6807 Lakewood DrUniversity Place, WA 98467

Property Details for 6807 Lakewood Dr

Year built

1957

Construction

WOOD FRAME

Lot size

0.99 AC

Property size (Sq ft)

3,360 SF

Zone code

MUD

Property type

Apartment buildings

APN

5455000620

APU

5455000620

Description

This exceptional 12-unit apartment building in University Place, Washington, presents a compelling investment opportunity. Built in 1957 and situated on a 0.99-acre lot (42,216 sq ft) at 6807 Lakewood Dr W, 98467, this property boasts a prime location adjacent to the Meadow Park Golf Course. The two, one-story buildings comprise efficiently designed one-bedroom, one-bathroom units, each averaging 11,700 square feet. Recent upgrades include modernized interiors featuring hard surface countertops, stainless steel appliances, new cabinets, new luxury vinyl plank (LVP) flooring, and updated bathroom and kitchen fixtures. Significant improvements have also been made to the building's infrastructure, encompassing updated plumbing, electrical systems, roof, siding, and landscaping. Currently operating with a 6.49% cap rate and a pro-forma cap rate of 7.99%, this property offers investors a strong cash flow, low projected capital expenditures, and an attractive cost per unit of $150,000. The wood-frame construction and the lightly upgraded unit finishes contribute to the property's overall value and potential for future appreciation. This is a rare chance to acquire a well-maintained, high-performing multifamily asset in a desirable location. The property's APN is 545000620. The asking price is $1,800,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,127,438

  6.5%

  $1,040,712

  7%

  $966,376

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,396,598

  Geo Method

  $1,002,957

• Alternative Use

  Use

  Valuation

  Residential

  $1,040,712

  Hospitality

  $953,287

  Educational

  $793,123

  Medical

  $820,400

  Retail

  $1,233,747

Location Insight

City

University Place

County

Pierce

State

Washington

Latitude

47.1955

Longitude

-122.508

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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