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$699,000

  • For Sale
  • Active
  • Multi-Family

Listed by Steve Hiatt | Keller Williams Realty | (253) 848-5304

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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.

Full Property Details for 615 Martin Luther King Jr Way

General

  • Price: $699,000
  • Taxes: $4,414 (2025)
  • Status: Active
  • Type: Multi-Family
  • Source: NWMLS
  • MLS ID: 2533311
  • Updated: 6/19/2026
  • Added to Site: 40 day(s) ago

Rental Information

  • Short Term: Yes

Interior

  • Flooring: Ceramic Tile, Laminate, Carpet

Additional Information

  • Amenities: Fenced-Partially
  • Security/Safety: Partially Fenced

Parking

  • Uncovered Spaces: 3

Location

  • Area: 20 - North Tacoma
  • County: Pierce
  • Subdivision: Stadium District
  • Driving Directions: GPS friendly

School Information

  • High School District: Tacoma

Heating & Cooling

  • Cooling Type: None
  • Heating Type: Wall Furnace

Utilities

  • Sewer: Sewer Connected
  • Water: Public

Structural Information

  • Structure Type: Duplex
  • Exterior Const.: Wood Products
  • Roof: Composition
  • Stories in Building: 3
  • Square Feet: 2,984
  • Year Built: 1892
  • Property Condition: Updated/Remodeled

Unit Information

  • Units in Building: 3

Lot Features

  • Property View: Bay, City
  • Lot Size (Acres): 0.0806
  • Lot Size (Sq. Ft.): 3,510
  • Lot Size Source: real list
  • Lot Features: Alley, Curbs, Paved, Sidewalk
  • Zoning: Residential

Financial Considerations

  • Assoc Fee Freq.: Not Applicable
  • Tax Amount: $4,414
  • Tax Year: 2025
  • Terms: Cash, Conventional, FHA, VA Loan

Disclosures and Reports

  • Special Conditions: None
  • Property ID: 2006210070

Listed by Steve Hiatt | Keller Williams Realty | (253) 848-5304

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Schools serving 615 Martin Luther King Jr Way

School District:Tacoma Public Schools
NameGradesDistance
Edna Travis Elementary
2111 South J Street, Tacoma, WA 98405
PK-51.1 mi
Hilltop Heritage Middle School
602 North Sprague Avenue, Tacoma, WA 98403
6-80.6 mi
Stadium High School
111 North E Street, Tacoma, WA 98403
9-120.7 mi
Disclaimer: School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 615 Martin Luther King Jr Way Get Price Alerts and Save Property

Date
Details
Price
Change
Source
6/19/2026
Price Reduced
$699,000
-3.59%
MLS
6/01/2026
Listed
$725,000
504.17%
MLS
8/27/1992
Sold
$120,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 615 Martin Luther King Jr Way

Year
Property Taxes
Change
Tax Assessment
Change
2025
$4,414
4%
$400,800
5%
2024
$4,256
—
$382,100
-7%
2023
$4,248
8%
$408,900
20%
2022
$3,919
9%
$341,500
19%
2021
$3,600
2%
$286,200
10%
2020
$3,541
20%
$260,900
13%
2018
$2,961
—
$231,600
24%
2018
$2,961
17%
$187,300
19%
2017
$2,540
8%
$157,500
13%
2016
$2,347
11%
$139,000
6%
2014
$2,108
—
$130,700
7%
2014
$2,108
—
$122,400
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

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Listed by Steve Hiatt | Keller Williams Realty | (253) 848-5304

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615 Martin Luther King Jr Way, Tacoma, WA 98405 (MLS# 2533311) is a Multi-Family property with 3 units containing 0 bedrooms and 0 full bathrooms. 615 Martin Luther King Jr Way is currently listed for $699,000 and was received on June 01, 2026. Want to learn more about 615 Martin Luther King Jr Way? Do you have questions about finding other Multi-Family real estate for sale in New Tacoma? You can browse all New Tacoma real estate or contact a Coldwell Banker agent to request more information.

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