Eight-Unit Apartment
5024 18th Avenue Southeast Lacey, WA 98503
5024 18th Avenue Southeast, Lacey, WA, 98503
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For Sale
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Eight apartments with a mix of two-bedroom and one-bedroom units, plus on-site parking and communal laundry.
Property Size5,616 SF
Price / SF$195.87
Days on Market16
Property Features for 5024 18th Avenue Southeast
General Information
- Standard status
- Active
- Size
- 5,616 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1966
Listing agency
Westlake Associates, Inc.
Listed by
Reid Jones · License #87080
Source
Crexi
Added: Jul 7 Updated: Jul 22 at 11:43AM Checked: Jul 22 at 11:43AM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
The Lacey 8 is an eight-unit apartment property with four two-bedroom/one-bath units and four one-bedroom/one-bath units. The units are in mixed condition, with some still original and others moderately renovated, including newer LVP flooring. The building includes 14 on-site parking stalls and an on-site communal laundry facility, along with newer roof systems installed within the last several years.
The electrical panels have been updated throughout, and the windows are double-pane vinyl. Exterior siding is described as being in good condition with no major deferred maintenance.
Additional stated value-add opportunities include in-place rents being well below market and the seller currently not billing back utilities, with a path to implementing a RUBS or flat-fee utility program.
The electrical panels have been updated throughout, and the windows are double-pane vinyl. Exterior siding is described as being in good condition with no major deferred maintenance.
Additional stated value-add opportunities include in-place rents being well below market and the seller currently not billing back utilities, with a path to implementing a RUBS or flat-fee utility program.
Key Highlights
- Eight‑unit apartment building built in 1966 with four 2BD/1BA units and four 1BD/1BA units
- 14 on‑site parking stalls plus an on‑site communal laundry facility
- Newer roof systems installed within the last several years
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 | $134.8k | $24.00 |
| − Vacancy | −$6.7k | −$1.20 |
| EGI | $128.0k | $22.80 |
| − OpEx | −$57.6k | −$10.26 |
| NOI | $70.4k | $12.54 |
5,616 SF · lease $24.00/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.01M
$880.3K – $1.17M
NOI $70,425 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.44M – $1.92M
NOI $115,106 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Eight apartments with a mix of two-bedroom and one-bedroom units, plus on-site parking and communal laundry.
Where is this apartment building located?
The property is located at 5024 18th Avenue Southeast Lacey, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Eight‑unit apartment building built in 1966 with four 2BD/1BA units and four 1BD/1BA units; 14 on‑site parking stalls plus an on‑site communal laundry facility; Newer roof systems installed within the last several years
