Property Details

15107 Boat St SW

Lakewood, WA 98498

$990,000

Available

CBA# 708946 courtesy of CBA Listing firm: Westlake Associates, Inc.

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Commercial

Property Type

3,080

Bldg Sq Ft

Units

6.00%

Cap Rate

1959

Year Built

Property Overview

The Gross Monthly Rent totals to $9,330 per month. New ownership will acquire the property at a low basis, priced at approximately $123,750 per unit, with solid occupancy and a 6.77% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region.15107 Boat Street SW is an eight-unit value-add opportunity located in a lakeside enclave in Lakewood, Washington. The property’s nautical identity stands apart from typical Lakewood offerings, supported by immediate proximity to the American Lake boat launch and surrounding waterfront amenities. Originally constructed in 1959, the asset consists of a 3,080 square-foot multifamily building situated on a 12,500 square-foot (0.29-acre) lot. Adjacent to the property, a new townhome community