Bought with The Paragon Group
$2,499,900
$2,499,900
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8,320 SqFt
SOLD DATE : 09/15/2022
Key Details
Sold Price $2,499,900
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 8,320 sqft
Price per Sqft $300
Subdivision American Lake
MLS Listing ID 1908741
Sold Date 09/15/22
Style 56 - 10+ Units
Year Built 1976
Annual Tax Amount $13,009
Lot Size 0.574 Acres
Lot Dimensions 250x100
Property Description
Renovated 16-unit apartment building located in the booming Lakewood rental market! 0% vacancy. Exterior updates include siding, roof, lights, parking lot repairs, etc. Interiors are clean & renovated with LVP flooring, cabinets, appliances, trim, paint, lights, hardware, & more! Over $295k in cap-ex completed over the last 2 years. Property collects additional income from communal coin-op laundry, RUBS, & pet fees. 2 units at $1,195+$85 RUBS. 1 unit at $1,095+$85 RUBS+$50 pet fee. 4 units at $1,095+$85 RUBS. CoC 10 year avg=10%. IRR 10 year avg=32%. Amenities: secure mailboxes, quick access to JBLM/I-5, and a partially fenced dog run. Property performance has been turned around and is ready for a new owner to capitalize on their investment
Location
State WA
County Pierce
Area 41 - Lakewood/Tillicum
Interior
Flooring Vinyl Plank
Fireplace false
Exterior
Exterior Feature Cement Planked, Wood, Wood Products
Utilities Available Cable Connected, High Speed Internet, Septic System, Electric
Amenities Available Cable TV, Fenced-Partially, High Speed Internet
View Y/N Yes
View Territorial
Roof Type Composition
Building
Lot Description Curbs, Paved, Sidewalk
Sewer Available, Septic Tank
Water Public
New Construction No
Schools
Elementary Schools Buyer To Verify
Middle Schools Buyer To Verify
High Schools Buyer To Verify
School District Clover Park
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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