15107 Boat Street SW, Lakewood, WA 98489

Property Description

15107 Boat Street SW is an eight-unit value-add opportunity located in a lakeside enclave in Lakewood, Washington. The property’s nautical identity stands apart from typical Lakewood offerings, supported by immediate proximity to the American Lake boat launch and surrounding waterfront amenities. Originally constructed in 1959, the asset consists of a 3,080 square-foot multifamily building situated on a 12,500 square-foot (0.29-acre) lot. Adjacent to the property, a new townhome community was recently developed on a similarly sized parcel, reinforcing long-term residential demand and land value in the immediate area. The Boat Street 8 presents investors with the opportunity to control a million dollar asset with an estimated $250,000 equity investment. Through disciplined financing, a modest capital contribution can translate into ownership of an eight-unit income-producing property supported by cash flow, principal paydown, and long-term appreciation. Gross Monthly Rents total to $9,330 per month. New ownership will acquire the property at a low basis, priced at approximately $123,750 per unit, with solid occupancy and a 6.77% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region.

Listing Status:

Active

Data Last Updated:

April 2, 2026 at 5:43PM

Listing Office:

Westlake Associates, Inc. : 206-505-9400

Listing Agent:

Reid Jones : 206-505-9400

MLS ID:

2483087

Interior

• Flooring: Vinyl PlankCarpet
• A/C: None
• Heating: Wall Furnace
• Fireplace: Fireplaces: 0

Exterior

• General: Wood
• Parking: Parking spaces: 12

Construction

• Roofing: Flat
• General: 55 - 5-9 UnitsPoured Concrete

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Lakewood
• County: Pierce

Lot

• Zoning: 0219212117

Utilities

• Sewer: Sewer Connected

Financial

• Source: nwmls