11002 Idlewild Road SW, Lakewood, WA 98498
- $2,100,000
- 6,240
- SqFt
Listing courtesy of Keller Williams Rty Tacoma.
- List Price
- $2,100,000
- Status
- ACTIVE
- MLS#
- 2535832
- Days on Market
- 52
- Style
- 55 - 5-9 Units
- Building Condition
- Average
- Finished SqFt
- 6,240
- Area Total SqFt
- 6240
- Annual Tax Ammount
- 16508
- Lot Size (sq ft)
- 58,109
- Sewer
- Sewer Connected
Property Description
Exceptional investment opportunity featuring 12 rental units across 6 duplex buildings, offering immediate income with significant upside potential. Centrally located with convenient access to shopping, services, and major transportation routes, this property is well-positioned to attract and retain long-term tenants. Each duplex consists of one 2-bedroom, 1-bath unit and one 1-bedroom, 1-bath unit, creating a desirable unit mix that appeals to a broad tenant base. Current rents are below market, presenting a compelling opportunity for a savvy investor to increase cash flow and improve overall returns. Several units have benefited from interior renovations, while portions of the exterior have been upgraded with new siding. Durable metal roofing, selective exterior improvements, and a straightforward design contribute to a relatively low-maintenance investment. An on-site laundry facility provides additional income potential for residents. Situated on a large parcel, the property appears to offer future development opportunities that could substantially increase income and overall value (buyer to verify all development potential and feasibility). Whether you're looking to expand an existing portfolio or acquire a value-add asset with multiple paths to increased returns, this property deserves serious consideration. Opportunities combining current income, rental upside, low-maintenance ownership, and potential future development are increasingly difficult to find.
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Additional Information
- List Date
- 2026-06-04 16:51:22
- Community
- Lakewood
- Net Operating Income
- $113,846
- Gross Adjusted Income
- $147,664
- Gross Scheduled Income
- $155,436
- Total Monthly Income
- $12,983
- Insurance Expenses
- $6,607
- Water/Sewer/Garbage Expenses
- $17,907
- Gross Rent Multiplier
- 13.5
- Total Expenses
- $41,590
- Cap Rate
- 5.4
- Vacancy Rate
- 5
- Total Number of Units
- 12
- Unit Name
- 11002
- Potential Terms
- Cash, Conventional
- Year Built
- 1955
- Roof
- Metal
- Site Features
- Fenced-Partially, Patio
- Electric Expenses
- 568
- Energy Source
- Electric
- School District
- Clover Park
- Elementary School
- Idlewild Elem
- Middle School
- Mann Mid
- High School
- Clover Park High
- Total Monthly Income
- $12,983
- Gross Scheduled Income
- $155,436
- Vacancy Rate
- 5
- Gross Adjusted Income
- $147,664
- Tax Year
- 2025
- Insurance Expense
- $6,607
- W/S/G Expenses
- $17,907
- Total Expenses
- $41,590
- Net Operating Income
- $113,846
- Gross Rent Multiplier
- 13.5
- Cap Rate
- 5.4
Based on information submitted to the MLS GRID as of . 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 noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.