Turnkey Lakewood Apartment Investment
For Sale
$4,000,000
Pending
5226 Chicago Avenue SW, Lakewood, WA 98499
29-unit apartment community in Lakewood's Springbrook neighborhood.
Property SizeContact for details
Days on Market508
Property Features for 5226 Chicago Avenue SW
General Information
Standard status
Pending
Property subtype
Commercial
Building Details
Year Built
1969
Listing Agency:
URBAN COMMERCIAL PARTNERS, LLC
Listed By:
TYLER BRETZ
(206) 519-4971
Source:
Corcoran
Added: Jun 17, 2025
Changed: Oct 26
Last Checked: Nov 4 at 1:18PM
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 URBAN COMMERCIAL PARTNERS, LLC
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Investment Insights
Based on property information with market context.
Grand Cedars Apartments presents a turnkey investment opportunity located in the Springbrook neighborhood of Lakewood. This 29-unit apartment community is offered as a standout investment. The property has a strong in-place Cap Rate of 6.65% and compelling year-one cash flow. Each unit has been upgraded with new countertops, flooring, cabinets, water heaters, and appliances. Investors can maximize returns by bringing all units up to market rents, unlocking additional revenue potential. The renovated units provide modern, high-quality living spaces that attract and retain tenants. The property is competitively priced below similarly renovated sale comparables.
Key Highlights
- Turnkey investment opportunity with a strong in‑place Cap Rate of 6.65%.
- Units have been expertly upgraded with new countertops, flooring, cabinets, water heaters, and appliances.
- Priced at $137,931 per unit, competitively priced below similarly renovated sale comparables.
Property Analytics
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Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
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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
$370,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Pierce County, WA
Properties on Market for Apartment buildings in Pierce County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - 29-unit apartment community in Lakewood's Springbrook neighborhood.
Where is this apartment building located?
The property is located at 5226 Chicago Avenue SW Lakewood, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Turnkey investment opportunity with a strong in‑place Cap Rate of 6.65%.; Units have been expertly upgraded with new countertops, flooring, cabinets, water heaters, and appliances.; Priced at $137,931 per unit, competitively priced below similarly renovated sale comparables.
