Property Details

7902 27th St W

University Place, WA 98466

$3,300,000

Available

CBA# 712503 courtesy of CBA Listing firm: Northmarq Multifamily LLC

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Office / Retail

Property Type

15,533

Bldg Sq Ft

Units

6.00%

Cap Rate

1961

Year Built

Property Overview

Northmarq is pleased to present Prestige Center, a 19-unit mixed-use asset comprised of 10 apartment units and 9 commercial suites located in University Place, a well-established submarket within the greater Tacoma area. Built in 1961, the property totals approximately 15,400 net rentable square feet, including 8,000 SF of residential space and 7,400 SF of commercial space. The residential component features a balanced mix of five one-bedroom units averaging 700 SF and five two-bedroom units averaging 900 SF. The property also includes 38 surface parking spaces, supporting both residential tenants and retail users. The asset is currently generating $209,664 in net operating income and is offered at a 6.35% in-place CAP rate, providing stable cash flow with embedded upside. Current rents are approximately 6.53% below market, providing a clear path for a new owner to increase revenue and enhance overall returns. Situated in University Place, the property benefits from proximity to major employment centers including Joint Base Lewis-McChord, MultiCare Health System, CHI Franciscan Health, and the University of Washington Tacoma. The area’s strong employment base, combined with convenient access to Tacoma and regional transit corridors, supports consistent residential and commercial demand.