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Listed by:Blake Investment Advisors • Gabe Blake • Josh Blake

$1,650,000

Est. payment - /mo

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22 Beds

15 Baths

2.62 Acres Lot

Pending

12413 Bridgeport WAY SW Lakewood, WA 98499

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Henry Jamerson

[email protected] +1(206) 839-6096

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Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

Subdivision Lakewood

MLS Listing ID 2525348

Style 56 - 10+ Units

Bedrooms 22

Year Built 1972

Annual Tax Amount $26,305

Lot Size 2.620 Acres

Property Sub-Type Multi Family

Property Description

MOTIVATED SELLER! $117K PER UNIT & 6.93% CAP RATE | Gen Villas is a cash-flowing value-add 14-unit apartment community situated on 2.62 acres in a serene creek-side setting surrounded by lush greenery in Lakewood, located less than 2 miles from Joint Base Lewis-McChord, Pierce County's largest employer. The property consists of 14 units across two separate buildings: a 6-unit building located at the front of the property, originally constructed in 1972, and an 8-unit building situated at the rear of the property, built in 1955. The unit mix includes one 4-bedroom / 3-bathroom unit, one 3-bedroom / 1-bathroom unit, three 2-bedroom / 1-bathroom units, and nine 1-bedroom / 1-bathroom apartments. Seven units at the property have been updated to a similar finish level as photographed in Unit 5, featuring luxury vinyl plank flooring, fresh interior paint, and newer kitchen appliances and cabinetry. The opportunity exists for new ownership to complete cosmetic renovations to the remaining 7 units and increase rents approximately 17% to market. A Additionally, Units 1, 2, and 4 include in-unit washer and dryer stacks, while the remaining units benefit from access to an on-site community laundry facility. Residents benefit from an ample supply of off-street parking, including 6 carports and 3 surface parking stalls serving the front building, as well as an additional 16 surface parking stalls designated for the rear building.

Location

State WA

County Pierce

Area 36 - Lakewood

Interior

Flooring See Remarks

Fireplace false

Exterior

Exterior Feature See Remarks

View Y/N No

Roof Type Composition

Building

Sewer Sewer Connected

New Construction No

Schools

School District Lakewood

Others

Senior Community No

Acceptable Financing Conventional

Listing Terms Conventional

"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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