PRICE: $495,000
PHYSICAL INFORMATION
Location: 2316 S G Street
City, State: Tacoma, WA 98405
County: Pierce
Acreage: 0.112
Square Feet: 4,860
Zoning: DR
Unique opportunity to acquire a development parcel in downtown Tacoma, Washington with plans for 16 studio units and one two-bedroom unit. Only two of the 17 units need to be rented at affordable rates to qualify for a 12-year property tax exemption. An 8-year property tax exemption is automatic.
DOCUMENTS INCLUDED WITH LAND SALE:
• Phase I environmental report
TAX INFORMATION
APN: 280500-0-340
• Drawing from Tacoma Power and how to bring in power
• Permanent easement from Tacoma Housing Authority for setback
For additional details and information about the available 8-and 12-year property tax exemptions for the entire building (excluding the land), call Aaron Douglas at (971) 717.6337.
• Geotechnical report
• Survey
FOR MORE INFORMATION
Aaron Douglas | aaron@hfore.com | (971) 717.6337
Greg Frick | greg@hfore.com | (971) 717.6332
HFO Investment Real Estate
www.hfore.com
(503) 241.5541
Fax: (503) 241.5548
Brokers licensed in the States of Oregon and Washington
The City of Tacoma does not charge system impact fees for multifamily housing. Tacoma offers prioritization for processing of Multifamily permits.
For more information about Multifamily permits and development, please contact the City of Tacoma Development Services Department at (253) 591-5030.
Effective 01/01/2023
University of Puget Sound
Tacoma Community College
Mary Bridge Children's Hospital
Stadium High School
Washington United Terminals
Foss Waterway Seaport
Children's Museum of Tacoma
University of Washington Tacoma
St. Joseph Medical Center
Development Site
Tacoma Mall
Tacoma Art Museum
Washington State History Museum
Museum of Glass
509
705 Business
Emerald Queen Casino and Hotel
LeMay – America's Car Museum
The 2316 S G Street parcel is located 0.2 miles from Tacoma Town Center, a new mixed-use development just five blocks away.
The urban revitalization project is focused on redeveloping several blocks that will bridge the divide between the Brewery District and the Museum District to unify the downtown area. The project includes retail, office, and residential space. A section of Fawcett Avenue is slated to be removed to make way for a pedestrian and bicycle promenade. One apartment building is already complete. The remaining buildings are on a brief hold pending financing. Learn more about the project at https://bit.ly/TacomaTownC.
Illustrations courtesy of Caron Architecture LLC
The subject property is 0.5 miles (a 6-10 minute walk) from the Tacoma Link Hilltop extension.
The 21st and Martin Luther King Jr. Way station will open by the end of 2023 and will offer service every 10 minutes from 5 a.m. to 10 p.m.
The Tacoma Link light rail provides service to the Hilltop District, MultiCare Tacoma General Hospital, The Stadium District, S. 4th, Old City Hall, Theater District, Convention Center, Union Station, S. 25th, and the Tacoma Dome, where it connects to the Sounder train and other transportation options.
The fare will be an affordable $1.50, and another extension to Tacoma Community College via 19th Street is expected to be complete by 2039.
Tacoma is part of the Seattle-Tacoma-Bellevue MSA. It is the secondlargest city in the Puget Sound region and third-largest in the state.
Tacoma is the county seat of Pierce County.
The Seattle-Tacoma-Bellevue region’s population is 4.01 million. The Puget Sound MSA is the 15th-largest in the nation and was the fastest-growing big city of the last decade. According to an APEX moving study, many Seattle residents are relocating to Tacoma, where housing remain more affordable.
Tacoma’s current employment base is 19.6% above Q1 2013. The city's largest employer is Joint Army/Air Force Base Lewis-McChord, which employs more than 54,000 people.
Seven highways end or pass through Tacoma, including the highly traveled Interstate 5. Sound Transit also offers light-rail linking the Tacoma Dome with the University of Washington and downtown Seattle.
Washington State Ferries travel from Point Defiance to the southern tip of Vashon Island. Amtrak offers regular daily service to Vancouver, British Columbia, and Eugene, Oregon.
Tacoma’s power and water company has been publicly owned since 1893.
Tacoma has more than 50 distinct neighborhoods.
Schools in the area include Tacoma Public Schools’ 35 elementary, 11 middle, and 10 high schools, and four early learning schools.
Colleges and universities in the area include the University of Puget Sound, Tacoma Community College, City University of Seattle-Tacoma, Bates Technical College, Evergreen State College, Corban University, and the University of WashingtonTacoma.
Tacoma’s exceptional museums and parks include Point Defiance Zoo & Aquarium, America’s Car Museum, the Museum of Glass, and the Tacoma Art Museum.
Downtown’s Broadway Center for the Arts is home to three theaters hosting performances by the Opera, Symphony, Ballet, Philharmonic, and others.
VACANCY RATE FORECAST*
6.5% - 7.2% between 2022-2024
FUTURE RENT FORECAST – Y/Y MARKET RENT GROWTH*
1.5% in 2023
3.5% in 2024
CONSTRUCTION FORECAST*
2,804 units expected 2023-2025
1,424 additional proposed 2023-2027
*CoStar
Today's private investments in downtown Tacoma top $1 billion, with private investment surpassing public investments by 4:1. Tacoma offers sweeping mountain, city, and water views. Downtown Tacoma has a daytime population of 130,000 within three miles of the site, with many large office towers within walking distance.
• Tacoma was listed by Forbes Magazine as a top housing market to watch in 2022 and #3 for Top Places to Live by the Today Show in 2023
• Livability ranked Tacoma as #58 in its top-100 best places to live in America in 2022, citing the city’s growing aerospace scene, skilled workforce, universities, world-class healthcare, walkable neighborhoods, parks, and easy access to the outdoors.
221,776 Population 11.7% Population growth since 2010
44% % Renters
$69,956 Median household income
31.3% Residents with a bachelor’s degree or higher
Data sources: U.S. Census Bureau; Bureau of Labor Statistics; Washington Employment Security Department
Pierce County is a coastal area in northwestern Washington State that includes Puget Sound. The highest point in Washington State, Mt. Rainier (14,410 feet), is located in Pierce County, drawing outdoor enthusiasts to the area.
Initially, lumber was the region's main economic driver, with local timber used in shipyards.
After timber’s decline in the 1980s, software, biotech, and Internet companies led to a regional economic revival, and workers in Pierce County began commuting to Seattle. Today, more than 25% of Pierce County workers drive to jobs in King County, where housing costs are much higher. In addition, Pierce County has diversified into healthcare and the expansion of Boeing aerospace.
The median household wage in Pierce County is $82,574 and occupations with aboveaverage incomes are expected to grow.
As of May 2023, the unemployment rate was 3.5%.
While Pierce County has the benefits of a large and easily accessible city, its cost of living is lower than nearby King County (Seattle).
35.6% of housing in the county is renter-occupied, and the median closed sale price for a home in Pierce County is $590,000, according to Realtor.com (as of June 2023).
(Source: Tacoma Economic Development Board)
Price: $495,000
Location: 2316 S G Street
City, State: Tacoma, WA 98405
County Pierce
Acreage 0.112
Zoning DR
TAX INFORMATION
APN: 280500-0-340
For additional details and information about the available 8-and 12-year property tax exemptions for buildings (excluding the land), call Aaron Douglas at (971) 717-6337.
MAIN CONTACT
Aaron Douglas • aaron@hfore.com
Greg Frick • greg@hfore.com
OTHER CONTACTS
Rob Marton • rob@hfore.com
Tyler Johnson • tyler@hfore.com
Jack Stephens • jack@hfore.com
Lee Fehrenbacher • lee@hfore.com
Todd Tully • todd@hfore.com
Adam Smith • adam@hfore.com
Steve Wendt • stephen@hfore.com
Will Thompson • will@hfore.com
HFO Investment Real Estate www.hfore.com
(503) 241.5541
Fax: (503) 241.5548
Brokers licensed in the States of Oregon and Washington.
