5436 South Puget Sound Avenue

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Address: 5436 S Puget Sound Ave, Tacoma, WA 98490, USA
Seattle & Northwest + Land/Development
Created date: November 4, 2026
Date last updated: November 4, 2026
Price: $888,000Investment Analyzer NEW!
  • LOW LAND BASIS | SHOVEL-READY OPPORTUNITY*
  • Offered at $888,000 - $18,500 per planned unit for a 48-unit development.
  • 12-YEAR MFTE POTENTIAL
  • City Council–authorized agreement offering potential tax savings on qualifying improvements, subject to affordability requirements.
  • OPPORTUNITY ZONE POTENTIAL*
  • Potential tax advantages for eligible Qualified Opportunity Fund investors.
  • NEW-CONSTRUCTION RENT-CAP EXEMPTION
  • Qualifying units benefit from a statutory 12-year exemption from Washington’s rent-increase cap; MFTE restrictions still apply.
  • TRANSIT ACCESS & NEARBY REINVESTMENT
  • Existing Sounder service, planned station-access improvements and Tacoma Mall’s Village redevelopment.

Property Description

Lee & Associates presents the opportunity to acquire approximately 0.568 acres in South Tacoma with architectural plans for a three-story, 48-unit apartment community. The proposed mix includes 28 studios, 14 one-bedroom units and six two-bedroom units, with an asking land basis of $18,500 per planned unit. The property’s location brings together established neighborhood amenities and regional connectivity. South Tacoma Station provides existing Sounder commuter rail service, while Sound Transit and the City of Tacoma are advancing pedestrian, bicycle and transit-access improvements targeted for completion by 2030. These investments are intended to strengthen connections between the station and surrounding neighborhood destinations. Nearby commercial reinvestment adds to the location story. Tacoma Mall’s outdoor Village redevelopment expands dining, retail and gathering spaces, while the broader Tacoma Mall neighborhood’s Regional Growth Center designation identifies it as a focal point for future housing and employment concentration. Together, existing commuter rail, planned mobility improvements and evolving nearby amenities position the property as an opportunity to deliver new housing within an established South Tacoma community.
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Broker Details

Nisha A Tomar
Nisha A Tomar

Lee & Associates Commercial Real Estate Services 253-238-2843

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Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Land/Development
Price: $888,000
Lot Size: 0.57 Acres
Opportunity Zone: No
Property Website Click Here
Address: 5436 South Puget Sound Avenue, Tacoma, WA 98490, USA
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