Addison St Multifamily Portfolio 2 Multifamily Properties Offered at $4,500,000 in Lakewood, WA

Lakewood Gardens II and Coho Apartments are offered together as a 30-unit Addison Street multifamily portfolio or may be purchased separately.
Lakewood Gardens II, located at 10901 Addison Street SW, contains 20 units and is offered at $3,000,000. Coho Apartments, located at 11021 Addison Street SW, contains 10 units and is offered at $1,500,000. The combined individual asking prices total $4,500,000, or $150,000 per unit. Negotiated portfolio terms may be considered.
Together, the properties offer approximately 18,016 square feet of gross building area, 1.651 acres of land, and approximately 55 surface parking spaces. Both properties are zoned MF3 within the Lakewood Station District and offer value-add potential through continued unit improvements, rent optimization, utility reimbursement, laundry operations, and other operational efficiencies.
Both properties currently have loans with the same lender at a 3.5% interest rate through 2031. The lender has expressed interest in retaining the loans and discussing below-market financing terms with qualified purchasers. Any loan retention, assumption, modification, or replacement financing is subject to lender underwriting, borrower qualification, documentation, and final approval.
Current rent rolls, operating statements, repair and improvement information, and additional due-diligence materials are available to qualified purchasers. Properties are offered subject to prior sale, withdrawal, errors, and omissions. Buyers must independently verify all property, zoning, condition, financial, and financing information.