219 5th Street, Puyallup, WA 98372
- $4,000,000
Listing Broker: Kidder Mathews; David A. Kelley; 360-705-2800; austin.kelley@kidder.com
- List Price
- $4,000,000
- Status
- ACTIVE
- MLS#
- 2589855
- Days on Market
- 406
- Style
- 56 - 10+ Units
- Annual Tax Ammount
- 42224
- Lot Size (sq ft)
- 23,319
- Sewer
- Sewer Connected
Property Description
JUST LISTED - Garden Square apartments, a 21-unit multifamily property centrally located at 219 12th Ave SE, Puyallup, WA 98372. Featuring large average floor plans of 934 SF — well above typical unit sizes for comparable product in the submarket — Garden Square provides a clear value-add pathway through a continued renovation program, including updated kitchens, bathrooms, flooring, and modern finishes tailored to today's renter expectations. New ownership can continue this in-place renovation strategy to increase monthly rents by approximately 12%, unlocking substantial gains in net operating income as units turn. In addition to its generously sized floor plans, the property benefits from a centralized Puyallup location, offering convenient access to neighborhood retail / employment centers / downtown Puyallup, positioning the asset to appeal to a broad renter base seeking larger, more livable units at accessible rents. Garden Square represents a high-quality foundation for continued value - add execution, with Garden Square's oversized unit layouts serving as a key differentiator from the market's typical unit mix. Its size, location, and renovation runway make it well-suited to support both existing tenant retention and rent growth as the improvement program continues.
Additional Information
- List Date
- 2025-08-21 18:17:19
- Community
- Puyallup
- Net Operating Income
- $233,184
- Gross Adjusted Income
- $410,897
- Gross Scheduled Income
- $432,524
- Total Monthly Income
- $36,043
- Insurance Expenses
- $23,431
- Water/Sewer/Garbage Expenses
- $40,063
- Gross Rent Multiplier
- 9.73
- Total Expenses
- $177,712
- Cap Rate
- 5.8
- Vacancy Rate
- 5
- Total Number of Units
- 21
- Unit Name
- 219
- Potential Terms
- Conventional
- Year Built
- 1963
- Roof
- Composition
- Other Expenses
- 71994
- Energy Source
- Electric
- School District
- Puyallup
- Total Monthly Income
- $36,043
- Gross Scheduled Income
- $432,524
- Vacancy Rate
- 5
- Gross Adjusted Income
- $410,897
- Tax Year
- 2026
- Insurance Expense
- $23,431
- W/S/G Expenses
- $40,063
- Total Expenses
- $177,712
- Net Operating Income
- $233,184
- Gross Rent Multiplier
- 9.73
- Cap Rate
- 5.8
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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.