Renovated Multifamily Building in
219 5th Ave NE Puyallup, WA 98372
219 5th Ave NE, Puyallup, WA, 98372
$4,549,900
For Sale
$4,549,900
Renovated multifamily property with value-add potential in prime location.
Property Size20,792 SF
Price / SF$218.83
Days on Market378
Property Features for 219 5th Ave NE
General Information
- Standard status
- Active
- Size
- 20,792 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1963
Listing agency
LUMIN BROKERS OF WASHINGTON
Listed by
RICH KIM
Source
Corcoran
Added: Jul 9, 2025 Updated: Jul 6 at 7:41AM Checked: Jul 21 at 4:58AM
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 LUMIN BROKERS OF WASHINGTON
Investment Insights
Based on property information with market context.
Garden Square Apartments is a renovated multifamily building located in Puyallup, WA. The property comprises two 1-bedroom, 1-bathroom units, eighteen 2-bedroom, 1-bathroom units, and one 4-bedroom, 1.5-bathroom unit. The property has a Walk Score of 87 out of 100, indicating its proximity to shopping, entertainment districts, and restaurants. The location is suitable for short-term and long-term rentals. There is an opportunity to increase rents to meet current market rates. The property size is 20792 square feet.
Key Highlights
- Opportunity to increase rents by an average of 14% to meet current market rates.
- Current 6.00% Cap Rate can be raised to 7.24%.
- Excellent location in the heart of Puyallup, WA with a Walk Score of 87/100.
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 | $494.0k | $23.76 |
| − Vacancy | −$36.6k | −$1.76 |
| EGI | $457.5k | $22.00 |
| − OpEx | −$205.9k | −$9.90 |
| NOI | $251.6k | $12.10 |
20,792 SF · lease $23.76/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.15M – $4.19M
NOI $251,603 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.62M
$4.91M – $6.55M
NOI $393,099 @ 7.0% cap · market cap 8.64%
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 - Renovated multifamily property with value-add potential in prime location.
Where is this apartment building located?
The property is located at 219 5th Ave NE Puyallup, WA.
What is the asking price?
The asking price for this property is $4,549,900.
What are key features of this property?
This property features: Opportunity to increase rents by an average of 14% to meet current market rates.; Current 6.00% Cap Rate can be raised to 7.24%.; **Excellent location in the heart of Puyallup, WA** with a Walk Score of 87/100.
