11002 Idlewild Road SW Lakewood, WA $ 2,100,000
11002 Idlewild Road SW
$ 2,100,000
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11002 Idlewild Road SW

Lakewood, WA, 98498
$ 2,100,000
Baths0.0 Sq 6,240

Monthly Estimate*

$ 12,930

Listed by Keller Williams Rty Tacoma
11002 Idlewild Road SW, Lakewood, WA 98498 - Image 1
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11002 Idlewild Road SW, Lakewood, WA 98498 - Image 17
Studio

Multi-Family Home for sale in Lakewood, WA

for $2,100,000. This 6,240 square foot home was built in 1955 on a lot size of 1.334.

Exceptional investment opportunity featuring 12 rental units across 6 duplex buildings, offering immediate income with significant upside potential. Centrally located with convenient access to shopping, services, and major transportation routes, this property is well-positioned to attract and retain long-term tenants. Each duplex consists of one 2-bedroom, 1-bath unit and one 1-bedroom, 1-bath unit, creating a desirable unit mix that appeals to a broad tenant base. Current rents are below market, presenting a compelling opportunity for a savvy investor to increase cash flow and improve overall returns. Several units have benefited from interior renovations, while portions of the exterior have been upgraded with new siding. Durable metal roofing, selective exterior improvements, and a straightforward design contribute to a relatively low-maintenance investment. An on-site laundry facility provides additional income potential for residents. Situated on a large parcel, the property appears to offer future development opportunities that could substantially increase income and overall value (buyer to verify all development potential and feasibility). Whether you're looking to expand an existing portfolio or acquire a value-add asset with multiple paths to increased returns, this property deserves serious consideration. Opportunities combining current income, rental upside, low-maintenance ownership, and potential future development are increasingly difficult to find.

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Multi-Family Active

Price

$ 2,100,000

Bedrooms

Studio

Property Type

Multi-Family

Taxes

$ 16,508

Style

5-9 Units

Lot Size

1.334

Year Built

1955

Town/City

Lakewood

County/Region

Pierce

MLS | Web ID

2535832

Features
General
Living Area 0
Sewer Sewer Connected
Heating Baseboard Wall Furnace
Cooling None
Possession Closing Subject To Tenant Rights
Roof Metal
HOA Fee 0
Garage Spaces 0
Security Features Partially Fenced
Year Built 1955
Property Subtype Multi Family
Tax Year 2025
County Pierce
Net Operating Income 113846
Insurance Expense 6607
New Construction N
Property Type Residential Income
HOA N
Subdivision Name Lakewood
Possible Use Multi-Family
Special Listing Conditions None
Status Active
Directions From I-5 take the Gravelly Lake dr Exit. Stay on Gravelly Lk Dr. then head West on Washington Blvd. Make an Immediate R. (North) onto Interlaaken take a L (west) onto 112th R. (North) at Idelwild
High School Clover Park High
City Lakewood
Senior Community Y/N N
High School District Clover Park
Zoning Description Multi-Family
Number Of Units Total 12
MLS Area 38 - Lakewood
Lot Size Units Square Feet
Lot Size Square Feet 58109
Carport Spaces 6
Carport Y/N N
Listing Terms Cash Conventional
Elementary School Idlewild Elem
Tax Annual Amount 16508
Electric Expense 568
Fuel Expense 0
Middle/Junior High School Mann Mid
Property Condition Average
Public Remarks Exceptional investment opportunity featuring 12 rental units across 6 duplex buildings offering immediate income with significant upside potential. Centrally located with convenient access to shoppin
Leasable Area 6240
Structure Type Multi Family
Building Area Units Square Feet
Standard Status Active
Amenities Coin Op Laundry
Water Company Lakewood Water
Units Below Grade false
Units In Building Total 12
Water Sewer Garbage 17907
Property Style 55 - 5-9 Units
Cap Rate 5.4
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Exterior
Exterior Amenities Cement/Concrete Stucco Wood
Lot Features Curbs Dead End Street Paved
Water Source Public
Total Parking 18
Building Area Total 6240
Lot Size Acres 1.334
Waterfront Y/N N
Covered Spaces 6
Irrigation Water Rights Y/N N
Site Features Fenced-Partially Patio
Parking Uncovered Total 12
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Interior
Flooring Laminate Vinyl Vinyl Plank
Total Fireplaces 0
Total Stories 1
Air Conditioning Y/N N
Heating Y/N Y
Fireplace Y/N N
Power Production Type Electric
Baths Three Quarter Upper 0
Bedrooms Upper 0
Baths Half Upper 0
Baths Full Upper 0
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Internal Only
OriginalMLSID NWM2535832
Street Number 1 11002
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* Excluded Features
List By
Matt Harber

Listing Agent

Keller Williams Rty Tacoma

Broker

Affordability Calculator

$14,306
Per Month
90%
10%
0%
Monthly Principal & Interest
$12,930
Monthly Property Taxes
$1,376
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
257941 Elementary School
4844910 Middle School
Clover Park High High School
Pricing History
DatePricePrice ChangeDescription
6/6/2026$2,100,000 Listed Price

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11002 Idlewild Road SW, Lakewood, WA, 98498 is a Multi-Family Home for sale at $2,100,000 with 6,240 sqft and a lot size of 1.334. 11002 Idlewild Road SW is a studio with 0.0 baths and was built in 1955. The property's zip code is 98498 which is in Lakewood, WA