2222 96th St S

Investment Property Opportunity – 2222 96th St S, Tacoma, WA Located in the heart of Tacoma’s expanding south end, 2222 96th St S presents an exceptional investment opportunity with immediate income and long-term development potential. This 3.4-acre site offers investors the rare combination of stable in-place cash flow, flexible zoning, and strategic redevelopment upside—making it a true covered land play in one of Washington’s most active submarkets. Currently improved with nine buildings consisting of older, Class C rental units, the property generates a solid gross income of approximately $259,000 annually. These buildings deliver strong returns with an average rent of $2.01 per square foot (RSF), which is competitive given their condition and location. While these units are dated, they remain in high demand, offering an excellent hold strategy for investors seeking stable returns while planning redevelopment. The property's Mixed Use zoning significantly enhances its value. This zoning allows for a diverse range of redevelopment options, including multifamily housing, car dealerships, daycare centers, and mini-storage facilities. Most notably, the site comes with a pre-existing plan for a 799-unit mini-storage development, offering a fast-track path to repurposing the site with a high-demand, recession-resistant asset class. With nine existing income-producing structures, the property functions as a classic covered land play. Investors can collect steady rental income from day one while designing a phased redevelopment plan or repositioning strategy. Whether targeting high-density residential, a commercial use, or a blend of both, the zoning and size provide the flexibility needed to capitalize on market conditions and investor goals. The location is also a major advantage. Situated near major transportation corridors including I-5 and Highway 512, the site offers easy access to downtown Tacoma, Joint Base Lewis-McChord, and regional employment centers. The surrounding neighborhood is experiencing increasing demand for both residential and commercial services, making this property ideally positioned for growth. Highlights: Address: 2222 96th St S, Tacoma, WA Lot Size: 3.4 acres Zoning: Mixed Use (allowing multifamily, car dealerships, daycares, mini-storage) Income: $259,000 Gross Annual Income Current Use: 9 Class C rental buildings Rent: $2.01 RSF Redevelopment Plan: Existing 799-unit mini-storage concept Investment Type: Covered land play with cash flow and future upside In summary, 2222 96th St S is a rare find—a cash-flowing asset on a large, development-ready parcel in a prime Tacoma corridor. With multiple exit strategies and an attractive basis, this property is well-suited for both value-add investors and developers looking to secure a strong foothold in a rapidly evolving market.

Price/Unit $230,000.00

Average Unit SF 909