501 21st Street SE, Auburn, WA 98002
- $2,070,000
- 8,000
- SqFt
Listing courtesy of COMPASS. Selling Office: ZNonMember-Office-MLS.
- Sold Price
- $2,070,000
- List Price
- $2,300,000
- Status
- SOLD
- MLS#
- 2394373
- Closing Date
- Dec 18, 2025
- Days on Market
- 20
- Style
- 55 - 5-9 Units
- Finished SqFt
- 8,000
- Area Total SqFt
- 8000
- Annual Tax Ammount
- 16109.79
- Lot Size (sq ft)
- 40,117
- Sewer
- Sewer Connected
Property Description
Turnkey 8-unit multifamily investment with strong returns and future upside. Each spacious 2BD/1BA unit has been extensively renovated with luxury vinyl plank flooring, stainless steel appliances, and updated fixtures. Major capital improvements—including new roofs, furnaces, and water heaters—eliminate deferred maintenance. Tenants enjoy private garages, in-unit laundry, and large shared fenced yards. Ideally located between Seattle and Tacoma, close to walkable schools, transit, and major employers. The Kent/Auburn submarket saw 95.3% occupancy in the Q1 2025 and is projected for effective rent increases of 4.2% through 2025. Offers a true 7.3% cap rate with potential for income growth. Optional portfolio sale w/ nearby 7-unit MLS#2394374
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Additional Information
- List Date
- 2025-11-28 00:00:00
- Community
- Auburn
- Net Operating Income
- $167,803
- Gross Adjusted Income
- $235,761
- Gross Scheduled Income
- $249,873
- Total Monthly Income
- $21,180
- Insurance Expenses
- $5,510
- Water/Sewer/Garbage Expenses
- $2,812
- Gross Rent Multiplier
- 9.2
- Total Expenses
- $64,384
- Cap Rate
- 7.3
- Vacancy Rate
- 5
- Total Number of Units
- 1
- Unit Name
- 501
- Potential Terms
- Cash Out, Conventional
- Year Built
- 1973
- Roof
- Composition
- Site Features
- Cable TV, Fenced-Partially, High Speed Internet
- Electric Expenses
- 2811
- Other Expenses
- 34331
- Energy Source
- Electric
- School District
- Auburn
- Total Monthly Income
- $21,180
- Gross Scheduled Income
- $249,873
- Vacancy Rate
- 5
- Gross Adjusted Income
- $235,761
- Tax Year
- 2025
- Insurance Expense
- $5,510
- W/S/G Expenses
- $2,812
- Total Expenses
- $64,384
- Net Operating Income
- $167,803
- Gross Rent Multiplier
- 9.2
- Cap Rate
- 7.3
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.