5024 18th Avenue SE, Lacey, WA 98503
- $1,100,000
- 5,616
- SqFt
Listing courtesy of Westlake Associates, Inc..
- List Price
- $1,100,000
- Status
- ACTIVE
- MLS#
- 2550741
- Days on Market
- 19
- Style
- 54 - 4-Plex
- Finished SqFt
- 5,616
- Area Total SqFt
- 5616
- Annual Tax Ammount
- 8740
- Lot Size (sq ft)
- 12,937
- Sewer
- Sewer Connected
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.
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Additional Information
- List Date
- 2026-07-07 19:43:22
- Community
- Lacey
- Net Operating Income
- $33,433
- Gross Adjusted Income
- $85,500
- Gross Scheduled Income
- $90,000
- Total Monthly Income
- $7,500
- Insurance Expenses
- $4,787
- Water/Sewer/Garbage Expenses
- $10,400
- Gross Rent Multiplier
- 12.22
- Total Expenses
- $52,067
- Cap Rate
- 3.04
- Vacancy Rate
- 5
- Total Number of Units
- 8
- Unit Name
- 5024
- Potential Terms
- Cash, Conventional, Owner Will Carry, See Remarks
- Year Built
- 1966
- Roof
- Composition
- Site Features
- Fenced-Partially
- Other Expenses
- 28140
- Energy Source
- Electric
- School District
- North Thurston
- Total Monthly Income
- $7,500
- Gross Scheduled Income
- $90,000
- Vacancy Rate
- 5
- Gross Adjusted Income
- $85,500
- Tax Year
- 2026
- Insurance Expense
- $4,787
- W/S/G Expenses
- $10,400
- Total Expenses
- $52,067
- Net Operating Income
- $33,433
- Gross Rent Multiplier
- 12.22
- Cap Rate
- 3.04
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.