Auburn, WA 98002 501 21st Street SE
$2,300,000
Pending
6 more
Presented By: COMPASS and NWMLS
- MLS# 2394373
- 07/09/2025
Disclaimer: The information contained in this listing has not been verified by kvCORE WordPress Staging and should be verified by the buyer.
SQFT • 8,000
Home Details
Turnkey 8-unit multifamily investment with strong returns and future upside. Each spacious 2BD/1BA unit has been extensively renovated with luxury vinyl plank flooring, stainless steel appliances, and updated fixtures. Major capital improvements—including new roofs, furnaces, and water heaters—eliminate deferred maintenance. Tenants enjoy private garages, in-unit laundry, and large shared fenced yards. Ideally located between Seattle and Tacoma, close to walkable schools, transit, and major employers. The Kent/Auburn submarket saw 95.3% occupancy in the Q1 2025 and is projected for effective rent increases of 4.2% through 2025. Offers a true 7.3% cap rate with potential for income growth. Optional portfolio sale w/ nearby 7-unit MLS#2394374
Presented By: COMPASS and NWMLS
Interior Features for 501 21st Street SE
Bedrooms
Bedrooms Possible0
Bedrooms Upper
Bathrooms
Baths Full Upper0
Baths Half Upper
Baths Three Quarter Upper
Other Interior Features
Air Conditioning Y/NNo
Fireplace Y/NNo
FlooringVinyl Plank, Carpet
Heating Y/NYes
Power Production TypeElectric
Total Fireplaces
Total Stories1
General for 501 21st Street SE
Building Area UnitsSquare Feet
Cap Rate7.3
Carport Spaces
Carport Y/NNo
CityAuburn
CoolingNone
CountyKing
DirectionsNorth on A St SE, Right onto 21st St SE, Property on Left
Electric Expense2811
Fuel Expense2811
HOANo
HOA Fee$
HeatingBaseboard
High School DistrictAuburn
Insurance Expense5510
Leasable Area8000
Listing TermsCash Out, Conventional
Living Area UnitsSquare Feet
Lot Size Square Feet40117
Lot Size UnitsSquare Feet
MLS Area310 – Auburn
ModificationTimestamp2025-08-04T20:53:11.558Z
NWM_ShowMapLinkY
Net Operating Income167803
New ConstructionNo
Number Of Units Total1
Open Parking Spaces8
PossessionClosing
Possible UseMulti-Family
Property Style55 – 5-9 Units
Property SubtypeMulti Family
Property TypeResidential Income
Public RemarksTurnkey 8-unit multifamily investment with strong returns and future upside. Each spacious 2BD/1BA unit has been extensively renovated with luxury vinyl plank flooring, stainless steel appliances, and
RoofComposition
Security FeaturesPartially Fenced
Senior Community Y/NNo
SewerSewer Connected
Special Listing ConditionsNone
Standard StatusPending
StatusPending
Structure TypeMulti Family
Subdivision NameAuburn
Tax Annual Amount16109.79
Tax Year2025
Units Below Gradefalse
Units In Building Total8
Water Sewer Garbage2812
Year Built1973
Zoning DescriptionMulti-Family
Exterior for 501 21st Street SE
Building Area Total8000
Covered Spaces8
Exterior AmenitiesBrick, Wood
Irrigation Water Rights Y/NNo
Lot FeaturesPaved, Sidewalk
Lot Size Acres0.921
Parking Uncovered Spaces8
Site FeaturesCable TV, Fenced-Partially, High Speed Internet
Total Parking16
Water SourcePublic
Waterfront Y/NNo
Additional Details
Price History
Josh QA1
REALTOR ® SRES ®