Advanced Value-Add Program with Proven Rent Growth
Ownership has renovated 47 of 53 residences and invested nearly $1.1 million in interior upgrades. Recent lease trade-outs across 32 sampled homes averaged $627 per unit per month, or 32% above prior rents, demonstrating strong resident demand for the renovated product.
Clear Remaining Renovation Upside
Six classic units are available for renovation. Renovated residences achieve an average 13% premium to classic in-place rents while remaining approximately 8.31% below market, creating a clear path for additional rent growth.
Large-Format Townhome Community
Pine Street Townhomes features 53 spacious two-, three-, and four-bedroom townhome-style residences averaging 1,374 square feet. Three-bedroom-or-larger homes comprise approximately 57% of the unit mix, differentiating the property for households seeking additional space.
Attached Garages and Functional Amenities
Each residence includes an attached, direct-access garage and in-unit washer and dryer. Renovated units feature quartz countertops, updated shaker cabinetry, stainless steel appliances, hardwood-style flooring, and new carpeting. Community amenities include off-street parking and a BBQ/picnic area.
Immediate Revenue from Vacancy and Loss-to-Lease
Investors can drive near-term revenue by leasing vacant and offline homes, including recent turn and insurance-renovation units, at market rents and capturing around $45,000 of annual loss-to-lease from legacy below-market residents as turnover occurs.
Demonstrated Premiums Across Multiple Floor Plans
The highest realized post-renovation premium reached $1,178 per month on a four-bedroom residence, or $14,136 annually. Renovated two-bedroom homes have achieved premiums of approximately $400 per month, or $4,800 annually.
Supply-Constrained Tacoma-Lakewood Fundamentals
The Tacoma-Lakewood submarket delivered only 264 units through the second quarter of 2026, limiting new competitive supply. Asking rents grew 2.9% year over year through the same period and remain approximately 26% below Seattle metro rents, supporting a compelling affordability profile.
Highly Accessible Tacoma Location
The property sits across from Tacoma Mall and within a 10-minute drive of the University of Washington Tacoma, which enrolls around 5,000 students, including 4,700 of whom live off campus, and employs approximately 700 people.
Property Overview
Pine Street Townhomes
- ADDRESS
- CITY, STATE ZIP
- UNITS
- Avg. Unit Size
- No. Buildings
- YEAR BUILT
- Year Renovated
- Building Size
- Parking
- PARCEL
- LOT SIZE
- ZONING
- COUNTY
Unit Mix
Unit
Type
Type
Count
Avg Unit
SF
SF
Total
SF
SF
Current
Rent
Rent
Market
Rent
Rent
Reno Rent
Monthly
Rent
Rent
Annual
Rent
Rent
Rent
SF
SF
% of
Total Units
Total Units
2 Bed / 2.5 Bath
3
1,348
4,044
$2,195
$2,250
$2,400
$7,200
$86,400
$1.78
6%
2 Bed / 2.5 Bath
Renovated
Renovated
18
1,348
24,264
$2,358
$2,400
$2,400
$43,200
$518,400
$1.78
34%
*2 Bed / 2.5 Bath + Den
1
1,348
1,348
$2,400
$2,400
$2,700
$2,700
$32,400
$2.00
2%
2 Bed / 2.5 Bath + Den
Renovated
Renovated
1
1,400
1,400
$2.695
$2,700
$2,700
$2,700
$32,400
$1.93
2%
3 Bed / 2.5 Bath
1
1,385
1,385
$2,800
$2,800
$2,800
$2,900
$34,800
$2.09
2%
3 Bed / 2.5 Bath
Renovated
Renovated
19
1,386
26,331
$2,623
$2,900
$2,900
$55,100
$661,200
$2.09
36%
4 Bed / 3 Bath
1
1,400
1,400
$2,117
$3,000
$3,000
$3,200
$38,400
$2.29
2%
4 Bed / 3 Bath Renovated
9
1,404
12,636
$3,068
$3,200
$3,200
$28,800
$345,600
$2.28
17%
Total / Average
53
1,374
72,808
$2,575
$2,731
$2,751
$145,800
$1,749,600
$2.00
LOCATION
Contact us
INVESTMENT SALES
Steven Chattin
Managing Director
425.269.3826
[email protected]
Mitchell Belcher
Managing Director
425.891.9594
[email protected]
Jay Timpani
Managing Director
206.999.3206
[email protected]
Brandon Lawler
Senior Director
206.484.8114
[email protected]
Chad Blenz
Senior Director
206.491.2008
[email protected]
offices in bellevue & seattle
bellevue
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220
seattle
601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220
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