4120 109Th StTacoma, WA 98499

This exceptional investment opportunity presents the Malibu Apartments, a fully renovated 14-unit apartment complex situated in Tacoma's desirable Lakewood submarket at 4120 109th St SW, Tacoma, WA 98499. The property consists of two buildings, totaling 7,280 square feet on a 21,800 square foot lot (APN: 6075000120 & 6075000130). One building, comprising 8 units, underwent a complete renovation in 2023, featuring brand new electrical and plumbing systems, flooring, cabinets, countertops, appliances, and fixtures. The second building, a 6-unit structure built in 1979, has also received recent unit-level renovations. The property boasts a strong historical occupancy rate, making it a truly turnkey investment. With 14 units, the asking price is $2,500,000, representing a price per unit of $178,571.43 and a price per square foot of $343.41. The current Net Operating Income (NOI) is $147,171, yielding a 5.89% cap rate. Pro-forma NOI is projected at $156,214, resulting in a 6.25% pro-forma cap rate. This Class C multifamily property offers a compelling stabilized investment opportunity with significant upside potential. The property is a two-story building.