The McIlvaine Apartments is a piece of Tacoma’s history. The property consists of a manageable 8-unit community paired with ample land for future development. Originally built in 1912, the property stood as a historic destination for renters to pair an old world with the new.

Today, the McIlvaine pairs modern finishes with old charm, boasting original molding, grand columns, built in cabinetry, arched walkways, original old growth wood flooring and tall window bays. Current ownership used their expertise to create interior finishes that match modern new construction, featuring quartz countertops, new kitchen cabinet packages including stainless steel appliances, dishwashers, new lighting throughout, updated plumbing and electrical systems, and, stackable washer and dryer units in every unit allowing tenants to do laundry in the comfort of their home.

These upgrades to large 850-1,000SF floorplans appeal to a renter demographic that is robust in the area. It is shown through proven rental premiums for the two-bedroom floorplans that achieve up to $1,895 in monthly rental income (before additionally charging for parking and RUBS). Allowing, an investor the ability to immediately enjoy cashflow from day 1.

The value add component will come from a multitude of options, not the least of which being rent increases for some of the tenants at below market rents. Additionally, the large piece of vacant land adjacent presents an investor a wonderful opportunity to build more units for long-term value creation.