Property Details

219 5th Ave NE

Puyallup, WA 98372

$4,574,900

Available

CBA# 699566 courtesy of CBA Listing firm: Lumin Brokers of Washington

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Commercial

Property Type

20,792

Bldg Sq Ft

Units

1963

Year Built

Property Overview

Garden Square Apartments is a renovated multi-family building ideally located in the heart of Puyallup, WA comprised of two 1BD/1BA, eighteen 2BD/1BA, and one 4BD/1.5BA units. With a Walk Score of 87 out of 100 it has excellent proximity to shopping, entertainment districts and restaurants. This community is an attractive destination for vacations, business trips and urban professionals making it a unique opportunity for short-and long-term rentals alike. This investment offers a unique opportunity to add value without any updates to the building or units. The rents are significantly below market and can be increased by an average of 14% to meet current market rents. Current Cap Rate of 6.00% would be raised to 7.24%!