101 SW 2nd St
- Attractive Basis via Historic Incentives – $1.25M in tax credits + 10-year property tax reduction
- Efficient Site Access – Four-sided access with dual entry points (SW 2nd & SW 3rd)
- Expansion & Value-Add Potential – Existing basketball court offers opportunity for additional unit development (buyer to verify)
- Supply-Constrained Market Dynamics – Limited inventory supporting strong occupancy and rent stability
- Reduced Near-Term Cap Ex – Recent renovations significantly limit immediate capital requirements
- Future Development Potential – 2.08-acre site with additional density potential (buyer to verify)
Property Description
Historic Character | Modern Performance | Proven Basis Cascade School Apartments is a 51-unit historic adaptive-reuse multifamily community originally constructed in 1922 and designed by Tacoma-based architectural firm Hill, Mock & Griffin. The property reflects classic Progressive-Era institutional design, featuring high ceilings, expansive windows, and durable structural elements that create a distinctive and highly desirable living environment. The asset has been comprehensively redeveloped through 2024–2025, with significant upgrades to building systems and residential interiors while thoughtfully preserving its historic character. This blend of old-world construction and modern finishes positions the property as a unique offering within today’s multifamily landscape. Supported by federal tax credit and city property tax incentives, the investment benefits from an attractive basis and improved long-term cash flow stability. Cascade School Apartments presents a rare opportunity to acquire a stabilized, tax-advantaged historic asset with durable construction, differentiated unit product, and embedded upside. The combination of renovation quality, financial incentives, and long-term growth potential creates a compelling risk-adjusted investment opportunity.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $10,250,000 |
| No. of Units: | 51 |
| Year Built: | 1922 |
| Lot Size: | 2.08 Acres |
| Opportunity Zone: | No |
| Price per unit: | $200,980 |
| Property Website | Click Here |
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