Property Details
615 Martin Luther King Junior Way
Tacoma, WA 98405
$699,000
Pending
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Property Overview
Two Three Bedroom Units Plus Finished Basement! Discover a fantastic investment opportunity at 615 Martin Luther King Jr Way in Tacoma. This remodeled property features three updated units that are currently vacant, offering immediate flexibility for investors or owner-occupants. Each unit has been refreshed, making this a turnkey opportunity ready for tenants or personal use. The property also offers excellent value-add potential to add/build a Detached Accessory Dwelling Unit (DADU) on the property, creating additional income streams and maximizing the lot’s potential. Located in a convenient Tacoma location with access to major roads, transit, and local amenities, this property presents a compelling opportunity for investors looking for both current usability and future development upside. Three parking spaces in rear and potenial development in back. Buyer to verify all redevelopment and zoning potential.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending
County
Pierce
Neighborhood
Stadium District
Listed
Mar 17, 2026
Original Price
$749,000
Financial Summary
Cap Rate
6.00%
Net Operating Income
$44,886
Gross Scheduled Income
$60,000
Gross Rent Multiplier
12.48
Total Expenses
$12,114
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
2,984
Leasable Area
2,984 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
Lot Features
Paved, Sidewalk
Exterior Features
Wood Products
Location
City
Tacoma
County
Pierce
Coordinates
47.25665, -122.45235
Additional Information
Tax Year
2025
Annual Taxes
$4,414
Possession
Array
Based on information submitted to the MLS GRID as of April 25, 2026 4:34 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.
