REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listed by:Westlake Associates, Inc. • Reid Jones
$ 990,000
Est. payment /mo
Active
15107 Boat ST SW Lakewood, WA 98489
8 Baths
3,080 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,080 sqft
Price per Sqft $321
Subdivision Tillicum
MLS Listing ID 2483087
Style 55 - 5-9 Units
Year Built 1959
Annual Tax Amount $6,572
Lot Size 0.287 Acres
Property Sub-Type Multi Family
Property Description
Gross Monthly Rents total to $9,330 per month. New ownership will acquire the property at a low basis, priced at approximately $123,750 per unit, with solid occupancy and a 6.77% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region. 15107 Boat Street SW is an eight-unit value-add opportunity located in a lakeside enclave in Lakewood, Washington. The property's nautical identity stands apart from typical Lakewood offerings, supported by immediate proximity to the American Lake boat launch and surrounding waterfront amenities. Originally constructed in 1959, the asset consists of a 3,080 square-foot multifamily building situated on a 12,500 square-foot (0.29-acre) lot. Adjacent to the property, a new townhome community was recently developed on a similarly sized parcel, reinforcing long-term residential demand and land value in the immediate area. The Boat Street 8 presents investors with the opportunity to control a million dollar asset with an estimated $250,000 equity investment. Through disciplined financing, a modest capital contribution can translate into ownership of an eight-unit income-producing property supported by cash flow, principal paydown, and long-term appreciation.
Location
State WA
County Pierce
Area 41 - Lakewood/Tillicum
Interior
Flooring Vinyl Plank, Carpet
Fireplace false
Exterior
Exterior Feature Wood
Amenities Available Fenced-Partially, Patio
View Y/N No
Roof Type Flat
Building
Lot Description Dead End Street, Paved
Sewer Sewer Connected
New Construction No
Schools
School District Lakewood
Others
Senior Community No
Acceptable Financing Cash
Listing Terms Cash
"Three Trees" icon indicates a listing provided courtesy of NWMLS.