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Listed by:Kidder Mathews • David A. Kelley
$ 4,000,000
Est. payment /mo
New
219 5th Street Puyallup, WA 98372
42 Beds
21 Baths
0.54 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Puyallup
MLS Listing ID 2589855
Style 56 - 10+ Units
Bedrooms 42
Year Built 1963
Annual Tax Amount $42,224
Lot Size 0.535 Acres
Property Sub-Type Multi Family
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.
Location
State WA
County Pierce
Area 83 - Puyallup
Interior
Flooring Vinyl Plank
Fireplace false
Exterior
Exterior Feature Wood Products
View Y/N No
Roof Type Composition
Building
Sewer Sewer Connected
New Construction No
Schools
School District Puyallup
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.