5024 18th AVE SE, Lacey, WA 98503
5024 18th AVE SE, Lacey, WA 98503
5024 18th AVE SE, Lacey, WA 98503
5024 18th AVE SE, Lacey, WA 98503
5024 18th AVE SE, Lacey, WA 98503
5024 18th AVE SE, Lacey, WA 98503
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Matt Johnsen

Matt Johnsen

+1(206) 880-9961
Listed by:Westlake Associates, Inc. • Reid Jones
$ 1,100,000
Est. payment | /mo

12 Beds

8 Baths

5,616 SqFt

Save
$ 1,100,000
Est. payment | /mo
Save

12 Beds

8 Baths

5,616 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,616 sqft

Price per Sqft $195

Subdivision Lacey

MLS Listing ID 2550741

Style 54 - 4-Plex

Bedrooms 12

Year Built 1966

Annual Tax Amount $8,740

Lot Size 0.297 Acres

Property Sub-Type Multi Family

Property Description

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.

Location

State WA

County Thurston

Area 450 - Lacey

Interior

Flooring Vinyl Plank, Carpet

Fireplace false

Exterior

Exterior Feature Wood Products

Amenities Available Fenced-Partially

View Y/N No

Roof Type Composition

Building

Lot Description Corner Lot, Paved

Sewer Sewer Connected

New Construction No

Schools

School District North Thurston

Others

Senior Community No

Acceptable Financing Cash, Conventional, Owner Will Carry, See Remarks

Listing Terms Cash, Conventional, Owner Will Carry, See Remarks

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

Nearby Locations

Matt Johnsen

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(206) 880-9961

mjohnsen@att.net

1400 112th ave se ste 100, Bellevue, WA, 98004

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5024 18th AVE SE