408 N Meridian Active Save Request In-Person Tour Request Virtual Tour
Puyallup,WA 98371
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 5,808 sqft
Price per Sqft $198
Subdivision Puyallup
MLS Listing ID 2387690
Style 55 - 5-9 Units
Bedrooms 8
Year Built 1900
Annual Tax Amount $7,454
Lot Size 6,000 Sqft
Property Sub-Type Multi Family
Property Description
Meridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75,524 in NOI, reflecting an in-place 6.3% cap rate, with rents positioned below market expectations. Significant revenue upside exists through rent increases, utility bill-backs, storage leasing, and laundry income, all of which remain untapped by current ownership. With operational stabilization, the asset is projected to achieve a 7.45% proforma cap rate, reinforcing its long-term investment appeal. This property is available for sale individually or as part of a portfolio offering alongside 112 4th Ave SE, Puyallup.
Location
State WA
County Pierce
Area 81 - Puyallup
Interior
Flooring Engineered Hardwood,Laminate,Vinyl,Carpet
Exterior
Exterior Feature Stone,Stucco
View Y/N No
Roof Type Composition
Building
Lot Description Paved,Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Puyallup
Others
Acceptable Financing Cash Out,Conventional
Listing Terms Cash Out,Conventional