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5650 Yelm Hwy SE - Turf Apartments 74 Unit Apartment Building Offered at $17,946,110 CAD at a 6.20% Cap Rate Lacey, WA 98513
Investment Highlights
- Absolute Seller - The estate has liquidated all their other holdings and this is the last piece.
- Development Potential - 4.5 acres that are currently fields that would be ideal for adding units. The city is open to a rezone to allow more density
- Close Proximity to Major Retailers - Walmart, Safeway, Lowe's all within 1 mile
- Immediate Upside - In-place rents are 20% below market
- High Number of Common Amenities - tennis & basketball courts, tot lots, maintenance shops
Executive Summary
Absolute Seller - The estate has liquidated all their other holdings and this is the last piece.
Immediate Upside - In-place rents are 20% below market
Development Potential - Extremely low density (only 74 units on 11.82 acres) There are about 4.5 acres that are currently fields that would be ideal for adding units. The city is open to a rezone to allow more density since the property is on Yelm Highway.
High Number of Common Amenities - tennis & basketball courts, tot lots, maintenance shops
Close Proximity to Major Retailers - Walmart, Safeway, Lowe's all within 1 mile
Immediate Upside - In-place rents are 20% below market
Development Potential - Extremely low density (only 74 units on 11.82 acres) There are about 4.5 acres that are currently fields that would be ideal for adding units. The city is open to a rezone to allow more density since the property is on Yelm Highway.
High Number of Common Amenities - tennis & basketball courts, tot lots, maintenance shops
Close Proximity to Major Retailers - Walmart, Safeway, Lowe's all within 1 mile
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Title and Insurance
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $17,946,110 CAD | Property Type | Multifamily |
| Price Per Unit | $242,515 CAD | Lot Size | 11.82 AC |
| Sale Type | Investment | Building Size | 63,499 SF |
| Cap Rate | 6.20% | No. Stories | 2 |
| No. Units | 74 | Year Built | 1964 |
| Zoning | LD - Low density residential | ||
| Price | $17,946,110 CAD |
| Price Per Unit | $242,515 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 74 |
| Property Type | Multifamily |
| Lot Size | 11.82 AC |
| Building Size | 63,499 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Zoning | LD - Low density residential |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $16,052,382 CAD | |
| Land Assessment | $4,695,393 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $11,356,989 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$4,695,393 CAD
Improvements Assessment
$11,356,989 CAD
Total Assessment
$16,052,382 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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5650 Yelm Hwy SE - Turf Apartments
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