Listing provided courtesy of Keller Williams RealtyNWMLSas Distributed by MLSGrid- MLS# NWM2533311
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Request Info615 Martin Luther King Jr WayTacoma, WA 98405
Multi-Family · 8 Beds · 2,984 Sq. ft. | 0.08 Acres$699,000
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615 Martin Luther King Jr Way Overview
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Located in the heart of Tacoma, this property operates like a tri-plex despite its legal duplex status, maximizing your rental income streams. Three distinct electric meters mean tenants pay their own power bills, reducing the owner’s expenses. Strong Return Metric; the 9% approximate cap rate is exceptionally high for a fully renovated turnkey asset. DADU Ready; The freshly cemented backyard is optimized to build a 20’x20’ Detached Accessory Dwelling Unit, which could add a fourth rental stream. Parking Assets; A three-car parking area accessed via the alley solves a common tenant pain point in dense urban areas. Turnkey Condition; The total 2026 renovation eliminates immediate capital expenditure (CapEx) needs for plumbing, electrical, or cosmetics. Healthcare Hub; Walking distance to major hospitals and medical buildings ensures a steady pool of high-quality tenants like travel nurses and healthcare professionals. Excellent Transit; Proximity to bus lines and the T Line (Tacoma Link) electric rail makes it highly desirable for commuters without cars.
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615 Martin Luther King Jr Way Facts & Features
- Type Multi-Family
- Sq. ft. 2,984
- Price/Sq.ft. $234
- Lot 0.08 Acres
Details
General
Association/HOA
- Association Fee: $0.00
- Association Fee Frequency: Not Applicable
School Information
- School District: Tacoma
Income/Expenses
- Other Expense: 0
- Electric Expense: 0
- Fuel Expense: 0
- Gross Scheduled Income: 0
- Insurance Expense: 0
- Net Operating Income: 0
- Total Expenses: 4414
- Total Monthly Income: 0
- Water/Sewer/Garbage: 0
Building Information
- New Construction: No
- Year Built: 1892
Location/Region
- Country: US
- County Or Parish: Pierce
- MLS Area Major: 20 - North Tacoma
- Subdivision Name: Stadium District
Community/Development
- Amenities: Basement
Tax Information
- Tax Annual Amount: $4,414.00
- Tax Year: 2025
General Information
- Listing Terms: Cash, Conventional, FHA, VA Loan
- Parcel Number: 2006210070
- Possible Use: Residential
- Property Condition: Updated/Remodeled
- Property Sub Type: Multi Family
- Property Type: Residential Income
- Senior Community: No
- Special Listing Conditions: None
Interior
Parking Information
- Garage Spaces: 0
Beds/Baths
- Bedrooms Upper: 0
Building Interior
- Building Area Total: 2984
- Building Area Units: Square Feet
- Calculated Square Footage: 2984
- Square Footage Finished: 0
- Square Footage Unfinished: 0
General Information
- Cooling: No
- Fireplace: No
- Fireplaces Total: 0
- Flooring: Ceramic Tile, Laminate, Carpet
- Heating: Yes
- Leasable Area: 2984
- Living Area: 0
- Main Level Bathrooms: 0
- Power Production Type: Electric
- Security Features: Partially Fenced
- Stories Total: 3
Exterior
Parking Information
- Open Parking: No
- Parking Total: 3
- Parking Uncovered Total: 3
Lot Information
- Irrigation Water Rights: No
- Lot Features: Alley, Curbs, Paved, Sidewalk
- Lot Size Square Feet: 3510
- Lot Size Units: Square Feet
- Site Features: Fenced-Partially
- Elevation Units: Feet
- Water Source: Public
Waterfront/View
- Waterfront: No
Building Exterior/Construction
- Roof: Composition
- Structure Type: Duplex
General Information
- Carport Spaces: 0
- Carport: No
- Covered Spaces: 0
- Exterior Features: Wood Products
- Number Of Units Total: 3
- Sewer: Sewer Connected
Unit Information
Unit 1 Details
- Beds Total: 3
- Baths Total: 2
Unit 2 Details
- Beds Total: 3
- Baths Total: 2
Unit 3 Details
- Beds Total: 2
- Baths Total: 2
615 Martin Luther King Jr Way Neighborhood
Community
98403 (Tacoma) Demographics
35
Median Age
7,444
Population Density (per sq. mile)
65%
College Educated
$61,863
Estimated Median Income
1,668
Estimated Total Home Owners
2,529
Estimated Total Renters
40% / 60%
Estimated Owner / Renter Divide
2
Estimated Average Household Size
Schools
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.615 Martin Luther King Jr Way Monthly Cost
615 Martin Luther King Jr Way Market Data
Based on the last 30 days in this zip code
$766,730
Average List Price
$362
Average Price per Square Foot
8
Properties Sold
56
Average Days on Market
28
Properties for Sale
615 Martin Luther King Jr Way History
| Date | Value | Agent |
|---|---|---|
| 6/19/2026Source: NWMLS | $699,000 -3.6% |
|
| 6/1/2026Source: NWMLS | June 01, 2026 |