Active · Residential Income

219 5th Street , Puyallup, WA 98372

Puyallup, WA 98372

$4,000,000

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Kidder Mathews · MLS #2589855 · Active

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About this property

JUST LISTED - Garden Square apartments, a 21-unit multifamily property centrally located at 219 12th Ave SE, Puyallup, WA 98372. Featuring large average floor plans of 934 SF — well above typical unit sizes for comparable product in the submarket — Garden Square provides a clear value-add pathway through a continued renovation program, including updated kitchens, bathrooms, flooring, and modern finishes tailored to today's renter expectations. New ownership can continue this in-place renovation strategy to increase monthly rents by approximately 12%, unlocking substantial gains in net operating income as units turn. In addition to its generously sized floor plans, the property benefits from a centralized Puyallup location, offering convenient access to neighborhood retail / employment centers / downtown Puyallup, positioning the asset to appeal to a broad renter base seeking larger, more livable units at accessible rents. Garden Square represents a high-quality foundation for continued value - add execution, with Garden Square's oversized unit layouts serving as a key differentiator from the market's typical unit mix. Its size, location, and renovation runway make it well-suited to support both existing tenant retention and rent growth as the improvement program continues.

Property details

Property type: Multi Family
Year built: 1963
Lot size: 23,319 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $42,224 (2026)
Parking spaces: 20
School district: Puyallup

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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