10108 Sales RdTacoma, WA 98499

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.