Puyallup, WA 98371 408 N Meridian
$1,150,000
17 more
Presented By: Urban Commercial Partners, LLC and NWMLS
- MLS# 2387690
- 06/04/2025
Disclaimer: The information contained in this listing has not been verified by kvCORE WordPress Staging and should be verified by the buyer.
SQFT • 5,808
Home Details
Meridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75,524 in NOI, reflecting an in-place 6.3% cap rate, with rents positioned below market expectations. Significant revenue upside exists through rent increases, utility bill-backs, storage leasing, and laundry income, all of which remain untapped by current ownership. With operational stabilization, the asset is projected to achieve a 7.45% proforma cap rate, reinforcing its long-term investment appeal. This property is available for sale individually or as part of a portfolio offering alongside 112 4th Ave SE, Puyallup.
Presented By: Urban Commercial Partners, LLC and NWMLS
Interior Features for 408 N Meridian
Bedrooms
Bedrooms Possible0
Bedrooms Upper
Bathrooms
Baths Full Upper0
Baths Half Upper
Baths Three Quarter Upper
Other Interior Features
Air Conditioning Y/NYes
Fireplace Y/NNo
FlooringEngineered Hardwood, Laminate, Vinyl, Carpet
Heating Y/NYes
Interior AmenitiesLaminate Tile
Power Production TypeElectric
Total Fireplaces
Total Stories3
General for 408 N Meridian
AmenitiesBasement
Building Area UnitsSquare Feet
Building NameSourwines Add
Cap Rate6.31
Carport Spaces
Carport Y/NNo
CityPuyallup
CoolingInsert
CountyPierce
DirectionsTake I-5 S from Seattle. Merge onto WA-167 S toward Kent/Auburn. Continue on WA-167 S until reaching Puyallup. Take the exit for Meridian St and head south. Arrive at 408 N Meridian.
Electric Expense100
Fuel Expense
HOANo
HOA Fee$
HeatingRadiant
High School DistrictPuyallup
Insurance Expense10087
Leasable Area3872
Listing TermsCash Out, Conventional
Living Area UnitsSquare Feet
Lot Size Square Feet6000
Lot Size UnitsSquare Feet
MLS Area81 – Puyallup
ModificationTimestamp2025-06-09T20:09:11.605Z
NWM_ShowMapLinkY
Net Operating Income72524
New ConstructionNo
Number Of Units Total8
Open Parking Spaces0
PossessionSubject to Tenant Rights
Property Style55 – 5-9 Units
Property SubtypeMulti Family
Property TypeResidential Income
Public RemarksMeridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75, 524 in NOI, reflecting an in-
RoofComposition
Senior Community Y/NNo
SewerSewer Connected
Special Listing ConditionsNone
Standard StatusActive
StatusActive
Structure TypeMulti Family
Subdivision NamePuyallup
Tax Annual Amount7454
Tax Year2025
Units Below Gradefalse
Units In Building Total8
Water CompanyPuyallup Water Dept.
Water Sewer Garbage11100
Year Built1900
Exterior for 408 N Meridian
Building Area Total5808
Covered Spaces
Exterior AmenitiesStone, Stucco
Foundation DetailsPoured Concrete
Irrigation Water Rights Y/NNo
Lot FeaturesPaved, Sidewalk
Lot Size Acres0.1377
Parking Uncovered Spaces0
Total Parking5
Water SourcePublic
Waterfront Y/NNo
Additional Details
Price History
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