10108 Sales RdTacoma, WA 98499

Property Details for 10108 Sales Rd

Year built

1964

Lot size

3.73 AC

Property size (Sq ft)

56,546 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 79-unit apartment complex in Lakewood, WA presents a compelling value-add investment opportunity. The property, built in 1964, comprises nine two-story buildings on a 3.73-acre lot, offering 56,546 square feet of net rentable space. Currently boasting a 6.09% cap rate and $819,662 NOI, significant upside potential exists through rent stabilization and property improvements. 25% of units feature recent upgrades (LVP flooring, cabinets, appliances), commanding a $200 monthly premium. An additional 60% are partially renovated, leaving 15% in original condition. The property includes 127 parking spaces and substantial underutilized space, including three large basement areas and an unused portion of the site suitable for a clubhouse or fitness center. Further potential exists by converting six common laundry areas into additional units. The asking price is $13,467,000 ($170,468.35 per unit, $238.16 per square foot), with a pro-forma cap rate of 7.90% and pro-forma NOI of $1,063,753. The property's location offers proximity to Joint Base Lewis-McChord (JBLM), a significant advantage for attracting tenants. This asset is also available for purchase alongside a nearby 32-unit property. The property's APN is 031906-1-100.

Location Insight

City

Tacoma

County

Pierce

State

Washington

Latitude

47.1651

Longitude

-122.471

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