Property Details
8311 Lake Street SW
Lakewood, WA 98498
$674,999
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Property Overview
Welcome to this turnkey triplex offering an exceptional opportunity for investors seeking immediate cash flow. Each of the three 2-bedroom, 1-bath units offers approximately 696 sq. ft. and has been thoughtfully updated. Recent updates in last 5 years include new roof, new septic system, vinyl windows, fencing, and extensive interior renovations throughout the units. Current rents are $1,625/month for Unit 1 and $1,650/month each for Units 2 and 3, plus an additional $150 per month from each tenant toward utilities, creating strong income potential. A shared laundry room, ample off-street parking, and a prime location just minutes from JBLM, I-5, restaurants, shopping, and American Lake make this a true cash-flowing investment and an excellent addition to any portfolio.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Pierce
Neighborhood
Tillicum
Listed
Jul 15, 2026
Structure Type
Triplex
Parcel Number
2200002450
Tax & HOA
Annual Property Tax
$5,737 (2025)
Est. Monthly Tax
$478/mo
Financial Summary
Cap Rate
7.00%
Net Operating Income
$32,958
Gross Scheduled Income
$37,680
Gross Rent Multiplier
12.00
Total Expenses
$7,401
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
2,088
Leasable Area
2,088 sqft
Total Units
3
Lot Size
13,168 sqft
Year Built
1963
Exterior & Lot
Lot Size
0.30 sqft
Year Built
1963
Exterior Materials
Wood
Sewer
Septic Tank
Water Source
Public
Lot Features
Corner Lot, Paved, Sidewalk
Exterior Features
Wood
Community & Access
Directions
From I-5 S, take Thorne Lane Exit (#123). Turn R onto Thorne Ln, turn L onto Union Ave and take the 2nd R onto Lake St. Property is on the Right.
Location
City
Lakewood
County
Pierce
Coordinates
47.12623, -122.54846
Additional Information
Tax Year
2025
Annual Taxes
$5,737
Possession
Array
Based on information submitted to the MLS GRID as of July 29, 2026 2:21 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.
