Listing Details

Price	Market Pricing
Bid Date	Reviewing offers upon receipt (seller has the right to set offer review date)
Terms	Conventional Purchase

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Kidder Mathews is pleased to present the sale of the Five Twelve Development site, a ±10.2-acre, unentitled multifamily development opportunity located at 623 112th Street East in Parkland/Tacoma, WA.

Zoned UCOR (Urban Corridor), the site allows multifamily development outright, with a minimum density of 12 units per acre and a maximum of 60 units per acre, providing a developer with substantial flexibility to design a project that maximizes yield or targets a specific product type.

The site's flat topography and ±10.2 acres of usable land (out of ±16.8 acres of total site coverage) support efficient, large-scale site planning, offering economies of scale in unit count, shared amenities, and construction phasing that smaller infill parcels cannot replicate. Site-level wetland mitigation has already been completed and recorded, meaningfully reducing entitlement risk and timeline uncertainty for the next owner.

Strategically positioned near the interchange of SR-512 and Pacific Avenue (SR-7), the property offers direct access to I-5 and is served by Pierce Transit's Stream Bus Rapid Transit line, with a stop at Pacific Ave & 112th Street connecting residents directly to Tacoma Dome Station and Link Light Rail — a rare combination of scale and multi-modal transit access in the South Sound multifamily market.

Seller is willing to offer developer-friendly terms, providing additional flexibility for a well-capitalized buyer to structure a transaction around their development and capital timeline. With wetland mitigation complete, flexible zoning supporting a range of density outcomes, and an increasingly rare land-scale opportunity along a major transit and freeway corridor, the offering provides developers with a compelling, highly executable path to deliver new multifamily housing in one of South Pierce County's most established submarkets.

Property & Development Details

Property Information

Address	623 112th St E, Tacoma, WA
Parcel No.	0319048011 / 0319048010 / 0319048009 / 0319048012
Total Site Coverage	16.8 AC (731,808 SF)
Total Usable Site	10.2 AC (444,509 SF)
Zoning	UCOR – Urban Corridor
Topography	Flat

Development Details

Permitting Status	Unentitled / Raw Site
Allowed Density	Minimum of 12 Units / Acre & Maximum of 60 Units / Acre
Proposed Use	High Density Multifamily
Commercial Requirements	N/A
Parking Requirements	1.5 – 2.25 space per unit pending unit type
Max Height	55 Ft
Wetlands	Mitigation Completed and Short Plat Recorded
Multifamily Tax Exemption (MFTE)	Pending County Ordinance to approve both a 12-year and 20-year Tax Exemption Program

Investment Highlights

Rare Large-Format Development Site

±10.2 acres — sites of this scale are exceptionally rare within close proximity to major transit corridors and freeway access, offering a scarcity value that smaller infill parcels simply can't replicate.

Size and configuration support efficient, large-scale site planning — enabling better unit economics, shared amenities, and more cost-efficient construction phasing than typical smaller infill sites allow.

Flexible Seller Terms

Seller willing to offer developer-friendly terms, providing meaningful flexibility for a well-capitalized group looking to structure a transaction around their development and capital timeline rather than a rigid all-cash close.

Exceptional Location & Connectivity

Positioned near the interchange of SR-512 and Pacific Avenue (SR-7) in the Parkland/Spanaway submarket — one of the busiest and most established commercial and transit corridors in South Pierce County.

Direct access to I-5 via SR-512, connecting residents to Tacoma, Lakewood, JBLM, and the broader South Puget Sound within minutes.

Located directly on the Pacific Avenue corridor served by Pierce Transit's Stream Bus Rapid Transit line — with a stop at Pacific Ave & 112th Street — providing frequent, high-capacity transit service connecting directly to Tacoma Dome Station and Link Light Rail, giving future residents true multi-modal access without a car.

This level of transit infrastructure (BRT + light rail connectivity) paired with a site of this scale is a rare combination in the South Sound multifamily market.

Unencumbered Multifamily Zoning

Zoned UCOR (Urban Corridor), allowing multifamily development by right.

Highest and best use supports a moderate-density, garden-style community — a product type well-matched to the site's scale, surrounding character, and the submarket's renter demand profile.

BUS RAPID TRANSIT MAP (BRT)
Bus Rapid Transit (BRT) is a new line of service from Pierce Transit designed to carry a more significant number of riders with greater speed, reliability, and frequency than a standard fixed-route bus.