12-Unit Duplex Apartment
New
For Sale
$2,100,000
11002 Idlewild Road SW, Lakewood, WA 98498
Six duplex buildings provide a varied unit mix, on-site laundry, and several upgraded building components.
Property Size6,240 SF
Price / SF$336.54
Days on Market7
Property Features for 11002 Idlewild Road SW
General Information
Standard status
Active
Size
6,240 SF
Total Parking Spaces
18
Property subtype
Multi-Family
Net Operating Income
$113,846
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$16,508
Amenities
on-site laundry
Laminate,Vinyl,Vinyl Plank
Yes
No
1
Electric
Curbs,Dead End Street,Paved
Public
Fenced-Partially,Patio
18
6
1.334
Cement/Concrete,Stucco,Wood
6240
12
Building Details
Building Size
6,240 SF
Year Built
1955
Buildings
6
Stories
1
Listing Agency:
Coldwell Banker Central
(541) 730-4830
Listed By:
Rheola Coy · License #201233845
(503) 999-5088
Source:
Premierepropertygroup
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 3:57AM
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 Coldwell Banker Central
Investment Insights
Based on property information with market context.
This apartment property comprises 12 rental units arranged across 6 duplex buildings. Each duplex includes one 2-bedroom, 1-bath residence and one 1-bedroom, 1-bath residence, creating an even mix across the property. The buildings contain a combined 6,240 square feet and were constructed in 1955.
Property improvements include interior updates in several units, newer siding on portions of the exteriors, and metal roofing. An on-site laundry facility serves the residents and provides an additional operating feature. The property occupies 1.334 acres at 11002 Idlewild Road SW in Lakewood, Washington, with paved access and partial fencing.
Property improvements include interior updates in several units, newer siding on portions of the exteriors, and metal roofing. An on-site laundry facility serves the residents and provides an additional operating feature. The property occupies 1.334 acres at 11002 Idlewild Road SW in Lakewood, Washington, with paved access and partial fencing.
Key Highlights
- 12 rental units across 6 duplex buildings
- Unit mix includes 2‑bedroom and 1‑bedroom residences, each with 1 bath
- Combined building area of 6,240 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,510
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,510,200
$1.5M
Cap Rate 7%
$1,078,714
$1.1M
Cap Rate 9%
$839,000
$839.0K
Market Conditions
NOI Build-Up for 6,240 SF
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.
Gross rent
$148.3K $23.76/SF
− Vacancy
−$11.0K −$1.76/SF
EGI
$137.3K $22.00/SF
− OpEx
−$61.8K −$9.90/SF
NOI
$75.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,510,200
Cap Rate 7%
$1,078,714
Cap Rate 9%
$839,000
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$943.9K – $1.26M
NOI $75,510 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.47M – $1.97M
NOI $117,975 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
71
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Six duplex buildings provide a varied unit mix, on-site laundry, and several upgraded building components.
Where is this apartment building located?
The property is located at 11002 Idlewild Road SW Lakewood, WA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 12 rental units across 6 duplex buildings; Unit mix includes 2‑bedroom and 1‑bedroom residences, each with 1 bath; Combined building area of 6,240 square feet
