54-Unit Apartment
For Sale
Contact for pricing
12710 56th Ave CT SW, Lakewood, WA 98499
Built in 1985, the community offers spacious apartments with largely original interiors and an identified renovation scope.
Property Size38,988 SF
Price / SF$193.39
Days on Market190
Property Features for 12710 56th Ave CT SW
General Information
Standard status
Active
Size
38,988 SF
Total Parking Spaces
83
Property subtype
Multifamily
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$456,461
Property Condition
Severity
Repairs Needed
Evidence
largely original interior finishes
Additional Details
Multifamily Units
54
Building Details
Year Built
1985
Year Renovated
1990
Units
54
Listing Agency:
Kidder Mathews Tacoma
Listed By:
Austin Kelley · License #WA
(253) 722-1413
Source:
Crexi
Added: Apr 15
Changed: Oct 11
Last Checked: Oct 19 at 4:47AM
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 Kidder Mathews Tacoma
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Investment Insights
Based on property information with market context.
This 54-unit apartment community was built in 1985 and includes apartment homes averaging approximately 722 square feet. Interior finishes are largely original, creating a defined improvement scope centered on kitchen and bathroom modernization, fixture updates, and adding in-unit washers and dryers, which are not currently present.
The property is situated in Lakewood within the South Sound submarket and is near Joint Base Lewis-McChord, a major regional employment center identified as a source of housing demand. The surrounding area also provides access to retail, services, and transportation corridors. The existing unit sizes and established multifamily configuration support a renovation-focused repositioning while retaining workforce-oriented housing characteristics.
The property is situated in Lakewood within the South Sound submarket and is near Joint Base Lewis-McChord, a major regional employment center identified as a source of housing demand. The surrounding area also provides access to retail, services, and transportation corridors. The existing unit sizes and established multifamily configuration support a renovation-focused repositioning while retaining workforce-oriented housing characteristics.
Key Highlights
- 54‑unit multifamily community built in 1985
- Apartment homes average approximately 722 square feet
- Largely original interior finishes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$471,793
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,435,860
$9.4M
Cap Rate 7%
$6,739,900
$6.7M
Cap Rate 9%
$5,242,144
$5.2M
Market Conditions
NOI Build-Up for 38,988 SF
Gross rent
$926.4K $23.76/SF
− Vacancy
−$68.6K −$1.76/SF
EGI
$857.8K $22.00/SF
− OpEx
−$386.0K −$9.90/SF
NOI
$471.8K $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%
$9,435,860
Cap Rate 7%
$6,739,900
Cap Rate 9%
$5,242,144
Alternative Uses
Best Use
Apartment 5plus
$6.74M
$5.90M – $7.86M
NOI $471,793 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.53M
$9.21M – $12.29M
NOI $737,116 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
54
Residential units
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 98499, WA
33,188
Population
14,683
Households
2.3
Avg Household Size
35
Median Age
19%
College-Educated
85%
High-School Grad
8.8 sq mi
ZIP Area
3,771
Density / Sq Mi
$65,000
Median Household Income
$41,345
Median Earnings
$1,445
Median Rent
$370,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1985, the community offers spacious apartments with largely original interiors and an identified renovation scope.
Where is this apartment building located?
The property is located at 12710 56th Ave CT SW Lakewood, WA.
What is the asking price?
The asking price for this property is $7,540,000.
What are key features of this property?
This property features: 54‑unit multifamily community built in 1985; Apartment homes average approximately 722 square feet; Largely original interior finishes
