116 173rd Street S, Spanaway, WA 98387

$3,200,000
12,692
SqFt

Listing courtesy of John L. Scott, Inc..

List Price
$3,200,000
Status
ACTIVE
MLS#
2287714
Days on Market
34
Style
56 - 10+ Units
Building Condition
Good
Finished SqFt
12,692
Area Total SqFt
12692
Annual Tax Ammount
23023
Internet Provider
Xfinity
Lot Size (sq ft)
32,518
Sewer
Septic Tank

Property Description

Impeccably Maintained 13-Unit Complex Offering Strong Returns & Immediate Cash Flow Opportunities. Benefit from fresh exterior paint, new decking & updated septic risers. Recent updates for all units include electrical panels & water tanks. Several units have been upgraded with modern finishes: cabinets, countertops, appliances, trim & flooring. Additional features include, coin-operated laundry facility, 13 individual garage spaces, 5 storage units, rare & valuable amenities. Long-term tenants ensure steady cash flow, with units turning over quickly when they become available. Conveniently located to schools, shopping, JBLM & outdoor recreation, this is a prime opportunity to invest in a well-maintained property with long-term potential.

Additional Information

List Date
2024-09-07 01:41:09
Community
Lake Park
Net Operating Income
$176,353
Gross Adjusted Income
$221,383
Gross Scheduled Income
$301,608
Total Monthly Income
$19,764
Insurance Expenses
$8,619
Water/Sewer/Garbage Expenses
$10,206
Gross Rent Multiplier
10.6
Total Expenses
$80,225
Cap Rate
5.5
Vacancy Rate
5
Total Number of Units
13
Unit Name
116
Potential Terms
Cash Out, Conventional
Year Built
1968
View
Mountain(s)
Roof
Composition
Electric Expenses
2327
Other Expenses
36050
Energy Source
Electric
School District
Bethel
Elementary School
Thompson Elem
Middle School
Spanaway Jnr High
High School
Spanaway Lake High
Total Monthly Income
$19,764
Gross Scheduled Income
$301,608
Vacancy Rate
5
Gross Adjusted Income
$221,383
Tax Year
2024
Insurance Expense
$8,619
W/S/G Expenses
$10,206
Total Expenses
$80,225
Net Operating Income
$176,353
Gross Rent Multiplier
10.6
Cap Rate
5.5
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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