6807 Lakewood W Dr 6809 University Place, WA 98467-3201

This exceptional 12-unit apartment building in University Place, Washington, presents a compelling investment opportunity. Built in 1957 and situated on a 0.99-acre lot (42,216 sq ft) at 6807 Lakewood Dr W, 98467, this property boasts a prime location adjacent to the Meadow Park Golf Course. The two, one-story buildings comprise efficiently designed one-bedroom, one-bathroom units, each averaging 11,700 square feet. Recent upgrades include modernized interiors featuring hard surface countertops, stainless steel appliances, new cabinets, new luxury vinyl plank (LVP) flooring, and updated bathroom and kitchen fixtures. Significant improvements have also been made to the building's infrastructure, encompassing updated plumbing, electrical systems, roof, siding, and landscaping. Currently operating with a 6.49% cap rate and a pro-forma cap rate of 7.99%, this property offers investors a strong cash flow, low projected capital expenditures, and an attractive cost per unit of $150,000. The wood-frame construction and the lightly upgraded unit finishes contribute to the property's overall value and potential for future appreciation. This is a rare chance to acquire a well-maintained, high-performing multifamily asset in a desirable location. The property's APN is 545000620. The asking price is $1,800,000.