Meridian Terrace (Status: New)

215, 23rd Ave, Puyallup, WA  98371

15-unit apartment, 5.2% current cap rate. 3 buildings: one built in 1993 and 2 built in 2003. Additional upside in rents and other income, spacious two and three-bedroom apartment homes averaging over 1,300 SF. Pickleball court and an abundance of parking totaling 37 total spaces, including 18 garage spaces. Washer & dryer in every unit, significant value-add opportunities remain by upgrading dated interior finishes, 5,300 new jobs estimated in 2020. The city’s rental rates have grownmore than 29% last five years, or over 5% annually.

Listing Details

Asset Class: Multi-Family
Year Built: 2003
Building Total Square Feet: 20060
Available Lease Space Square Feet:
Number of Floors: 3
Total Parking Spaces: 37
Local Zoning Information:

CBA

Listing Courtesy of: Kidder Mathews

Disclaimer: The information contained in this listing has not been verified by North Sound Commercial, a division of Pacific Continental Realty, LLC and should be verified by the buyer, seller, or tenant.

Location

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