1735 Garfield StParkland, WA 98444

For Sale
$499,950

High-yield duplex, prime Parkland location.

Overview

Added:
Dec 11, 2024
Days on market:
92
This Parkland, WA duplex presents a compelling investment opportunity, boasting a 5.63% cap rate and a strong $28,160 annual NOI. The property, built in 1962 and renovated in 2021, comprises two units, each featuring two bedrooms and one bathroom, totaling 1,325 square feet. Currently operating at 100% occupancy, the property sits on a spacious 10,959 square foot corner lot, offering significant future development potential. Conveniently located near I-5, Joint Base Lewis-McChord, and Pacific Lutheran University, this property benefits from excellent access to major transportation routes and a thriving community. The property is zoned MNSF and includes 8 parking spaces. Note that this is a ground lease property, expiring December 28, 2024. The sale is AS-IS and is structured for a 1031 exchange. This is a Class B property, ideal for owner-users seeking a blend of income generation and personal residence. The property's location offers easy access to Downtown Tacoma (approximately 15 minutes away) and numerous walking trails. The sale price is $499,950.

Highlights

  • $499,950 asking price for a two-unit duplex in Parkland, WA.
  • 5.63% cap rate with a $28,160 annual NOI.
  • 100% occupancy, with lease expiration on January 28, 2025.
  • 1,325 square feet on a 10,959 square foot lot, featuring eight parking spaces.
  • Built in 1962 and renovated in 2021, this Class B property is zoned MNSF.
  • Ground lease expires December 28, 2024; 1031 exchange eligible.

Property Details for 1735 Garfield St

Property type
Multifamily properties, Residential income homes
Square Feet
1,325 SF
Class
B
Year Built/Renovated
1962/2021
Buildings
1
Stories
1
Units
2

Location Insight

City
Parkland
County
Pierce
State
Washington
Latitude
47.146418172043
Longitude
-122.46042202462
1735 Garfield St, Parkland, Washington

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1735 Garfield St
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