Heavy value-add opportunity in Tacoma, WA

Kidder Mathews is pleased to present the El Popo apartments for sale for the first time in over 40 years. A one-of-a-kind transit-oriented apartment community located in Tacoma, WA.

Built in 1962 and consisting of 60 1-bedroom 1-bath units, the El Popo apartment represents quintessential work force housing in the Tacoma area - and has been a staple in the local community since its construction. A four-story wood framed structure with brick veneer siding wrapping the exterior staircases, newer roof and updated electrical – El Popo is well positioned to provide new ownership predictable expenses for many years to come. A truly unique value-add opportunity, El Popo contains only one floor plan and outdated unit interior finishes – allowing new ownership the chance to modernize units through a simple renovation program, driving rents to market. With current rents averaging roughly $827/unit, El Popo lease rates represent some of the lowest in the Pierce County area for 1-bedroom units. Through light interior improvements, we estimate market rents of $1,050/unit, or roughly 27% higher than current in-place averages.

Residents of El Popo enjoy seamless access to Hwy 16 and I5, affordable monthly rents, ample surface parking and a private courtyard. With historic occupancy near 98%, new ownership will continue to benefit from a severe lack of housing in the area for comparable product.

We invite you to review the offering memorandum for the El Popo apartments. Please contact Austin Kelley or Matt McLennan for more information or to schedule a tour.