The McIlvaine Apartments is a well-preserved eight-unit historic community in Tacoma's Hilltop neighborhood. Built in 1912, this building showcases timeless architectural character. Following rehabilitation exceeding $240,000, the property received historic designation in 2018 and was added to the Tacoma Register of Historic Places. The 10-year designation, which began in 2019 and can be extended, provides a tax exemption lowering the taxable value by nearly $210,000, offering continued operating cost savings for several years. The property features spacious one- and two-bedroom apartments ranging from approximately 850 to 1,000 sq ft. Residences highlight period craftsmanship with original crown molding, hardwood flooring, built-in cabinetry, solid wood doors, arched passageways and elegant columns. Modern updates include white shaker cabinetry, quartz countertops, stainless steel appliances, dishwashers and in-unit washers and dryers. Top-floor units feature an office/study with regional views, including Mt. Rainier. The offering includes two parcels, one with approximately 5,444 sq ft of vacant land. Zoned RCX (Residential Commercial Mixed-Use), the site offers redevelopment potential for medium- to high-density residential uses, including townhomes, condominiums and apartments, or mixed-use projects with neighborhood-serving retail or office space. This excess land provides flexibility and a development option rarely found in stabilized multifamily investments.