Listed by Marcus & Millichap - Seattle
Unpriced
Birds Mill Apartments
Details
APN 3905000270
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,216
Units 26
NOI $262,033
Occupancy 100%
Tenancy Multi
Year Built 2025
Acreage 0.500
Zoning NC2
Parking Spaces 26 spaces
Parking Per SqFt 1.97
Investment Type Stabilized
Newly Constructed 16-Unit Multifamily Investment in Lakewood, WA
Marketing description
Marcus & Millichap is pleased to exclusively present Birds Mill Apartments, a newly constructed 16-unit multifamily community in Lakewood, Washington. Built in 2025, the property features quality modern construction, contemporary interiors, and a desirable unit mix of one-bedroom flats and two-bedroom townhome-style residences. With attractive interest-only financing producing a 6%+ cash-on-cash return, Birds Mill provides investors with immediate cash flow, limited maintenance obligations, and the stability of a newly built asset in one of Pierce County’s most established rental markets.
Investment highlights
- Low Maintenance New Construction - Completed in 2025, reducing deferred maintenance exposure and near-term capital expenditures.
- 6%+ Cash-on-Cash Return at Acquisition - Enhanced by attractive three-year, fixed-rate, fully interest-only financing.
- Outside Tacoma Measure 1 Jurisdiction - Provides investors greater operational flexibility than comparable Tacoma assets.
- Desirable Unit Mix - Attractive blend of 1BD flats and 2BD townhome-style units designed to appeal to today's renter preferences.
- Excellent Regional Connectivity - Convenient access to Interstate 5, Tacoma, JBLM, and major South Sound commuter corridors.
- Modern Interiors & High End Finishes - Quartz countertops, stainless steel appliances, LVP flooring, full appliance packages, in-unit W/D, wall-mounted A/C, prewired for high speed internet and heat pump HVAC systems throughout.
Listing Contacts
Listed by Marcus & Millichap - Seattle
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$262,033.00
$21,836.08/mo
Valuation Metrics
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