Current Use by Public Records
- Residential income homes
Property Details for 1735 Garfield St
- Year built
- 1962
- Property type
- Residential income homes
Description
This Parkland, WA duplex presents a compelling investment opportunity, boasting a 5.63% cap rate and a strong $28,160 annual NOI. The property, built in 1962 and renovated in 2021, comprises two units, each featuring two bedrooms and one bathroom, totaling 1,325 square feet. Currently operating at 100% occupancy, the property sits on a spacious 10,959 square foot corner lot, offering significant future development potential. Conveniently located near I-5, Joint Base Lewis-McChord, and Pacific Lutheran University, this property benefits from excellent access to major transportation routes and a thriving community. The property is zoned MNSF and includes 8 parking spaces. Note that this is a ground lease property, expiring December 28, 2024. The sale is AS-IS and is structured for a 1031 exchange. This is a Class B property, ideal for owner-users seeking a blend of income generation and personal residence. The property's location offers easy access to Downtown Tacoma (approximately 15 minutes away) and numerous walking trails. The sale price is $499,950.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Parkland
- County
- Pierce
- State
- Washington
- Longitude
- -122.46
- Latitude
- 47.1464
