921 12th Ave SE · Puyallup, WA 98372

$4,300,000

72 bd · 48.0 ba · 5,192 sqft · MultiFamily public records · 43 Days on market

Built 1973 1.21 ac lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +5.4/10.0
• Livability +4.1/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 24 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

The Foundation Group is pleased to present Lindale Apartments, a 24-unit multifamily community located in a quiet residential neighborhood of Puyallup within Pierce County. The property offers a well-balanced mix of one- and two-bedroom units designed to appeal to a broad renter base. Ideally positioned just minutes from Downtown Puyallup, the property provides convenient access to local shopping, dining, and everyday services, along with major destinations such as MultiCare Good Samaritan Hospital and South Hill Mall. The property went through an interior renovation in 2016 and has been meticulously maintained on unit turns, featuring renovated units with modern finishes that enhance ten

Key facts

• Renovated units
• Convenient access
• Interior renovation

Tags

• QUIET RESIDENTIAL NEIGHBORHOOD
• CONVENIENT ACCESS
• INTERIOR RENOVATION
• RENOVATED UNITS
• MODERN FINISHES

What this means for you Summary

Snapshot

• This is a 24 × 3-bed/2.0-bath units multifamily listed at $4.30M.

Deal economics

• At list price, monthly cash flow is $11k ($134k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($49k rent vs $4.30M).
• Recommended offer: $4.17M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.6% in Puyallup — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#70 in WA, #1,234 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.5%/yr); 169 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $49,439/mo this rent would consume 604% of the median local household income ($98k/yr) (locally 871% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $30k of loan paydown is wiped out by about $129k of value loss. Plan a longer hold.
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $1.20M cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($4.17M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $250k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.70M; list at $4.30M implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $4,171,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.15% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.46% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $89,629
• Equity at exit: $641,144

10-year hold

• IRR: 12.8%
• Equity multiple: 2.08×
• Total profit: $1,306,196
• Equity at exit: $371,785

Cash invested: $1,204,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98372

• Rents YoY: 4.5%
• Active inventory: 169
• Price-to-rent: 174.0×

Monthly cashflow live

• Estimated rent: $49,439 high
• Mortgage (P&I): −$22,550
• Tax from tax record: −$3,519 /mo · $42,224/yr
• Insurance: −$1,792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,382
• Net cashflow: $11,197

Break-even live

Break-even rent $35,266

Max offer price $4,300,000

Occupancy floor 72%

Sensitivity live

Price	-10% $13,631	-5% $12,414	+0% $11,197	+5% $9,980	+10% $8,763
Rent	-10% $7,291	-5% $9,244	+0% $11,197	+5% $13,150	+10% $15,102
Rate	-1.0pp $13,362	-0.5pp $12,290	base $11,197	+0.5pp $10,083	+1.0pp $8,949

24-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 24× units	3	2	$49,440
Total (24 units)			$49,439

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,075,000
• Closing costs: $129,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $4,300,000 Active 43 DOM
2. 2026-06-18
   days on market $4,300,000 Active 40 DOM
3. 2026-06-17
   days on market $4,300,000 Active 39 DOM
4. 2026-06-16
   days on market $4,300,000 Active 38 DOM
5. 2026-06-15
   pricestatus $4,300,000 Active 37 DOM
6. 2026-05-04
   status Active
7. 2026-04-07
   status Pending
8. 2026-03-23
   listed $4,550,000 Active
9. 2016-06-30
   soldstatus $1,700,000
10. 1994-08-03
    soldstatus $875,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $42,224 · $3,519/mo
• Projected year-2 tax: $42,224 · $3,519/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥87°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $593,268
• − Mortgage interest: −$240,867
• − Property taxes: −$42,224
• − Insurance: −$21,500
• − Repairs & maintenance: −$47,461
• − Management: −$47,461
• − Depreciation: −$125,091
• Taxable income: $68,663
• Est. tax owed @ 24.0%: −$16,479
• After-tax cash flow: $117,882/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — Puyallup

• Score: 82/100
• State rank: #70
• US rank: #1234

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Puyallup, WA
• County: Pierce County · 788,257 people
• City population: 159,771
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 26,012
• Household income: $98,152
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 871.0

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 956,648 people
• By 2030: 1,010,862 · +5.7%
• By 2040: 1,113,170 · +16.4%
• By 2050: 1,206,524 · +26.1%
• By 2075: 1,436,425 · +50.2%
• By 2100: 1,563,654 · +63.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Two or more races 10% Hispanic / Latino 8% Asian 6% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Subsaharan African 3%
• Foreign-born: 13% · Canada, South Korea, China
• Languages at home: 81% English-only · Russian/Polish/Slavic 5% Spanish 4% Other Asian/Pacific 3%

Political lean MEDSL · Pierce

• 2024 margin: D (+10.8) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: -1.4pp toward R · 2008: 12.2pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+11.2 2016: D+7.5 2012: D+11.0 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -283.81%
• Current HPI: 309.7871
• Rent YoY: ▲ 4.46%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+420.0% since first listed

5 events — show timeline

• 2026-05-04 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-23 Listed $4,550,000 NWMLS as Distributed by MLS Grid
• 2016-06-30 Sold (Public Records) $1,700,000 Public Records
• 1994-08-03 Sold (Public Records) $875,000 Public Records

Property tax history

+5.5%/yr

Latest (2026): $42,224 · -5.5% YoY. Source: county tax records.