42-Unit Apartment
10701-10702 109th Street SW Lakewood, WA 98498
New
Forty-two unit apartment community with 1-, 2-, and 3-bedroom layouts on 3+ acres.
Type:Multifamily
Property size:
39,340 SFLot size:
3.00 AcresPrice / SF:
$207/SF- Added:
- Jul 7, 2026
- Days on Market:
- 5
- Last Refresh:
- Jul 9 at 2:04 am
Property Features for 10701-10702 109th Street SW
General Information
- Standard status
- Active
- Size
- 39,340 SF
- Lot size
- 3.00 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1968
Listing office Berkadia
Listing date Jul 7, 2026
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Berkadia
Investment Insights
Based on property information with market context.
Timberwood is a 42-unit apartment community offering spacious 1-, 2-, and 3-bedroom floor plans. The property includes recent capital improvements focused on both common areas and units, including landscaping and tree removal, upgraded lighting, plumbing and electrical work, new aluminum carports, parking lot resurfacing and striping, and roof repairs and replacement. On the interior, nine units have been renovated with features such as vinyl plank flooring, stainless steel appliances, updated lighting fixtures, shower surround updates, hard-surface countertops, undermount sinks, and shaker-style cabinetry. An additional eight units were mostly upgraded within the last year with LVP flooring, new appliances, and modern lighting.
Located in the Lakewood submarket of Tacoma, residents are described as having direct access to more than two million square feet of retail at Tacoma Mall and Lakewood Towne Center. Nearby Fort Steilacoom Park and American Lake are also noted, supporting long-term demand for investors in a submarket with historically stable occupancy.
The current ownership has invested approximately $700,000 in capital improvements, with new ownership able to build on the completed work through continued upgrades across remaining units and operational improvements.
Located in the Lakewood submarket of Tacoma, residents are described as having direct access to more than two million square feet of retail at Tacoma Mall and Lakewood Towne Center. Nearby Fort Steilacoom Park and American Lake are also noted, supporting long-term demand for investors in a submarket with historically stable occupancy.
The current ownership has invested approximately $700,000 in capital improvements, with new ownership able to build on the completed work through continued upgrades across remaining units and operational improvements.
Key Highlights
- 42‑unit apartment community with 1-, 2-, and 3‑bedroom floor plans
- 3+ acres in Tacoma’s Lakewood submarket (Year built: 1968)
- Owners invested about $700,000 in capital improvements including upgraded lighting, plumbing/electrical work, carports, parking lot resurfacing/striping, and roof repairs/replacement
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $934.7k | $23.76 |
| − Vacancy | −$69.2k | −$1.76 |
| EGI | $865.5k | $22.00 |
| − OpEx | −$389.5k | −$9.90 |
| NOI | $476.1k | $12.10 |
39,340 SF · lease $23.76/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.80M
$5.95M – $7.93M
NOI $476,052 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.63M
$9.30M – $12.40M
NOI $743,771 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Forty-two unit apartment community with 1-, 2-, and 3-bedroom layouts on 3+ acres.
Where is this apartment building located?
The property is located at 10701-10702 109th Street SW Lakewood, WA.
What is the asking price?
The asking price for this property is $8,150,000.
What are key features of this property?
This property features: 42‑unit apartment community with 1-, 2-, and 3‑bedroom floor plans; 3+ acres in Tacoma’s Lakewood submarket (Year built: 1968); Owners invested about $700,000 in capital improvements including upgraded lighting, plumbing/electrical work, carports, parking lot resurfacing/striping, and roof repairs/replacement
