12413 Bridgeport Way SW · Lakewood, WA 98499

$1,900,000

308 bd · 210.0 ba · 6,292 sqft · MultiFamily public records · 23 Days on market

Built 1972 2.62 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 +21.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.5/10.0
• 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: 14 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

Gen Villas is a cash-flowing value-add 14-unit apartment community situated on 2.62 acres in a serene creek-side setting surrounded by lush greenery in Lakewood, located less than 2 miles from Joint Base Lewis-McChord, Pierce County’s largest employer. The property consists of 14 units across two separate buildings: a 6-unit building located at the front of the property, originally constructed in 1972, and an 8-unit building situated at the rear of the property, built in 1955. The unit mix includes one 4-bedroom / 3-bathroom unit, one 3-bedroom / 1-bathroom unit, three 2-bedroom / 1-bathroom units, and nine 1-bedroom / 1-bathroom apartments. Seven units at the property have been updat

Key facts

• Updated units
• Fresh interior paint
• 2.62 acre lot

Tags

• 14-UNIT APARTMENT COMMUNITY
• SERENE CREEK-SIDE SETTING
• TWO SEPARATE BUILDINGS
• UPDATED UNITS
• LUXURY VINYL PLANK FLOORING
• FRESH INTERIOR PAINT

Property features AI

Finance

• Other: Possible use: Multi-family; Zoning jurisdiction: City; Lot size about 2.62 acres
• Financial info: Property used as multi-family income; 14 total units; Gross scheduled income: $221,400; Gross adjusted income: $210,339; Total monthly income: $19,743; Net operating income: $112,092; Total expenses: $113,763; Insurance expense: $11,770; Other expense: $48,298; Gross rent multiplier: 8.58; Vacancy rate: 5%

Exterior

• Parking: 6 covered spaces; 6 carport spaces; 19 uncovered parking spaces
• Utilities: Electric service; Sewer connected
• Home design: Residential income property — multi-family building; 3 stories
• Construction: Composition roof; Construction materials: see remarks; Property condition listed as good
• Exterior features: See remarks for exterior features

Interior

• Kitchen: Refrigerators provided in units (as noted for multiple unit types)
• Bedrooms: Unit mix includes 4-bedroom units and multiple 1–3 bedroom units across the property
• Flooring: See remarks for flooring details
• Bathrooms: Combination of 1- and 3-bathroom units depending on unit type
• Heating & cooling: Property has heating (see remarks for details); No central cooling
• Interior features: See remarks for additional interior details
• Laundry & utility: Washer and dryer available in several unit types

What this means for you Summary

Snapshot

• This is a 1×4bd/3ba + 1×3bd/1ba + 3×2bd/1ba units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $176/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.90M).
• Recommended offer: $1.87M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 $20,040/mo this rent would consume 357% 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 $13k of loan paydown is wiped out by about $57k 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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($1.87M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y 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 $408k; list at $1.90M implies a 366% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,871,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.51%
• DSCR: 1.29
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-150,913
• Equity at exit: $283,296

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $71,965
• Equity at exit: $164,277

Cash invested: $532,000 (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: 76.4×

Monthly cashflow live

• Estimated rent: $20,040 medium
• Mortgage (P&I): −$9,964
• Tax from tax record: −$2,192 /mo · $26,306/yr
• Insurance: −$792
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,208
• Net cashflow: $2,457

Break-even live

Break-even rent $16,929

Max offer price $1,900,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
1× unit	4	3	$2,071
1× unit	3	1	$1,887
▸ 3× units	2	1	$4,416
▸ 9× units	1	1	$11,664
Total (14 units)			$20,040

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: $475,000
• Closing costs: $57,000
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $1,900,000 Active 23 DOM
2. 2026-06-17
   days on market $1,900,000 Active 22 DOM
3. 2026-06-16
   days on market $1,900,000 Active 21 DOM
4. 2026-06-15
   days on market $1,900,000 Active 20 DOM
5. 2026-06-13
   days on market $1,900,000 Active 18 DOM
6. 2026-06-09
   days on market $1,900,000 Active 14 DOM
7. 2026-06-08
   days on market $1,900,000 Active 13 DOM
8. 2026-06-07
   days on market $1,900,000 Active 12 DOM
9. 2026-06-04
   days on market $1,900,000 Active 9 DOM
10. 2026-06-03
    days on market $1,900,000 Active 8 DOM
11. 2026-06-02
    days on market $1,900,000 Active 7 DOM
12. 2026-06-01
    days on market $1,900,000 Active 6 DOM
13. 2026-05-31
    days on market $1,900,000 Active 5 DOM
14. 2026-05-26
    listed $1,900,000 Active
15. 2024-04-10
    historical $970
16. 2024-03-13
    listed $970
17. 2024-01-12
    historical $1,795
18. 2024-01-12
    historical $1,795
19. 2024-01-11
    listed $1,795
20. 2024-01-11
    listed $1,795
21. 2024-01-02
    historical $1,295
22. 2024-01-02
    historical $1,295
23. 2024-01-02
    listed $1,295
24. 2024-01-02
    listed $1,295
25. 2023-12-29
    historical $1,295
26. 2023-12-29
    historical $1,295
27. 2023-12-23
    listed $1,295
28. 2023-12-23
    listed $1,820
29. 2023-12-01
    historical $1,820
30. 2023-11-17
    listed $1,820
31. 2005-03-01
    soldstatus $407,500

ⓘ 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: $26,306 · $2,192/mo
• Projected year-2 tax: $26,306 · $2,192/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $240,480
• − Mortgage interest: −$106,430
• − Property taxes: −$26,306
• − Insurance: −$14,618
• − Repairs & maintenance: −$19,238
• − Management: −$19,238
• − Depreciation: −$55,273
• Taxable loss: −$623
• Est. tax savings @ 24.0%: +$150
• After-tax cash flow: $29,639/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

+366.3% since first listed

18 events — show timeline

• 2026-05-26 Listed $1,900,000 NWMLS as Distributed by MLS Grid
• 2024-04-10 Rental Removed $970 APPFOLIO
• 2024-03-13 Listed for Rent $970 APPFOLIO
• 2024-01-12 Rental Removed $1,795 APPFOLIO
• 2024-01-12 Rental Removed $1,795 APPFOLIO
• 2024-01-11 Listed for Rent $1,795 APPFOLIO
• 2024-01-11 Listed for Rent $1,795 APPFOLIO
• 2024-01-02 Rental Removed $1,295 APPFOLIO
• 2024-01-02 Rental Removed $1,295 APPFOLIO
• 2024-01-02 Listed for Rent $1,295 APPFOLIO
• 2024-01-02 Listed for Rent $1,295 APPFOLIO
• 2023-12-29 Rental Removed $1,295 APPFOLIO
• 2023-12-29 Rental Removed $1,295 APPFOLIO
• 2023-12-23 Listed for Rent $1,295 APPFOLIO
• 2023-12-23 Listed for Rent $1,820 APPFOLIO
• 2023-12-01 Rental Removed $1,820 APPFOLIO
• 2023-11-17 Listed for Rent $1,820 APPFOLIO
• 2005-03-01 Sold (Public Records) $407,500 Public Records

Property tax history

+8.3%/yr

Latest (2026): $26,306 · -2.1% YoY. Source: county tax records.