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The Chelsea

The Chelsea is a 20-unit apartment community built in 1964. The property is situated on a 13,000 sf corner lot just a few blocks from the Tacoma Dome Sound Transit Station. Ten (10) of the units are a 1 bedroom 1 bath layout and the remaining ten (10) are studios. The apartment homes face a nicely landscaped courtyard or open up to their own fenced patio yards. The unit interiors have newer flooring, trim, lighting, and modern paint. Some recent capital expenditures include all new electrical panels and upgrades (2021), new asphalt parking lot (2022), exterior lighting (2022), landscaping (2022), new vinyl windows (2017). Roofs were installed 2015 (two story building) and 2017 (1 story building). This investment requires no heavy lifting from a purchaser as current ownership has managed the community very effectively.

Address

3315 McKinley Ave
Tacoma, WA 98404

Type

Multi-Family

Status

Sold

Price

$ 3,500,000

Cap Rate

5.5%

# of Units

20

Price per Unit

$ 175,000

Available SF

8,376 SF

Price Per SF

$ 417

Land Area

13,000 SF

Year Built

1964

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