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Listed by:Blake Investment Advisors • Gabe Blake
$ 1,900,000
Est. payment | /mo
22 Beds
15 Baths
2.62 Acres Lot
$ 1,900,000
Est. payment | /mo
22 Beds
15 Baths
2.62 Acres Lot
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Lakewood
MLS Listing ID 2525348
Style 56 - 10+ Units
Bedrooms 22
Year Built 1972
Annual Tax Amount $26,305
Lot Size 2.620 Acres
Property Sub-Type Multi Family
Property Description
Gen Villas is a cash-flowing value-add 14-unit apartment community situated on 2.62 acres in a serene creek-side setting surrounded by lush greenery in Lakewood, located less than 2 miles from Joint Base Lewis-McChord, Pierce County's largest employer. The property consists of 14 units across two separate buildings: a 6-unit building located at the front of the property, originally constructed in 1972, and an 8-unit building situated at the rear of the property, built in 1955. The unit mix includes one 4-bedroom / 3-bathroom unit, one 3-bedroom / 1-bathroom unit, three 2-bedroom / 1-bathroom units, and nine 1-bedroom / 1-bathroom apartments. Seven units at the property have been updated to a similar finish level as photographed in Unit 5, featuring luxury vinyl plank flooring, fresh interior paint, and newer kitchen appliances and cabinetry. The opportunity exists for new ownership to complete cosmetic renovations to the remaining 7 units and increase rents approximately 17% to market. A Additionally, Units 1, 2, and 4 include in-unit washer and dryer stacks, while the remaining units benefit from access to an on-site community laundry facility. Residents benefit from an ample supply of off-street parking, including 6 carports and 3 surface parking stalls serving the front building, as well as an additional 16 surface parking stalls designated for the rear building.
Location
State WA
County Pierce
Area 36 - Lakewood
Interior
Flooring See Remarks
Fireplace false
Exterior
Exterior Feature See Remarks
View Y/N No
Roof Type Composition
Building
Sewer Sewer Connected
New Construction No
Schools
School District Lakewood
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
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