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12524 Addison St SW - Addison St 0.45 Acres of Residential Land Offered at $1,305,908 CAD in Lakewood, WA 98499

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INVESTMENT HIGHLIGHTS

Interim Income with Flexibility
Location Near JBLM

Redevelopment Optionality
Redacted leases, rent roll, and a financial snapshot

EXECUTIVE SUMMARY

Income-producing multifamily property offering a hold strategy with future redevelopment upside in Lakewood near JBLM. Existing improvements generate interim income while buyers evaluate redevelopment options. Preliminary planning and conceptual materials completed. Not marketed as shovel-ready. Buyer to perform independent feasibility, zoning, and approval verification. Seller materials provided for informational purposes only.

Assessor's map

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Rent_Roll_Financials

PROPERTY FACTS

Price	$1,305,908 CAD	Property Subtype	Residential
Sale Type	Investment or Owner User	Proposed Use	Multifamily Apartment Units Hold For Development Hold For Investment
Sale Conditions	1031 Exchange Build to Suit	Total Lot Size	0.45 AC
No. Lots	1	Year Built	1945
Property Type	Land	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	Multi-family, Residential - Zoned multifamily per the City of Lakewood. Buyers to independently verify zoning interpretation, permitted uses, density, and development requirement

Price	$1,305,908 CAD
Sale Type	Investment or Owner User
Sale Conditions	1031 Exchange Build to Suit
No. Lots	1
Property Type	Land
Property Subtype	Residential
Proposed Use	Multifamily Apartment Units Hold For Development Hold For Investment
Total Lot Size	0.45 AC
Year Built	1945
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	Multi-family, Residential - Zoned multifamily per the City of Lakewood. Buyers to independently verify zoning interpretation, permitted uses, density, and development requirement

1 LOT AVAILABLE

Lot

Price	$1,305,908 CAD	Lot Size	0.45 AC
Price Per AC	$2,902,017.75 CAD

Price	$1,305,908 CAD
Price Per AC	$2,902,017.75 CAD
Lot Size	0.45 AC

Tenant-occupied multifamily site with interim income and conceptual redevelopment potential near JBLM in Lakewood. Preliminary planning completed. Not shovel-ready. Buyer to independently verify zoning, feasibility, density, and approvals.

DESCRIPTION

Tenant-occupied multifamily property located in Lakewood near JBLM, offering interim income with future redevelopment potential. Existing improvements currently generate income, supporting a hold-for-investment strategy while buyers evaluate longer-term redevelopment options. Seller has completed preliminary planning and feasibility evaluation, including conceptual materials and a high-level City summary. The property is not marketed as shovel-ready. All redevelopment potential, zoning interpretation, density, approvals, and future use are subject to buyer’s independent verification and City approval. Redacted leases, rent roll, and a financial snapshot are available for review. Additional planning materials are released after mutual acceptance. Seller-provided materials are for informational purposes only and may not be relied upon as a substitute for buyer’s independent due diligence. DO NOT disturb tenants. The property is tenant occupied. No interior access prior to mutual acceptance. All access is coordinated in accordance with tenant notice requirements. Owner is a licensed real estate broker in the State of Washington and is the co-listing agent.

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(253) 230-2567

CONTACTS

Claire Fralish
Perdana Daud (Nick)
eXp Realty

Listing ID: 38953669
Date on Market: 2026-01-03
Last Updated:
Address: 12524 Addison St SW, Lakewood, WA 98499

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12524 Addison St SW, Lakewood, WA for sale Primary Photo- Image 1 of 10 — 12518 Front Door

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 2 of 10 — inside_12518

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 3 of 10 — kitchen_12518

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 4 of 10 — bdr_12518

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 5 of 10 — front_door_12524

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 6 of 10 — kitchen_12524

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 7 of 10 — bedroom_12524

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 8 of 10 — living_12524

12524 Addison St SW, Lakewood, WA for sale Building Photo- Image 9 of 10 — laundry_12524

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