15107 Boat Street SW

Lakewood, WA98489

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. Gross Monthly Rents total to $9,330 per month. 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.

Courtesy of NWMLS
Listing courtesy of Reid Jones of Westlake Associates, Inc.



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Last checked: 2026-03-07 10:52 AM PST