Wonderland | 14402 Washington Ave SW
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Wonderland 14402 Washington Ave SW
10 Unit Apartment Building $1,800,000 ($180,000/Unit) Lakewood, WA 98498
INVESTMENT HIGHLIGHTS
- Built in 1942 and well maintained, this property offers significant rental upside and the opportunity to reduce operating costs
- Potential to significantly boost net operating income with minimal expense adjustments and a 9% rent increase to match market rents
- Ideally located in Lakewood, offering easy access to major employment hubs while avoiding Tacoma's restrictive tenant and landlord regulations
- Offers a variety of spacious 1-, 2-, and 3-bedroom units, including single family homes and cottages
- 4 of the 10 units have been completely renovated while all the units have received updated electrical panels and new water heaters
- Additional renovation projections indicate a 7.58% cap rate at post-renovation market rents
EXECUTIVE SUMMARY
Introducing Wonderland, a 10-unit value-add opportunity located at 14402 Washington Ave SW, Lakewood, WA 98498. Situated on a prime corner parcel in Lakewood, this property offers a unique investment potential with upscale renovations and future redevelopment possibilities. With a mix of fourplex, single-family homes, and cottages, this 1942-built property presents a diverse unit layout with promising rent premiums post-renovation. The two-story central building, once a dental office, can be transformed to add more living spaces, adding further value. Boasting historically high occupancy rates and minimal turnover, Wonderland promises income growth opportunities through rent adjustments and expense reductions. Renovations to units and common areas could yield a 7.58% cap rate at market rents. Don't miss out on this standout investment opportunity in South Tacoma, offering potential income growth and value appreciation.
DATA ROOM Click Here to Access
- Operating and Financials
PROPERTY FACTS
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $180,000 | Lot Size | 0.99 AC |
| Sale Type | Investment | Building Size | 9,541 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1942 |
| Property Subtype | Apartment | Parking Ratio | 1.47/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Price | $1,800,000 |
| Price Per Unit | $180,000 |
| Sale Type | Investment |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.99 AC |
| Building Size | 9,541 SF |
| No. Stories | 2 |
| Year Built | 1942 |
| Parking Ratio | 1.47/1,000 SF |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Storage Space
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 1 | - | 700 |
| 2+1 | 7 | - | 863 |
| 3+2 | 1 | - | 1,200 |
| 3+1 | 1 | - | 1,600 |
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PROPERTY TAXES
| Parcel Number | 220000-2400 | Improvements Assessment | $146,400 |
| Land Assessment | $1,172,300 | Total Assessment | $1,318,700 |
PROPERTY TAXES
Parcel Number
220000-2400
Land Assessment
$1,172,300
Improvements Assessment
$146,400
Total Assessment
$1,318,700
ZONING
| Zoning Code | MF1 |
| MF1 |
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Wonderland | 14402 Washington Ave SW
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