Rare shovel-ready, fully permitted 20-unit multifamily development opportunity with approved plans included, allowing developers to begin construction immediately in one of Tacoma’s strongest urban corridors. The seller is open to a joint venture structure or partial seller financing, creating flexible capital options for builders and investors. Approved for a 20-unit apartment building featuring efficiently designed one-bedroom units averaging approximately 450 SF, the project is designed for strong rental demand and qualifies for Tacoma’s 12-Year Multifamily Tax Exemption (MFTE), providing substantial 12-year property tax savings on residential improvements. Ideally located just minutes from UW Tacoma, four minutes to downtown Tacoma, and only two blocks from the Tacoma Link light rail, creating a compelling transit-oriented multifamily development opportunity near major employers, education, and urban amenities. The site also offers views of Mount Rainier and the Tacoma skyline, further enhancing tenant appeal. Few fully entitled multifamily development sites remain in this rapidly growing Tacoma corridor, making this a compelling opportunity for developers seeking a ready-to-build project in a high-demand location. Renderings shown are of the approved project and do not represent current site conditions.
Listing Provided Courtesy of Tim Bower, Berkshire Hathaway HS NW
General Information
NWM2464306
Single Family Residence
315
DOM
4
8123.94 SqFt
2
1870
1920
Pierce
Residential
Single Family Residence
Listing Provided Courtesy of Tim Bower, Berkshire Hathaway HS NW
Krishna Realty data last checked: Mar 16, 2026 13:25 | Listing last modified Mar 13, 2026 19:04,
Source:
Rare shovel-ready, fully permitted 20-unit multifamily development opportunity with approved plans included, allowing developers to begin construction immediately in one of Tacoma’s strongest urban corridors. The seller is open to a joint venture structure or partial seller financing, creating flexible capital options for builders and investors. Approved for a 20-unit apartment building featuring efficiently designed one-bedroom units averaging approximately 450 SF, the project is designed for strong rental demand and qualifies for Tacoma’s 12-Year Multifamily Tax Exemption (MFTE), providing substantial 12-year property tax savings on residential improvements. Ideally located just minutes from UW Tacoma, four minutes to downtown Tacoma, and only two blocks from the Tacoma Link light rail, creating a compelling transit-oriented multifamily development opportunity near major employers, education, and urban amenities. The site also offers views of Mount Rainier and the Tacoma skyline, further enhancing tenant appeal. Few fully entitled multifamily development sites remain in this rapidly growing Tacoma corridor, making this a compelling opportunity for developers seeking a ready-to-build project in a high-demand location. Renderings shown are of the approved project and do not represent current site conditions.
