Property Details
11002 Idlewild Road SW
Lakewood, WA 98498
$2,100,000
Active
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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
