Property Details
615 Martin Luther King Jr Way
Tacoma, WA 98405
$599,999
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Property Overview
Exceptional turnkey investment opportunity in the heart of Downtown Tacoma near Wright Park! Fully renovated, this property functions as a tri-plex while maintaining its legal duplex status, offering two spacious 3-bedroom units, plus a finished lower-level 2-bedroom unit for additional income potential. All three units have been extensively updated and are currently vacant, providing flexibility for investors seeking market rents or owner-occupants looking to offset their mortgage with rental income. Three separate electric meters allow tenants to pay their own electricity, helping reduce operating expenses. The property also offers outstanding future upside with potential to construct a Detached Accessory Dwelling Unit (DADU) in the rear yard, creating the opportunity for a 4th additional income-producing unit. A freshly improved backyard, alley access, and three dedicated parking spaces further enhance the property's functionality and appeal. Located amongst major hospitals, medical facilities, transit, the Tacoma Link light rail, downtown Tacoma, and major commuter routes, this is an ideal location for healthcare professionals, commuters, and long-term tenants alike. A rare opportunity to acquire a move-in-ready investment property with immediate cash flow potential and future development possibilities. Buyer to verify all redevelopment, zoning, and DADU potential. Approx. 11.6% cap rate, $84,000 gross annual income, and $7,000/month in rental income.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Pierce
Neighborhood
Stadium District
Listed
Jul 30, 2026
Original Price
$619,999
Structure Type
Triplex
Parcel Number
2006210070
Tax & HOA
Annual Property Tax
$4,371 (2026)
Est. Monthly Tax
$364/mo
Financial Summary
Cap Rate
11.60%
Net Operating Income
$71,929
Gross Scheduled Income
$84,000
Gross Rent Multiplier
7.38
Total Expenses
$12,071
Building & Use
Building Sq Ft
2,986
Leasable Area
2,986 sqft
Total Units
3
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
3,511 sqft
Year Built
1892
Exterior & Lot
Lot Size
0.08 sqft
Year Built
1892
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Alley, Curbs, Paved, Sidewalk
Exterior Features
Wood Products
Community & Access
Directions
Use GPS 🙂
Location
City
Tacoma
County
Pierce
Coordinates
47.25665, -122.45235
Additional Information
Tax Year
2026
Annual Taxes
$4,371
Possession
Array
Based on information submitted to the MLS GRID as of August 13, 2026 1:30 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
