Property Details

Lilly Apartments offers investors the rare opportunity to acquire a proven value-add asset with immediate yield and clear upside in one of Western Washington’s most durable rental markets. The 20-unit property has already seen substantial interior renovation progress, with 16 units upgraded, two partially completed, and only two classic units remaining—allowing new ownership to step into a largely de-risked renovation story with meaningful runway still ahead. Situated in a highly accessible infill location near Providence St. Peter Hospital, just one mile from I-5 and a short drive to Joint Base Lewis-McChord, the property is ideally positioned to capture sustained renter demand driven by major employment anchors and regional connectivity. With attractive seller financing that drives 9.5%+ day-one cash-on-cash returns, and the ability to continue pushing rents through completion of the renovation plan, Lilly Apartments stands out as a compelling opportunity to secure both strong current income and future appreciation.