8-Unit Apartment
For Sale
$2,137,500
8303 John Dower Rd SW, Lakewood, WA 98499
Corner-lot multifamily property with on-site parking and updated features in select apartments.
Property Size5,280 SF
Price / SF$404.83
Days on Market36
Property Features for 8303 John Dower Rd SW
General Information
Standard status
Active
Size
5,280 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
8
Amenities
washer/dryer hookups
Building Details
Year Built
1962
Buildings
1
Listing Agency:
RE/MAX Northwest
Listed By:
Tamara Paul
Source:
Theinspiregroup
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 25 at 5:40AM
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 RE/MAX Northwest
Investment Insights
Based on property information with market context.
This 8-unit apartment property was built in 1962 and is currently 100% occupied. Improvements in several apartments include refreshed cabinetry, bathrooms, flooring, and water heaters. Kitchen appliances remain with the property, and every unit has washer and dryer hookups.
The building occupies a corner lot at 8303 John Dower in Lakewood, Washington, with on-site parking plus additional street parking. Exterior paint, landscaping, and ongoing upkeep contribute to the property's maintained presentation. The location is near Joint Base Lewis-McChord, shopping, dining, parks, schools, public transportation, and major commuter routes.
The building occupies a corner lot at 8303 John Dower in Lakewood, Washington, with on-site parking plus additional street parking. Exterior paint, landscaping, and ongoing upkeep contribute to the property's maintained presentation. The location is near Joint Base Lewis-McChord, shopping, dining, parks, schools, public transportation, and major commuter routes.
Key Highlights
- 8‑unit apartment property with 100% occupancy
- Several apartments feature updated cabinetry, bathrooms, flooring, and water heaters
- Kitchen appliances included; washer and dryer hookups in all units
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
$63,893
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
2.99%
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%
$1,277,860
$1.3M
Cap Rate 7%
$912,757
$912.8K
Cap Rate 9%
$709,922
$709.9K
Market Conditions
NOI Build-Up for 5,280 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
$125.5K $23.76/SF
− Vacancy
−$9.3K −$1.76/SF
EGI
$116.2K $22.00/SF
− OpEx
−$52.3K −$9.90/SF
NOI
$63.9K $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%
$1,277,860
Cap Rate 7%
$912,757
Cap Rate 9%
$709,922
Alternative Uses
Best Use
Apartment 5plus
$912.8K
$798.7K – $1.06M
NOI $63,893 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,825 @ 7.0% cap · market cap 4.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
559
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Corner-lot multifamily property with on-site parking and updated features in select apartments.
Where is this apartment building located?
The property is located at 8303 John Dower Rd SW Lakewood, WA.
What is the asking price?
The asking price for this property is $2,137,500.
What are key features of this property?
This property features: 8‑unit apartment property with 100% occupancy; Several apartments feature updated cabinetry, bathrooms, flooring, and water heaters; Kitchen appliances included; washer and dryer hookups in all units
