14. 2026-06-01
    days on market $965,000 Active 87 DOM
15. 2026-05-31
    days on market $965,000 Active 86 DOM
16. 2026-05-06
    price $965,000
17. 2026-03-06
    listed $975,000 Active
18. 2019-03-06
    soldstatus $560,000 Sold
19. 2018-12-07
    status Pending
20. 2018-11-05
    status Pending Inspection
21. 2018-10-30
    status Active
22. 2018-09-05
    historical Cancelled
23. 2018-07-27
    status Active
24. 2018-07-18
    status Pending Feasibility
25. 2018-06-18
    status Active
26. 2018-06-05
    status Pending Feasibility
27. 2018-05-30
    status Active
28. 2018-05-25
    status Pending Inspection
29. 2018-05-18
    listed $575,000 Active

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

Taxation est. · year 1

• Rental income: $133,488
• − Mortgage interest: −$53,495
• − Property taxes: −$14,325
• − Insurance: −$4,775
• − Repairs & maintenance: −$10,679
• − Management: −$10,679
• − Depreciation: −$27,782
• Taxable income: $11,753
• Est. tax owed @ 24.0%: −$2,821
• After-tax cash flow: $23,437/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): 35,754
• Household income: $65,342
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 2169.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 40% Hispanic / Latino 19% Two or more races 17% Black 16% Asian 11% Pacific Islander 4% Native American 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Portuguese 3% Scotch-Irish 2% Swedish 1%
• Foreign-born: 21% · Canada, South Korea, Vietnam
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 6% Korean 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: ▲ 45.01%
• Current HPI: 1297.51
• Rent YoY: ▲ 2.93%
• 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

+67.8% since first listed

14 events — show timeline

• 2026-05-06 Price Changed $965,000 NWMLS as Distributed by MLS Grid
• 2026-03-06 Listed $975,000 NWMLS as Distributed by MLS Grid
• 2019-03-06 Sold (MLS) $560,000 NWMLS as Distributed by MLS Grid
• 2018-12-07 Pending — NWMLS as Distributed by MLS Grid
• 2018-11-05 Pending — NWMLS as Distributed by MLS Grid
• 2018-10-30 Relisted — NWMLS as Distributed by MLS Grid
• 2018-09-05 Delisted — NWMLS as Distributed by MLS Grid
• 2018-07-27 Relisted — NWMLS as Distributed by MLS Grid
• 2018-07-18 Pending — NWMLS as Distributed by MLS Grid
• 2018-06-18 Relisted — NWMLS as Distributed by MLS Grid
• 2018-06-05 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-30 Relisted — NWMLS as Distributed by MLS Grid
• 2018-05-25 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-18 Listed $575,000 NWMLS as Distributed by MLS Grid