Log In/Sign Up
Your email has been sent.
12524 Addison St SW - Addison St 0.46 Acres of Residential Land Offered at $875,000 in Lakewood, WA 98499
Investment Highlights
- $35k/Door Development Land Priced at a competitive $35,000 per unit based on a high-density 25-unit multifamily concept.
- 2-Yr MFTE Eligible Confirmed eligibility for a 12-year tax exemption in a target area.
- 20 in/hr Drainage Native glacial gravel allows for low-cost drywells vs. expensive vaults.
- $3.7k Carry Income Current tenant-occupied buildings offset costs during permitting.
Executive Summary
OPPORTUNITY OVERVIEW
The Daud Apartments project represents a partially de-risked 25-unit multifamily infill development in the high-growth Lakewood market. Located within a Residential Target Area, this site is not just raw land; it is a developer-ready asset with substantial pre-development soft costs already completed.
FINANCIAL HIGHLIGHTS
Price Per Door: $35,000 based on a 25-unit concept.
Tax Incentive: Eligibility for 12-year Multi-Family Tax Exemption (MFTE) confirmed by the City of Lakewood.
Carry Income: Site currently contains two tenant-occupied buildings generating ~$3,700/mo in interim income to offset permitting carry costs.
THE DRAINAGE DIVIDEND
A primary value-add for this site is the superior soil profile. A 2021 Geotechnical Investigation confirms the site sits on Continental Glacial Outwash with a design infiltration rate of 20.0 inches per hour.
Infrastructure Savings: This allows for the use of low-cost in-ground drywells or infiltration galleries instead of expensive concrete detention vaults, potentially saving $250k+ in hard costs.
COMPLETED DUE DILIGENCE (Included in Sale)
Nick has invested heavily in pre-development to save the next builder 6+ months of lead time:
Civil Engineering: Preliminary site plans, grading, drainage, and utility layouts.
Mechanical (HVAC): Full design for a high-efficiency Mitsubishi VRF system with ERV units.
Electrical: Full demand load calculations and unit riser diagrams.
Topographic Survey: Updated and ready for final civil integration.
Architecture: Infill concept featuring studios, 1-beds, and mezzanine units designed to 2021 WA State Energy Codes.
ZONING & SITE SPECS
Zoning: MF3 (High-Density Multifamily).
Parcel Size: ~0.47 Acres.
Location: 12524 Addison St SW. Immediate access to I-5, JBLM, and regional transit corridors.
CONCLUSION
This project is positioned for a developer looking to hit a 15% targeted profit margin while significantly reducing typical pre-construction risks. Full due diligence package available for review upon request.
Owner is a licensed real estate broker in the State of Washington and is the co-listing agent. A walk-by video is coming in the next couple days.
The Daud Apartments project represents a partially de-risked 25-unit multifamily infill development in the high-growth Lakewood market. Located within a Residential Target Area, this site is not just raw land; it is a developer-ready asset with substantial pre-development soft costs already completed.
FINANCIAL HIGHLIGHTS
Price Per Door: $35,000 based on a 25-unit concept.
Tax Incentive: Eligibility for 12-year Multi-Family Tax Exemption (MFTE) confirmed by the City of Lakewood.
Carry Income: Site currently contains two tenant-occupied buildings generating ~$3,700/mo in interim income to offset permitting carry costs.
THE DRAINAGE DIVIDEND
A primary value-add for this site is the superior soil profile. A 2021 Geotechnical Investigation confirms the site sits on Continental Glacial Outwash with a design infiltration rate of 20.0 inches per hour.
Infrastructure Savings: This allows for the use of low-cost in-ground drywells or infiltration galleries instead of expensive concrete detention vaults, potentially saving $250k+ in hard costs.
COMPLETED DUE DILIGENCE (Included in Sale)
Nick has invested heavily in pre-development to save the next builder 6+ months of lead time:
Civil Engineering: Preliminary site plans, grading, drainage, and utility layouts.
Mechanical (HVAC): Full design for a high-efficiency Mitsubishi VRF system with ERV units.
Electrical: Full demand load calculations and unit riser diagrams.
Topographic Survey: Updated and ready for final civil integration.
Architecture: Infill concept featuring studios, 1-beds, and mezzanine units designed to 2021 WA State Energy Codes.
ZONING & SITE SPECS
Zoning: MF3 (High-Density Multifamily).
Parcel Size: ~0.47 Acres.
Location: 12524 Addison St SW. Immediate access to I-5, JBLM, and regional transit corridors.
CONCLUSION
This project is positioned for a developer looking to hit a 15% targeted profit margin while significantly reducing typical pre-construction risks. Full due diligence package available for review upon request.
Owner is a licensed real estate broker in the State of Washington and is the co-listing agent. A walk-by video is coming in the next couple days.
Property Facts
1 Lot Available
Lot
| Price | $875,000 | Lot Size | 0.46 AC |
| Price Per AC | $1,902,173.91 |
| Price | $875,000 |
| Price Per AC | $1,902,173.91 |
| Lot Size | 0.46 AC |
25-Unit Multifamily Development Opportunity. MF3 Zoning. De-risked asset w/ 12-yr MFTE eligibility. Engineering/Studies complete: 20 in/hr infiltration rates, Topo, Civil, & HVAC. $3.7k carry income. $35k/door.
Description
The property includes two tenant-occupied buildings providing interim income while the next owner continues entitlements and permitting. A comprehensive due diligence package is available. Ideal for builders or developers seeking a well-studied infill project with momentum. Tenant occupied—do not disturb. Owner is a licensed real estate broker in the State of Washington and is the co-listing agent.
1 1
Property Taxes
| Parcel Number | 021912-3092 | Improvements Assessment | $297,900 |
| Land Assessment | $205,800 | Total Assessment | $503,700 |
Property Taxes
Parcel Number
021912-3092
Land Assessment
$205,800
Improvements Assessment
$297,900
Total Assessment
$503,700
1 of 11
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
12524 Addison St SW - Addison St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.
Your message has been sent!
Activate your LoopNet account now to track properties, get real-time alerts, save time on future inquiries, and more.