Fawcett Development Site
0.41 Acres of Residential Land Offered at $3,950,000 USD in Tacoma, WA 98402
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,950,000
- Property Type
-
Land
Listing Contacts
Brandon Lawler
Verified Profile
Chad Blenz
Verified Profile
Jay Timpani
Verified Profile
Mitchell Belcher
Verified Profile
Steven Chattin
Verified Profile
- Property Info
Property Overview
0.41 acres of raw land located in Downtown Tacoma, situated in an Opportunity Zone with 125 units proposed.
Property Details
- Property Subtype
- Residential/Multifamily
Highlights
- Development Site in Downtown Commercial Core: opportunity to create housing in an area with consistently high demand
- Five blocks from Old City Hall Light Rail Station, and within 1 mile of the city’s largest employers, including MultiCare and the UoW Tacoma
- Preliminary analysis proposes the development of 125 studio, one-, and two-bed units averaging 605 square feet
- Tacoma will continue to favor renting over homeownership with mortgages averaging $1,200 per month more than the average monthly effective rent
- Downtown submarket of North Tacoma has garnered the most attention from developers because it offers access to nightlife, transit, and other amenities
- Tacoma is home to the Port of Tacoma, one of the largest ports in the US, and the MSA boasts the third-largest concentration of aerospace jobs in WA
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