Property Details

11002 Idlewild Road SW
Lakewood, WA 98498
$2,100,000
MLS# 2535832 courtesy of NWMLS Listing firm: Keller Williams Rty Tacoma

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11002 Idlewild Road SW, Lakewood, WA 98498, Lakewood

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11002 Idlewild Road SW, Lakewood, WA 98498, Lakewood

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Multi-Family
Property Type
6,240
Bldg Sq Ft
12
Units
5.40%
Cap Rate
1955
Year Built

Property Overview

Exceptional investment opportunity featuring 12 rental units across 6 duplex buildings, offering immediate income with significant upside potential. Centrally located with convenient access to shopping, services, and major transportation routes, this property is well-positioned to attract and retain long-term tenants. Each duplex consists of one 2-bedroom, 1-bath unit and one 1-bedroom, 1-bath unit, creating a desirable unit mix that appeals to a broad tenant base. Current rents are below market, presenting a compelling opportunity for a savvy investor to increase cash flow and improve overall returns. Several units have benefited from interior renovations, while portions of the exterior have been upgraded with new siding. Durable metal roofing, selective exterior improvements, and a straightforward design contribute to a relatively low-maintenance investment. An on-site laundry facility provides additional income potential for residents. Situated on a large parcel, the property appears to offer future development opportunities that could substantially increase income and overall value (buyer to verify all development potential and feasibility). Whether you're looking to expand an existing portfolio or acquire a value-add asset with multiple paths to increased returns, this property deserves serious consideration. Opportunities combining current income, rental upside, low-maintenance ownership, and potential future development are increasingly difficult to find.

Property Details

Property Information

Property Type Residential Income
Subtype Multi Family
Status Active
County Pierce
Neighborhood Lakewood
Listed Jun 4, 2026
Structure Type Multi Family
Parcel Number 0219033008

Tax & HOA

Annual Property Tax $16,508 (2025)
Est. Monthly Tax $1,376/mo

Financial Summary

Cap Rate 5.40%
Net Operating Income $113,846
Gross Scheduled Income $155,436
Gross Rent Multiplier 13.50
Total Expenses $41,590
Vacancy Rate 5.0%

Building & Use

Building Sq Ft 6,240
Leasable Area 6,240 sqft
Total Units 12
Zoning Multi-Family
Possible Use Multi-Family
Lot Size 1.33 acres
Year Built 1955

Exterior & Lot

Lot Size 1.33 sqft
Year Built 1955
Exterior Materials Cement, Stucco, Wood
Sewer Sewer Connected
Water Source Public
Lot Features Curbs, Dead End Street, Paved
Exterior Features Cement/Concrete, Stucco, Wood

Community & Access

Directions From I-5 take the Gravelly Lake dr Exit. Stay on Gravelly Lk Dr. then head West on Washington Blvd. Make an Immediate R. (North) onto Interlaaken take a L (west) onto 112th R. (North) at Idelwild

Location

City Lakewood
County Pierce
Coordinates 47.15680, -122.54527

Additional Information

Tax Year 2025
Annual Taxes $16,508
Possession Array
Listed By
Matt Harber
Keller Williams Rty Tacoma

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