Property Details
1000 Creso Road S
Spanaway, WA 98387
$3,400,000
Active
Schedule a Showing
Select your date preference
Request More Info
1 / 40
Property Overview
This stunning lakefront property is unlike anything you’ve ever seen! Sited on 700 feet of waterfront and 9.31 acres, this special property is the perfect combination of lakefront luxury and income generating rentals. The hallmark of the property is the lakefront lodge. At more than 4,200 square feet, clad in stone, stucco, slate, and copper, this beautiful home features a main level primary suite, an expansive kitchen, a two-story great room, and an attached ADU/MIL above the three-car garage. Open the three sets of French doors in the great room for a seamless indoor-outdoor flow onto the covered outdoor patio. Enjoy beautiful lake views from nearly every room, especially the elevated ADU which offers two private external entrances and interior access from the main residence. The South-facing shoreline features a picturesque Mount Rainier view. The dock easily accommodates a float plane or large vessel, with an extra motorized float perfect for cruising the lake with friends. Now, the rentals. This single-parcel property includes 7 rental units: two 1-bed duplexes, a 2-bed duplex, and an additional single-family home. These additional residences have all received consistent updates throughout the years and benefits from long-term tenants who would love to stay. Photos of the SFR and one of the duplex units are included in this listing. Gross annual income exceeds $100,000 per year and a rent roll is available upon request. This one-of-a-kind property is as rare as it comes.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Pierce
Neighborhood
Spanaway Lake
Listed
May 19, 2026
Structure Type
Multi Family
Parcel Number
0319291021
Tax & HOA
Annual Property Tax
$32,136 (2026)
Est. Monthly Tax
$2,678/mo
Financial Summary
Cap Rate
3.27%
Net Operating Income
$111,260
Gross Scheduled Income
$177,600
Gross Rent Multiplier
19.14
Total Expenses
$59,232
Vacancy Rate
4.0%
Building & Use
Building Sq Ft
4,233
Leasable Area
8,655 sqft
Total Units
5
Zoning
Residential
Possible Use
Residential
Lot Size
9.31 acres
Year Built
2001
Exterior & Lot
Lot Size
9.31 sqft
Year Built
2001
Garage
4 spaces
Exterior Materials
Stone, Stucco, Wood
Parking
RV Parking
Sewer
Septic Tank
Water Source
Public
Lot Features
Cul-De-Sac, Paved, Secluded
Exterior Features
Stone, Stucco, Wood
Community & Access
Directions
From Hwy 512 and Steele St continue south transitioning into Spanaway Loop Rd. Follow Spanaway Loop Rd approx 5 miles to Creso Road. Left on Creso Rd. 1000 Creso Rd is through the gates at the end.
Location
City
Spanaway
County
Pierce
Coordinates
47.10741, -122.45208
Additional Information
Tax Year
2026
Annual Taxes
$32,136
Possession
Array
Based on information submitted to the MLS GRID as of July 29, 2026 2:21 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
