Lobdell Apartments 812 10th St NE 48 Unit Apartment Building $8,000,000 ($166,667/Unit) 6.03% Cap Rate Auburn, WA 98002

Marcus & Millichap are pleased to present Lobdell Apartments, a well-maintained 48-unit community located at 812 10th Street NE in Auburn, Washington. The property has benefited from significant capital improvements, including a full down-to-the-studs renovation in 2007–2008, a new roof in 2019, and recent interior updates to 29 units since 2024. Lobdell offers investors a stabilized asset with strong in-place income and additional upside through continued unit renovations in a well-connected South King County location.
This well positioned, modernized asset presents an excellent opportunity for an investor seeking a stabilized community with upside continuing to renovate units and improving operations. Once completed, a new owner can achieve meaningful rent growth and operational efficiencies, resulting in increased cash flow and long-term value appreciation.
Given its location in Auburn—benefiting from strong commuter connectivity and a growing renter base driven by affordability constraints relative to nearby employment centers, Lobdell is well positioned to capture continued demand. Investors will benefit from a lower basis compared to comparable assets in Seattle, while still maintaining exposure to the region’s robust economic fundamentals.
Overall, the offering provides a compelling combination of in-place income, value-add potential, and long-term upside in one of South King County’s most accessible and steadily growing submarkets.