James & Angie Smith

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Listing provided courtesy of Keller Williams RealtyNWMLSas Distributed by MLSGrid- MLS# NWM2533311MLS Provider

615 Martin Luther King Jr WayTacoma, WA 98405

Multi-Family · 8 Beds · 2,984 Sq. ft. | 0.08 Acres
$699,000 Active

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
Community data courtesy of LiveBy, Inc.

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

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

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
Calculations provided by Reliance Network

615 Martin Luther King Jr Way History

Date Event Value Agent
6/19/2026Source: NWMLS Price Reduction
$699,000 -3.6%
6/1/2026Source: NWMLS Added to Database
June 01, 2026