20 Updated Units with Future 
Value-Add Potential in Lakewood, WA
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Uniform Two-Bedroom Unit Mix

Edgewood Court includes 20 two-bedroom/one-bath units, all 725 square feet. The consistent floor plan appeals to roommates, small families, and military-connected households looking for added space and flexibility.

Completed Capital Improvements

Unit upgrades from 2018 included renovated kitchens with granite countertops, beautiful wide-plank wood-style flooring, fully renovated bathrooms, energy-efficient windows, and in-unit washers and dryers in all units.

Clear Value-Add Opportunity

Recent lease trade-outs have achieved rent premiums of up to 6.4%, demonstrating continued pricing momentum. Further renovation of units provides a path to further rent growth and an estimated 21% increase in net operating income.

Attractive Rent Growth Potential

Current occupied rents average $1,587 per month, compared with underwritten market rents of $1,700 and a renovated rent potential of $1,850. New ownership can continue interior upgrades and capture the remaining upside.

Low-Density Courtyard Community

The property’s single-story, courtyard-style design offers a more private, residential setting than larger apartment communities.

Proximity to Major Employment Drivers

Edgewood Court is located next to Joint Base Lewis-McChord (JBLM), the VA Puget Sound Health Care System, and Tacoma-area employment centers. The property offers quick access to I-5, connecting residents to Tacoma, Seattle, and the broader Puget Sound employment base.

Transit, Education, and Recreation Access

Edgewood Court offers convenient access to Lakewood Station, South Tacoma Station, four nearby colleges and universities, three shopping centers, and five parks within the five or so miles surrounding the property.

Property Overview

Edgewood Court

  • ADDRESS12211 Edgewood Ave SW
  • CITY, STATE ZIPLakewood, WA 98498
  • UNITS20
  • Avg. Unit Size725 SF
  • Price$4,000,000
  • YEAR BUILT1968
  • Year Renovated2018
  • Building Size14,500 SF
  • Current Income / T-12 Cap Rate5.76%
  • Parking25 Surface Spaces
  • PARCEL5005005351
  • LOT SIZE82,936 SF / 1.904 acres
  • COUNTYPierce

Unit Mix

Unit Type
Count 
Avg Unit SF
Total SF
Current Rent
Market Rent
Reno Rent
2 Bed / 1 Bath
20
725
14,500
$1,587
 $1,700
$1,850
Total / Average
20
725
14,500
$1,587
 $1,700
$1,850
Unit Type
Monthly Rent
Annual Rent
Rent/SF
% of Total Units
2 Bed / 1 Bath
$37,000
$444,000
$2.55
100%
Total / Average
$37,000
$444,000
$2.55

LOCATION

Contact us

INVESTMENT SALES

Jay Timpani
Managing Director
206.999.3206
[email protected]

Chad Blenz
Senior Director
206.491.2008
[email protected]

Mitchell Belcher
Managing Director
425.891.9594
[email protected]

Steven Chattin
Managing Director
425.269.3826
[email protected]

Brandon Lawler
Senior Director
206.484.8114
[email protected]

mortgage banking

Robert Doxsee
Managing Director
425.777.0235
[email protected]

Michael Manolides
Senior Director
253.670.2143
[email protected]

Connor Lemley
Associate Director
206.455.1592
[email protected]

offices in bellevue & seattle

bellevue

411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220

seattle

601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220

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