Renovated Craftsman
For Sale
$599,900
8601 8603 Maple St SW, Lakewood, WA 98498
Two vacant units, shared building systems, off-street parking, and a detached garage support flexible residential use.
Property Size2,352 SF
Price / SF$255.06
Days on Market47
Property Features for 8601 8603 Maple St SW
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1922
Construction
Craftsman-style
Listing Agency:
COMPASS
Listed By:
Jim Swanson · License #21028671
(253) 565-1189
Source:
Montgomeryht
Added: Sep 5
Changed: Oct 17
Last Checked: Oct 20 at 11:15PM
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 COMPASS
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1922 Craftsman-style duplex contains two vacant two-bedroom, one-bath units. The upper residence features original fir and softwood floors with vinyl flooring in the kitchen, bath, and laundry areas. The lower unit has laminate and vinyl flooring throughout, along with a new stove and dishwasher. Interior renovations have been completed in both units, while the furnace and water heater are shared and located in the basement.
The property sits on a large lot at 8601 8603 Maple St SW in Lakewood, with ample off-street parking and additional street parking. A detached garage and storage building provides supplemental space and may benefit from repairs or improvements. The property passed the Lakewood Rental House Safety Program inspection. It is served by a functioning septic system rated for three bedrooms, with sewer available in the street for a future connection. I-5, JBLM, schools, and Tillicum amenities are nearby, while shopping and grocery options are minutes away in Lakewood.
The property sits on a large lot at 8601 8603 Maple St SW in Lakewood, with ample off-street parking and additional street parking. A detached garage and storage building provides supplemental space and may benefit from repairs or improvements. The property passed the Lakewood Rental House Safety Program inspection. It is served by a functioning septic system rated for three bedrooms, with sewer available in the street for a future connection. I-5, JBLM, schools, and Tillicum amenities are nearby, while shopping and grocery options are minutes away in Lakewood.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bath in each unit
- Both units are vacant following interior renovations
- 1922 construction with shared furnace and water heater in the basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,858
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$617,160
$617.2K
Cap Rate 7%
$440,829
$440.8K
Cap Rate 9%
$342,867
$342.9K
Market Conditions
NOI Build-Up for 2,352 SF
Gross rent
$47.4K $20.16/SF
− Vacancy
−$3.3K −$1.42/SF
EGI
$44.1K $18.74/SF
− OpEx
−$13.2K −$5.62/SF
NOI
$30.9K $13.12/SF
Area
Pierce County, WA
Vacancy
7.03%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$617,160
Cap Rate 7%
$440,829
Cap Rate 9%
$342,867
Alternative Uses
Best Use
Multifamily LT 5
$440.8K
$385.7K – $514.3K
NOI $30,858 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$406.6K
$355.8K – $474.4K
NOI $28,461 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$635.2K
$555.8K – $741.1K
NOI $44,467 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
223
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two vacant units, shared building systems, off-street parking, and a detached garage support flexible residential use.
Where is this duplex located?
The property is located at 8601 8603 Maple St SW Lakewood, WA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bath in each unit; Both units are vacant following interior renovations; 1922 construction with shared furnace and water heater in the basement
