Market Square Development Site
1546 Market Street
Tacoma,
WA 98402
Property Summary
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Investment Highlights
- Fully Permitted Mixed-Use Development Site
- Well Appointed Community with Numerous Amenities
- Adjacent to University of Washington, Tacoma
- Eligible for Multifamily Tax Exemption (MFTE)
- Prime Tacoma Location with Excellent Walkability
Property Description
The Mogharebi Group is pleased to present the opportunity to acquire Market Square, a planned 176 unit multifamily mixed-use community located at 1546 Market Street in Tacoma, Washington. This new development, situated on a 91,000 square foot lot, will benefit from a varied mix of studio-, one-, and two-bedroom floorplans. This flexible unit mix is particularly desirable when considering the property’s likely tenant base, university students, as Market Square is situated mere feet from the University of Washington’s Tacoma campus. Once completed, the property will offer an additional two units allocated exclusively to commercial retail space, these spaces together will total nearly 5,000 square feet and add to already abundant walkable local tenant conveniences. Future tenants can expect Market Square to feature many of the high quality finishes and luxury offerings that have come to be expected with new construction, notable amenities include an expansive fitness center, various dog parks, and rooftop lounge.
1546 Market Street
Tacoma, WA 98402
Tacoma, WA 98402
Multifamily market fundamentals in Tacoma are generally strong and present a favorable investment environment for future owners. Historically high occupancy rates and a steadily increasing rental industry hint at this favorable potential. As it stands, multifamily occupancy in the area sits steadily at 91.8% while the local rental market has seen a growth by 2.5% over the last three years and 1.6% over this past year.
Listing Advisors
Ryan Kidwell