Property Details
8005 21st Avenue W
University Place, WA 98466
$1,100,000
Active
Schedule a Showing
Select your date preference
Request More Info
1 / 40
Property Overview
Rare University Place multifamily investment with immediate income, strong upside. This 3-unit view property offers cash flow, flexibility, and long-term appreciation in a desirable South Sound location. The north 2-BR unit is the premium residence, with vaulted ceilings, a new stainless kitchen, and a full-width deck with sweeping Puget Sound and Olympic Mountain views (rent approx. $2600). The south 1-BR unit offers excellent views, solid cherry floors, a jetted tub and private deck (rent approx. $2300). The garden-level 1-BR unit is bright with excellent views, porcelain tile floors, and private outdoor patios with direct access to an easy-care evergreen garden (rent approx. $2000). Amenities include open floor plans, gas fireplaces, in-unit w/d, fire sprinklers. An additional flexible space offers future value-add potential. Use as a studio, office, or future living area; with half bath, and french doors to a large view deck. The upper level was originally one residence, and can be converted back with relative ease; yet another strategy to maximize value to the buyer. For the investor looking for a high-demand location, meaningful income, and a distinctive asset with lifestyle appeal, this treehouse stands out as a rare opportunity. Be sure to see 3D tour + virtual tour!
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Pierce
Neighborhood
University Place
Listed
May 1, 2026
Financial Summary
Cap Rate
6.00%
Net Operating Income
$65,439
Gross Scheduled Income
$82,800
Gross Rent Multiplier
13.28
Total Expenses
$17,361
Building & Use
Building Sq Ft
2,754
Leasable Area
2,754 sqft
Total Units
3
Lot Size
14,471 sqft
Year Built
1999
Exterior & Lot
Lot Size
0.33 sqft
Year Built
1999
Garage
2 spaces
Exterior Materials
Wood
Parking
RV Parking
Sewer
Sewer Connected
Water Source
Public
Lot Features
Dead End Street
Exterior Features
Wood
Location
City
University Place
County
Pierce
Coordinates
47.24129, -122.54392
Additional Information
Tax Year
2026
Annual Taxes
$8,400
Possession
Array
Based on information submitted to the MLS GRID as of May 6, 2026 5:00 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
