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Listed by Urban Commercial Partners, LLC
$1,150,000
Est. payment /mo
8 Beds
8 Baths
5,808 SqFt
Active
408 N Meridian Puyallup, WA 98371
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,808 sqft
Price per Sqft $198
Subdivision Puyallup
MLS Listing ID 2387690
Style 55 - 5-9 Units
Bedrooms 8
Year Built 1900
Annual Tax Amount $7,454
Lot Size 6,000 Sqft
Property Sub-Type Multi Family
Property Description
Meridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75,524 in NOI, reflecting an in-place 6.3% cap rate, with rents positioned below market expectations. Significant revenue upside exists through rent increases, utility bill-backs, storage leasing, and laundry income, all of which remain untapped by current ownership. With operational stabilization, the asset is projected to achieve a 7.45% proforma cap rate, reinforcing its long-term investment appeal. This property is available for sale individually or as part of a portfolio offering alongside 112 4th Ave SE, Puyallup.
Location
State WA
County Pierce
Area 81 - Puyallup
Interior
Interior Features Laminate Tile
Flooring Engineered Hardwood, Laminate, Vinyl, Carpet
Fireplace false
Exterior
Exterior Feature Stone, Stucco
View Y/N No
Roof Type Composition
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Puyallup
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.