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. New ownership will acquire the property at a low basis, priced at approximately $128,125 per unit, with solid occupancy and a 6.54% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region.
Listing Provided Courtesy of Reid Jones, Westlake Associates, Inc.
General Information
NWM2483087
Multi Family
2
DOM
0.29 acres
3080
1959
Multi-F
Pierce
Residential Incom
Multi Family
Listing Provided Courtesy of Reid Jones, Westlake Associates, Inc.
Krishna Realty data last checked: Feb 22, 2026 01:18 | Listing last modified Feb 21, 2026 00:54,
Source:
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. New ownership will acquire the property at a low basis, priced at approximately $128,125 per unit, with solid occupancy and a 6.54% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region.
