5024 18th Ave SE - Lacey 8 Apartments 8 Unit Apartment Building Offered at $1,100,000 at a 7.77% Cap Rate Lacey, WA 98503

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.