1512-1520 S Yakima Ave
About this property:
Discover an incredible opportunity with these five contiguous parcels located in a mixed-use RCX zoning area in the heart of Hilltop. The convenience of power, water, sewer, and gas utilities already on site eliminates initial infrastructure hurdles, and zoning regulations allow for buildings up to 60 feet in height. The impressive 150 feet of frontage on Yakima Ave and rear alley access enhances the practicality of the property. Moreover, capitalize on potential mountain, city, and water views, offering a picturesque setting. The City of Tacoma planning department indicates that this property may have the potential to accommodate over 100 units. Additionally, being located on Yakima Ave provides additional parking versatility. The multifamily housing tax credits presents an enticing opportunity, as any residential improvements on the property will be exempt from property taxes for a duration of 8-20 years. Furthermore, the property's inclusion within an Opportunity Zone brings the potential for additional tax savings. This favorable tax incentive, coupled with the location's prospects, sets the stage for a truly promising venture.
- Neighborhood: Hilltop
- Price: $1,400,000
- Status: sold
- Address: 1512 S Yakima Ave
- Size: Sq. Ft
- Rooms: bedroom, bath
Location information:
Neighborhood stats:
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Average
Square
Feet -
AVERAGE YEAR BUILT
Neighborhood summary:
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Near newly expanded light rail.
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In the heart of Hilltop, close to Downtown Tacoma.
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Blocks from St. Joe's medial center.
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Ideal multi-family building opportunity.
More on the neighborhood:
Hilltop is a vibrant and diverse neighborhood with a rich history and a strong sense of community. Nestled on the hill overlooking downtown Tacoma, Hilltop offers a mix of residential, commercial, and cultural attractions. Known for its historic architecture, the neighborhood showcases a wide variety of architecture, from Craftsman to Victorian homes alongside modern developments. And with the expansion of Tacoma’s light rail along Martin Luther King Way, Hilltop will soon be connected by rail to Downtown Tacoma through to the Stadium District. Hilltop is home to a variety of local businesses, and is quickly becoming a hotspot for new restaurants and cuisines. Major employer St. Joseph's hospital is at the heart of the neighborhood, and is one of the largest employers in the city. The neighborhood also boasts several parks and green spaces, providing opportunities for outdoor activities and relaxation. With its lively atmosphere, strong community spirit, and convenient proximity to downtown Tacoma, Hilltop is an inviting and dynamic place to live, work, and play!
