HDN Apartments | 4902 111th St SW
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HDN Apartments 4902 111th St SW
8 Unit Apartment Building $1,725,000 ($215,625/Unit) 4.84% Cap Rate Lakewood, WA 98499
Investment Highlights
- Great income producing 8Plex - NOI $83,424.00
- All the units are updated with tile, laminate, hardwood floor, gated-garbage enclosure by the street side
- Below market rents for potential upside
Executive Summary
Location, location! Great Investment, Turnkey opportunity to purchase this great income producing 8Plex, 4,584sf building, 19,200sf Parcel; 2 2BR & 6 1BR Apart, Zone C1, located in the heart of Lakewood, next to St. Clare Hospital. Well maintained 1-Story U-shape Brick Building, private courtyard, large playground area with fully gated fence, All the units are updated with tile, laminate, hardwood floor, gated-garbage enclosure by the street side. Current rents are much below market rent. With highly Rent demand, it has plenty of room to increase income, plus coin operated laundry. This Multi-Fam Building is on Lakewood Commercial Core, surrounding with businesses, residential developments; minutes to I5, JBLM Military Base, Towne Center.
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$121,200
|
$26.74
|
| Other Income |
$1,236
|
$0.27
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$122,436
|
$27.02
|
| Taxes |
$9,875
|
$2.18
|
| Operating Expenses |
$21,756
|
$4.80
|
| Total Expenses |
$31,631
|
$6.98
|
| Net Operating Income |
$90,805
|
$20.04
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $121,200 |
| Annual Per SF | $26.74 |
| Other Income | |
|---|---|
| Annual | $1,236 |
| Annual Per SF | $0.27 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $122,436 |
| Annual Per SF | $27.02 |
| Taxes | |
|---|---|
| Annual | $9,875 |
| Annual Per SF | $2.18 |
| Operating Expenses | |
|---|---|
| Annual | $21,756 |
| Annual Per SF | $4.80 |
| Total Expenses | |
|---|---|
| Annual | $31,631 |
| Annual Per SF | $6.98 |
| Net Operating Income | |
|---|---|
| Annual | $90,805 |
| Annual Per SF | $20.04 |
Property Facts
| Price | $1,725,000 | Building Class | C |
| Price Per Unit | $215,625 | Lot Size | 0.48 AC |
| Sale Type | Investment | Building Size | 4,532 SF |
| Cap Rate | 4.84% | Average Occupancy | 100% |
| Sale Conditions | 1031 Exchange | No. Stories | 1 |
| No. Units | 8 | Year Built/Renovated | 1960/1990 |
| Property Type | Multifamily | Parking Ratio | 1.25/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $1,725,000 |
| Price Per Unit | $215,625 |
| Sale Type | Investment |
| Cap Rate | 4.84% |
| Sale Conditions | 1031 Exchange |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 4,532 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1960/1990 |
| Parking Ratio | 1.25/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Dishwasher
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Yard
- Lawn
- Smoke Free
Site Amenities
- Courtyard
- Fenced Lot
- Playground
- Gated
- Laundry Service
- Renters Insurance Program
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $78,840 | - |
| 2+1 | 2 | $34,080 | - |
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Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 508000-0082 | Total Assessment | $891,500 (2024) |
| Land Assessment | $467,200 (2024) | Annual Taxes | $9,875 ($2.18/SF) |
| Improvements Assessment | $424,300 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
508000-0082
Land Assessment
$467,200 (2024)
Improvements Assessment
$424,300 (2024)
Total Assessment
$891,500 (2024)
Annual Taxes
$9,875 ($2.18/SF)
Tax Year
2023
zoning
| Zoning Code | C1, Lakewood (Permits neighborhood commercial activities and small-scale freestanding businesses.) |
| C1, Lakewood (Permits neighborhood commercial activities and small-scale freestanding businesses.) |
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HDN Apartments | 4902 111th St SW
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