$2,100,000

18 Beds 12 Baths 6,240 SQFT 1.33 Acres
Type: Multi-Family

11002 Idlewild Road SW
Lakewood, WA 98498

MLS#: 2535832
Presented by: Keller Williams Rty Tacoma; Matt Harber; 253-229-1329; matt@harberhomegroup.com

Property Description

 

Exceptional investment opportunity featuring 12 rental units across 6 duplex buildings, offering immediate income with significant upside potential. Centrally located with convenient access to shopping, services, and major transportation routes, this property is well-positioned to attract and retain long-term tenants. Each duplex consists of one 2-bedroom, 1-bath unit and one 1-bedroom, 1-bath unit, creating a desirable unit mix that appeals to a broad tenant base. Current rents are below market, presenting a compelling opportunity for a savvy investor to increase cash flow and improve overall returns. Several units have benefited from interior renovations, while portions of the exterior have been upgraded with new siding. Durable metal roofing, selective exterior improvements, and a straightforward design contribute to a relatively low-maintenance investment. An on-site laundry facility provides additional income potential for residents. Situated on a large parcel, the property appears to offer future development opportunities that could substantially increase income and overall value (buyer to verify all development potential and feasibility). Whether you're looking to expand an existing portfolio or acquire a value-add asset with multiple paths to increased returns, this property deserves serious consideration. Opportunities combining current income, rental upside, low-maintenance ownership, and potential future development are increasingly difficult to find.


 

Interior Features

Bedrooms

Bedrooms Upper0

Bathrooms

Baths Full Upper0
Baths Half Upper0
Baths Three Quarter Upper0

Other Interior Features

Air Conditioning Y/NNo
Fireplace Y/NNo
FlooringLaminate, Vinyl, Vinyl Plank
Heating Y/NYes
Power Production TypeElectric
Total Fireplaces0
Total Stories1

General

AmenitiesCoin Op Laundry
Building Area Units0 sqft
Cap Rate5.4
Carport Spaces6
Carport Y/NNo
CityLakewood
CoolingNone
CountyPierce
DirectionsFrom I-5 take the Gravelly Lake dr Exit. Stay on Gravelly Lk Dr. then head West on Washington Blvd. Make an Immediate R. (North) onto Interlaaken take a L (west) onto 112th R. (North) at Idelwild
Electric Expense568
Elementary SchoolIdlewild Elem
Fuel Expense0
Garage Spaces0
HOANo
HOA Fee$0
HeatingBaseboard, Wall Furnace
High SchoolClover Park High
High School DistrictClover Park
Insurance Expense6607
Leasable Area6,240 sqft
Listing TermsCash, Conventional
Living Area0 sqft
Lot Size Square Feet58,109 sqft
Lot Size UnitsSquare Feet
MLS Area38 - Lakewood
Middle/Junior High SchoolMann Mid
NWM_ShowMapLinkY
Net Operating Income113846
New ConstructionNo
Number Of Units Total12
PossessionClosing, Subject To Tenant Rights
Possible UseMulti-Family
Property ConditionAverage
Property Style55 - 5-9 Units
Property SubtypeMulti Family
Property TypeResidential Income
Public RemarksExceptional investment opportunity featuring 12 rental units across 6 duplex buildings, offering immediate income with significant upside potential. Centrally located with convenient access to shoppin
RoofMetal
Security FeaturesPartially Fenced
Senior Community Y/NNo
SewerSewer Connected
Special Listing ConditionsNone
Standard StatusActive
StatusActive
Structure TypeMulti Family
Subdivision NameLakewood
Tax Annual Amount$16,508
Tax Year2025
Units Below Gradefalse
Units In Building Total12
Water CompanyLakewood Water
Water Sewer Garbage17907
Year Built1955
Zoning DescriptionMulti-Family

Exterior

Building Area Total6,240 sqft
Covered Spaces6
Exterior AmenitiesCement/Concrete, Stucco, Wood
Irrigation Water Rights Y/NNo
Lot FeaturesCurbs, Dead End Street, Paved
Lot Size Acres1.334
Parking Uncovered Total12
Site FeaturesFenced-Partially, Patio
Total Parking18
Water SourcePublic
Waterfront Y/NNo

Additional Details

Price History

Schools 

High School Clover Park High
Elementary School Idlewild Elem
Middle School Mann Mid

  

Similar Properties

$2,100,000

18 Beds 12 Baths 6,240 SQFT 1.33 Acres
Type: Multi-Family

11002 Idlewild Road SW
Lakewood, WA 98498

MLS#: 2535832