42-Unit Apartment
For Sale
Contact for pricing
10701-10702 109th Street SW, Lakewood, WA 98498
Forty-two unit apartment community with 1-, 2-, and 3-bedroom layouts on 3+ acres.
Property Size39,340 SF
Lot Size3.00 Acres
Price / SF$207.17
Days on Market97
Property Features for 10701-10702 109th Street SW
General Information
Standard status
Active
Size
39,340 SF
Total Parking Spaces
66
Lot size
3.00 Acres
Property subtype
Multifamily
Zoning
RML
Investment Type
Stabilized
Net Operating Income
$432,029
Additional Details
Multifamily Units
42
Building Details
Year Built
1968
Year Renovated
2026
Buildings
4
Units
42
Tenancy
Multi
Listing Agency:
Berkadia
Listed By:
Chad Blenz · License #WA 125100
Source:
Crexi
Added: Jul 7
Changed: Sep 25
Last Checked: Oct 9 at 5:22PM
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$476,052
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,521,040
$9.5M
Cap Rate 7%
$6,800,743
$6.8M
Cap Rate 9%
$5,289,467
$5.3M
Market Conditions
NOI Build-Up for 39,340 SF
Gross rent
$934.7K $23.76/SF
− Vacancy
−$69.2K −$1.76/SF
EGI
$865.5K $22.00/SF
− OpEx
−$389.5K −$9.90/SF
NOI
$476.1K $12.10/SF
Area
Pierce County, WA
Vacancy
7.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,521,040
Cap Rate 7%
$6,800,743
Cap Rate 9%
$5,289,467
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 authorities.
Property Analytics
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Current Use
Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
114
Businesses Nearby
Explore this area
Business Placement
Demographics for 98498, WA
29,982
Population
12,842
Households
2.3
Avg Household Size
41
Median Age
29%
College-Educated
91%
High-School Grad
9.9 sq mi
ZIP Area
3,028
Density / Sq Mi
$88,382
Median Household Income
$50,994
Median Earnings
$1,604
Median Rent
$458,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
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
