Property Details

Sheridan Apartments | 9-Unit Fully Renovated Multifamily | 100% Occupied | $122,921 NOI Rare opportunity to acquire a fully stabilized, turnkey 9-unit asset in the heart of Central Tacoma. Sheridan Apartments offers immediate in-place cash flow with $194,000 gross income and $122,921 NOI, delivering strong performance from day one. This early 1900s Craftsman property has been extensively renovated, including fully updated interiors and a major electrical upgrade. There is no deferred maintenance, making this an ideal solution for investors seeking a low-management, quality asset. The diverse unit mix includes 2 detached homes, 5 apartment units, and 2 townhomes, creating strong tenant appeal and income stability. The property is 100% occupied and has demonstrated significant rent growth over the past several years, reflecting both operational strength and Tacoma’s expanding rental market. Located in Central Tacoma with a Walk Score of 86, the property benefits from proximity to JBLM, major healthcare employers, and multiple higher education campuses. JBLM alone supports over 52,000 employees with substantial off-base housing demand, reinforcing long-term rental stability. Whether completing a 1031 exchange or adding a stabilized asset to your portfolio, Sheridan Apartments provides immediate income, renovation quality, and long-term upside in one of Washington’s most supply-constrained markets.