4902 111th St SW · Lakewood, WA 98499

$1,650,000

80 bd · 64.0 ba · 4,584 sqft · MultiFamily public records · 83 Days on market

Built 1960 0.44 ac lot $360/sqft · 85% above area

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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 +26.3/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 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: 8 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

Location, Location! Investors, Turnkey opportunity to purchase this great income-producing 8-Unit multi-family property; 4,584SF U-Shape Courtyard building, 19,200SF Parcel with 2 two-bedroom Apartments & 6 one-bedroom Apartments, Zone C1, located in the heart of Lakewood, Across from St. Clare Hospital. Well maintained, 1-story Brick Building, private courtyard, large playground area with fully fence with security gates, All the units are updated with tile, laminate, hardwood floor, gated-garbage enclosure. Current rents are below market. With highly Rent demand, it has plenty of room to increase income, plus coin-operated laundry machines. This Multi-Fam Building is on Lakewood Comm

Key facts

• U shape courtyard
• Private courtyard
• 0.44 acre lot

Tags

• U SHAPE COURTYARD
• PRIVATE COURTYARD
• LARGE PLAYGROUND AREA
• GATED GARBAGE ENCLOSURE
• COIN OPERATED LAUNDRY MACHINES

What this means for you Summary

Snapshot

• This is a 8 × 10-bed/8.0-bath units multifamily listed at $1.65M.

Deal economics

• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $536/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.65M).
• Recommended offer: $1.55M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.6% in Lakewood — 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 74/100 on livability (#182 in WA, #4,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: schools C-, cost of living D, crime F.
• Clover Park School District (urban): math 39% / reading 51% proficiency, ranked #190 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 129 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $18,264/mo this rent would consume 326% of the median local household income ($67k/yr) (locally 2313% 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 $11k of loan paydown is wiped out by about $50k 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 + 3.0% rent growth), your $462k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($1.55M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $425k; list at $1.65M implies a 288% gain — meaningful room to come down on a strong offer.

Recommended offer $1,551,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.11% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.13%
• DSCR: 1.50
• GRM: 7.5

CMA / ARV

• ARV (median comp): $892,696
• List price: $1,650,000
• Delta: 84.83%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $5,043
• Equity at exit: $246,020

10-year hold

• IRR: 9.9%
• Equity multiple: 1.77×
• Total profit: $353,786
• Equity at exit: $142,662

Cash invested: $462,000 (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 98499

• Rents YoY: 3.0%
• Active inventory: 129
• Price-to-rent: 60.2×

Monthly cashflow live

• Estimated rent: $18,264 medium
• Mortgage (P&I): −$8,653
• Tax from tax record: −$803 /mo · $9,640/yr
• Insurance: −$688
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,835
• Net cashflow: $4,285

Break-even live

Break-even rent $12,840

Max offer price $1,650,000

Occupancy floor 72%

Sensitivity live

Price	-10% $5,219	-5% $4,752	+0% $4,285	+5% $3,818	+10% $3,351
Rent	-10% $2,842	-5% $3,564	+0% $4,285	+5% $5,006	+10% $5,728
Rate	-1.0pp $5,116	-0.5pp $4,705	base $4,285	+0.5pp $3,857	+1.0pp $3,422

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

Units	Beds	Baths	Est. rent
▸ 8× units	10	8	$18,264
Total (8 units)			$18,264

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: $412,500
• Closing costs: $49,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,650,000 Active 83 DOM
2. 2026-06-17
   days on market $1,650,000 Active 82 DOM
3. 2026-06-16
   days on market $1,650,000 Active 81 DOM
4. 2026-06-15
   days on market $1,650,000 Active 80 DOM
5. 2026-06-13
   days on market $1,650,000 Active 78 DOM
6. 2026-06-09
   days on market $1,650,000 Active 74 DOM
7. 2026-06-08
   days on market $1,650,000 Active 73 DOM
8. 2026-06-07
   days on market $1,650,000 Active 72 DOM
9. 2026-06-04
   days on market $1,650,000 Active 69 DOM
10. 2026-06-03
    days on market $1,650,000 Active 68 DOM
11. 2026-06-02
    days on market $1,650,000 Active 67 DOM
12. 2026-06-01
    days on market $1,650,000 Active 66 DOM
13. 2026-05-31
    days on market $1,650,000 Active 65 DOM
14. 2026-03-27
    listed $1,650,000 Active
15. 2016-04-01
    historical
16. 2016-04-01
    soldstatus $425,000 Sold
17. 2016-03-31
    soldstatus $425,000
18. 2016-02-22
    status Pending Inspection
19. 2015-09-04
    listed $449,000 Active
20. 1990-06-08
    soldstatus $161,000
21. 1983-05-17
    soldstatus $128,750
22. 1978-02-01
    soldstatus $102,992

ⓘ 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: $9,640 · $803/mo
• Projected year-2 tax: $16,170 · $1,348/mo
• Expected delta: +$6,530/yr (+$544/mo · 67.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 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: $219,168
• − Mortgage interest: −$92,426
• − Property taxes: −$9,640
• − Insurance: −$8,250
• − Repairs & maintenance: −$17,533
• − Management: −$17,533
• − Depreciation: −$48,000
• Taxable income: $25,786
• Est. tax owed @ 24.0%: −$6,189
• After-tax cash flow: $45,231/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: Clover Park School District
• NCES district ID: 5301410
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $42,344
• Composite: 40.11/100
• National rank: #7858
• State rank: #190 of 291 in WA

Livability — Lakewood

• Score: 74/100
• State rank: #182
• US rank: #4754

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, WA
• County: Pierce County · 788,257 people
• City population: 61,673
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,464
• Household income: $67,292
• Rent vs Own: 62.1% rent · 37.9% own
• Severe rent burden: 2313.0

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: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: White 39% Hispanic / Latino 25% Two or more races 17% Black 15% Asian 8% Pacific Islander 6%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2% Cuban 1%
• Common ancestry: Portuguese 3% Slovak 2% Lithuanian 2%
• Foreign-born: 18% · Canada, South Korea, Vietnam
• Languages at home: 74% English-only · Spanish 16% Korean 3% Tagalog/Filipino 2%

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: ▼ -536.54%
• Current HPI: 288.2797
• Rent YoY: ▲ 3.00%
• 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

+1502.1% since first listed

9 events — show timeline

• 2026-03-27 Listed $1,650,000 NWMLS as Distributed by MLS Grid
• 2016-04-01 Delisted — NWMLS as Distributed by MLS Grid
• 2016-04-01 Sold (MLS) $425,000 NWMLS as Distributed by MLS Grid
• 2016-03-31 Sold (Public Records) $425,000 Public Records
• 2016-02-22 Pending — NWMLS as Distributed by MLS Grid
• 2015-09-04 Listed $449,000 NWMLS as Distributed by MLS Grid
• 1990-06-08 Sold (Public Records) $161,000 Public Records
• 1983-05-17 Sold (Public Records) $128,750 Public Records
• 1978-02-01 Sold (Public Records) $102,992 Public Records

Property tax history

+5.4%/yr

Latest (2026): $9,640 · -2.2% YoY. Source: county tax records.