INVESTMENT OVERVIEW

The Seattle Investment Sales Team of IPA has been retained as the exclusive listing brokers for the sale of a ±731,808 square foot development site containing ±444,509 square feet of developable land approximately located at 623 112th Street East in Tacoma, WA 98445. The site’s UCOR (Urban Corridor Zoning) allows for the development of high-density multifamily residential housing, with a density of 24 – 60 units per acre.

Conveniently located just of State Route 512 and Interstate 5, the location offers easy commutes to major employment centers in Pierce County, downtown Tacoma, Kent Valley, SeaTac, Renton, and Seattle for future residents. Additionally, the lack of current and future developments positions the Parkland submarket for substantial rent growth potential in the coming years.

Rare 10+ Acre Development Site

Situated on ±16.8 acres with ±10.25 acres of developable land with protected wetlands in Tacoma’s Parkland neighborhood.

Urban Corridor Zoning

The Urban Corridor Zone (UCOR) allows for the development of high-density multifamily residential housing, with a density of 24 – 60 units per acre.

Attractive Regulatory Environment

Located in unincorporated Pierce County, the property is not subject to the 2023 Landlord Fairness Code Initiative, also known as Measure 1. Additionally, a developer may apply for an 8- or 12-year property tax exemption under Pierce County’s MFTE Program (12-year exemption requires 20% of the units to be provided as affordable housing).

Attractive Location in South Puget Sound

Convenient accessibility to State Route 512 and Interstate 5 offering easy commutes to major employment centers in Pierce County, downtown Tacoma, Kent Valley, SeaTac, Renton, and Seattle.

Strong Demographics & Rent Growth

Average household income of $83,944 within one mile with anticipated growth of 18% by 2028. Pierce County has experienced an average annual rent growth of 5.85% since 2019.

Limited Submarket Supply

Lack of current and future developments positions the Parkland submarket for substantial rent growth potential. As of January 2025, only 493 multifamily units are under construction in South Pierce County, with no market-rate units actively under construction in the Parkland- Spanaway submarket.