8821 Pacific AveTacoma, WA 98444

Property Details for 8821 Pacific Ave

Year built

1958

Construction

WOOD FRAME

Lot size

0.89 AC

Property size (Sq ft)

2,352 SF

Zone code

C1

Property type

Hospitality properties

Property subtype

Motels

APN

320333238

APU

320333238

Description

This exceptional Tacoma commercial property, situated on Pacific Avenue, presents a lucrative investment opportunity. The offering includes two buildings totaling 5,904 square feet: a 2,352-square-foot single-story structure and a 3,552-square-foot two-story building. The property also boasts additional land, allowing for potential expansion or development. Currently configured as a 21-unit lodging establishment with an additional two-bedroom manager's unit, the property offers significant flexibility. A recent remodel in 2018 enhanced the units, each equipped with free Wi-Fi, new air conditioning, and spring coolers. Approximately 50% of the units are currently occupied by long-term tenants. The property's operational efficiency is highlighted by its absentee-owner model, managed by a team of three (manager, maintenance, and cleaner). Financial performance demonstrates strong potential, with gross revenue exceeding $440,000 in 2023. The property is being sold as a combined real estate and business venture. The existing 21-unit configuration can be maintained, or the property can be remodeled to create approximately 17 units, with four larger units designated for long-term tenants. This versatile property offers a compelling blend of immediate income generation and significant future development potential in a prime Tacoma location.

• CAP approach

  CAP return

  Valuation

  6%

  $722,909

  6.5%

  $667,301

  7%

  $619,636

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,482,196

  Geo Method

  $1,064,428

• Alternative Use

  Use

  Valuation

  Residential

  $728,498

  Hospitality

  $667,301

  Educational

  $555,186

  Medical

  $574,280

  Retail

  $863,623

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.1765

Longitude

-122.433

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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