Listing ID: 1690851
Sold For: $315,000
Status: Closed
Address: 9823 North Gate Road SW
City: Lakewood
State: Washington
Postal Code: 98498
SqFt: 1,092
Acres: 0.270
County: Pierce
The Lakewood Duplex presents the opportunity to acquire a secured access duplex with substantial upside, strategically located in Lakewood’s gentrifying Lake City micro-market. Investors have a tremendous opportunity to increase revenue and value by improving operations and continuing an interior renovation program. The current ownership group updated interiors with laminate flooring, laminate countertops, and stainless-steel appliances in 2019. In addition, a new roof was installed in 2019. Built in 1942, the property consists of two two-bedroom, one-bathroom units measuring 547 square feet in size.

Primary Features

County: Pierce
Property Sub Type: Multi-Family
Property Type: Residential Income
Subdivision: Lakewood
Year Built: 1942


Building Area Units: Square Feet
Flooring: Laminate
Furnished: Unfurnished
Heating Cooling Type: Baseboard
Living Area Units: Square Feet
Stories Total: 1


Elevation Units: Feet
Exterior Features: Wood
Foundation Details: Slab
Lot Size Dimensions: 11761
Lot Size Square Feet: 11761
Lot Size Units: Square Feet
MLS Lot Size Source: Pierce County Assessor
Number Of Units Total: 2
Open Parking Spaces: 4
Parking Total: 4
Parking Uncovered Spaces: 4
Roof: Composition
Sewer: Sewer Connected
Structure Type: Duplex
Style Code: 52 - Duplex
Units Below Grade: false
Units In Building Total: 2
Utilities: Sewer Connected, Electricity Available
Water Sewer Garbage: 210


Building Area Total: 1092
Country: US
High School District: Lakewood
MLS Area Major: 36 - Lakewood
Waterfront: no
Zoning Class: Multi-Family


First Right Of Refusal: no
Mls Status: Sold
Offers: Seller intends to review offers upon receipt
Possible Use: Multi-Family
Power Production Type: Electric
Preliminary Title Ordered: yes


Association Fee Frequency: Annually
Buyer Financing: Cash
Cap Rate: 5.5
Gross Adjusted Income: 24000
Gross Rent Multiplier: 13
Gross Scheduled Income: 24000
Insurance Expense: 1053
Leasable Area: 1092
Leasable Area Units: Square Feet
Leased Items: Washer/Dryer
Net Operating Income: 17358
Possession: Closing
Sale Type: MLS
Seller Disclosure: Provided
Special Listing Conditions: None
Tax Annual Amount: 2779
Tax Year: 2020
Total Expenses: 5442
Total Monthly Income: 2450

Zoning Info

Area Info

The database information herein is provided from the Northwest Multiple Listing Service (NWMLS). NWMLS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. The information contained in this listing has not been verified by Heaton Dainard, LLC (2412) and should be verified by the buyer. © 2023 NWMLS. All rights reserved. Data last updated: Sunday, March 26th, 2023 04:45:53 PM.
Closed Listing courtesy of Pilot Ventures LLC
Closed Listing courtesy of Pilot Ventures LLC

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