11
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Listed by COMPASS
$2,300,000
Est. payment /mo
2 Beds
1 Bath
8,000 SqFt
New
501 21st ST SE Auburn, WA 98002
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,000 sqft
Price per Sqft $287
Subdivision Auburn
MLS Listing ID 2394373
Style 55 - 5-9 Units
Bedrooms 2
Year Built 1973
Annual Tax Amount $16,109
Lot Size 0.921 Acres
Property Sub-Type Multi Family
Property Description
Turnkey 8-unit multifamily investment with strong returns and future upside. Each spacious 2BD/1BA unit has been extensively renovated with luxury vinyl plank flooring, stainless steel appliances, and updated fixtures. Major capital improvements—including new roofs, furnaces, and water heaters—eliminate deferred maintenance. Tenants enjoy private garages, in-unit laundry, and large shared fenced yards. Ideally located between Seattle and Tacoma, close to walkable schools, transit, and major employers. The Kent/Auburn submarket saw 95.3% occupancy in the Q1 2025 and is projected for effective rent increases of 4.2% through 2025. Offers a true 7.3% cap rate with potential for income growth. Optional portfolio sale w/ nearby 7-unit MLS#2394374
Location
State WA
County King
Area 310 - Auburn
Interior
Flooring Vinyl Plank, Carpet
Fireplace false
Exterior
Exterior Feature Brick, Wood
Amenities Available Cable TV, Fenced-Partially, High Speed Internet
View Y/N No
Roof Type Composition
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Auburn
Others
Senior Community No
Acceptable Financing Cash Out, Conventional
Listing Terms Cash Out, Conventional
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