710 Fawcett Ave - Fawcett Development Site
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710 Fawcett Ave - Fawcett Development Site
0.41 Acres of Residential Land Offered at $2,995,000 in Tacoma, WA 98402
Investment Highlights
- Development Site in Downtown Commercial Core: opportunity to create housing in an area with consistently high demand
- Preliminary analysis proposes the development of 125 studio, one-, and two-bed units averaging 605 square feet
- Downtown submarket of North Tacoma has garnered the most attention from developers because it offers access to nightlife, transit, and other amenities
- 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
- Tacoma will continue to favor renting over homeownership with mortgages averaging $1,200 per month more than the average monthly effective rent
- 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
Executive Summary
Introducing the Fawcett Development Site in downtown Tacoma, WA—0.41 acres of raw land presenting a prime opportunity for a 125-unit residential development. Strategically situated in an Opportunity Zone within the bustling Downtown Commercial Core, this property offers immense potential for creating sought-after housing units in a high-demand area. Boasting a strategic location just five blocks from the Old City Hall Light Rail Station and in proximity to major employers like MultiCare and the University of Washington Tacoma, this site is a pivot-point investment. With plans for thoughtfully designed studio, one, and two-bedroom units, residents will enjoy a modern urban lifestyle surrounded by a host of amenities. The Downtown submarket of North Tacoma is widely regarded as one of the hottest markets, attracting developers and residents alike due to its vibrant atmosphere and accessibility to key amenities. With its proximity to major employers and a robust rental market, this property represents a lucrative opportunity for investors looking to capitalize on Tacoma's growing real estate landscape.
Property Facts
| Price | $2,995,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Conditions | Redevelopment Project | Total Lot Size | 0.41 AC |
| No. Lots | 1 | Opportunity Zone |
Yes
|
| Price | $2,995,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.41 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Price | $2,995,000 | Lot Size | 0.41 AC |
| Price Per AC | $7,304,878 |
| Price | $2,995,000 |
| Price Per AC | $7,304,878 |
| Lot Size | 0.41 AC |
Description
0.41 acres of raw land located in Downtown Tacoma, situated in an Opportunity Zone with 125 units proposed.
Walk Score ®
Walker's Paradise (97)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $100 | |
| Land Assessment | $1,491,500 | Total Assessment | $1,491,600 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,491,500
Improvements Assessment
$100
Total Assessment
$1,491,600
zoning
| Zoning Code | DCC (Downtown Commercial Core) |
| DCC (Downtown Commercial Core) |
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Brandon Lawler -
Chad Blenz -
Jay Timpani -
Mitchell Belcher -
Steven Chattin -
Berkadia
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710 Fawcett Ave - Fawcett Development Site
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