59-unit dual-track community in Tacoma, WA

Kidder Mathews is pleased to present the exclusive listing for The Monroe Apartments, a 59-unit multifamily community located at 3218 S Monroe Street in Tacoma, WA, at the corner of Tyler and Center Street.

Built in 1976 and maintained in excellent condition, The Monroe offers a compelling dual-track investment opportunity. Of the 59 units, 44 are currently rent-restricted under an affordable housing agreement, while 15 units are leased at market rate, providing immediate cash flow alongside long-term upside. Beginning in October 2031, all rent restrictions will lift, allowing the entire community to transition to market-rate rents, creating a clear and time-defined path to significant NOI growth.

The offering includes an assumable $1.5M grant from the Tacoma Community Redevelopment Authority, which is fully forgiven in October 2031, the same date the rent restrictions expire, providing meaningful value to a qualified buyer through the hold period.

This dual positioning makes The Monroe well suited for two distinct buyer profiles: affordable housing and tax credit investors seeking a stabilized, restricted-income asset, and value-add operators positioning for a 2031 conversion to full market-rate operations.

The property benefits from a centralized Tacoma location near Cheney Stadium and University Place, with convenient access to transit, schools, and neighborhood retail, supporting strong long-term demand from both subsidized and market-rate renters.

We invite you to review the Offering Memorandum for additional details and to contact the Kidder Mathews team to schedule a tour.