$1,100,000
5024 18th Avenue SE, Lacey, WA 98503
5,616 Sq Ft
Favorite
Email

MLS #2550741 / Listing provided by NWMLS & Westlake Associates, Inc..

$1,100,000

5024 18th Avenue SE
Lacey, WA 98503

Active 21 hours ago
5,616
Sq Ft
$196
Per Sq Ft
1966
Year Built

The Lacey 8 is an eight-unit apartment property in one of the South Sound’s most stable rental markets, offered as a true value-add opportunity. The property is made up of four two-bedroom/one- bathroom units and four one-bedroom/one-bathroom units, a mix that rents well and stays full. In-place rents are well below market, creating immediate and measurable upside for a new owner. The seller also does not currently bill back utilities, leaving a clear path to additional income through a RUBS or flat-fee utility program. Adding to the appeal, the seller is offering seller financing to qualified buyers at 5% interest-only for five years with 25% down. The property is in solid physical shape, which makes the value-add plan lower risk. It offers 14 on-site parking stalls, an on-site communal laundry facility, and newer roof systems installed with-in the last several years. The electrical panels have been updated throughout, the windows are double-pane vinyl, and the exterior siding is in good condition with no major deferred maintenance. The units are in mixed condition: some are still original, while others have already been moderately renovated with newer LVP flooring. Adding LVP flooring, stainless-steel appliances, in-unit dishwashers, and quartz countertops at turnover can drive both higher rents and long-term value.

Disclaimer: The information contained in this listing has not been verified by Hawkins-Poe Real Estate Services and should be verified by the buyer.

Interior Features

Bedrooms

  • Upper Level Bedrooms: 0

Fireplaces

  • Total Fireplaces: 0

Heating & Cooling

  • Heating: Yes
  • Cooling: No
Exterior Features

Parking

  • Garage Spaces: 0
  • Parking Total: 14
  • Total Uncovered Parking Spaces: 14

Structure

  • Roof: Composition
  • Exterior Features: Wood Products

Lot Details

  • Lot Features: Corner Lot, Paved
  • Acres: 0.297
Area Features

Schools

  • High School District: North Thurston

Lot Details

  • Lot Features: Corner Lot, Paved
  • Acres: 0.297
Utilities

Power

  • Energy Source: Electric

Water, Sewer, and Garbage

  • Sewer: Sewer Connected
  • Water, Sewer, and Garbage: 10400
Mortgage Calculator
Key2See Team

Key2See Team
Broker | REALTOR®

Send Key2See Team an email