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12524 Addison Street Sw, Lakewood, WA 98499

Lakewood
Local realty services provided by:CENTURY 21 Tri-Cities
Listed by: claire michelle fralish, perdana j daud
Office: exp realty
MLS#:2463229
Source:NWMLS
12524 Addison Street Sw,Lakewood, WA 98499
$875,000
  • - Beds
  • - Baths
  • 1,446 sq. ft.
  • Multi-family
  • Active

Price summary

  • Price:$875,000
  • Price per sq. ft.:$605.12

About this home

DAUD APARTMENTS: ~25-UNIT - NEARLY SHOVEL-READY REDEVELOPMENT Unrivaled "Ready-for-Submittal" opportunity in the high-growth 98499 core. This de-risked asset includes over $100k in pre-paid professional engineering, mechanical design, and architectural plans—bypassing 6-8 months of planning and carry costs. VALUE & EQUITY: Verified 2021 Appraisal valued the raw land at $935,000. Current pricing offers immediate "paper equity" before accounting for significant soft-cost additions. THE DRAINAGE DIVIDEND: Superior soil profile with a verified 20.0 in/hr design infiltration rate. This "Class A" soil allows for low-cost drywell systems, potentially saving $250k+ vs neighboring sites requiring concrete detention vaults. DEVELOPMENT SPECS: * High-Density MF-3 Zoning (54 Units/Acre). Fully engineered for a 25-unit project. Includes high-efficiency Mitsubishi VRF HVAC design (exceeds 2021 Energy Code). 12-Year MFTE Eligibility confirmed by the City. INCOME & EXIT: Two

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Home facts

  • Year built:1945
  • Listing ID #:2463229
  • Updated:March 03, 2026 at 11:59 AM

Rooms and interior

  • Flooring:Carpet, Vinyl Plank
  • Living area:1,446 sq. ft.

Heating and cooling

  • Heating:Baseboard

Structure and exterior

  • Roof:Composition
  • Year built:1945
  • Building area:1,446 sq. ft.
  • Lot area:0.45 Acres
  • Lot Features:Dead-end Street, Value In Land
  • Construction Materials:Metal/Vinyl Exterior Finish
  • Exterior Features:Deck, Fenced-Fully

Schools

  • High school:Buyer To Verify
  • Middle school:Buyer To Verify
  • Elementary school:Buyer To Verify

Utilities

  • Water:Public
  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$875,000
  • Price per sq. ft.:$605.12
  • Tax amount:$5,356 (2025)
MLS LogoListings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of March 3, 2026. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided for consumers' personal, non-commercial use, solely to identify prospective properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Information deemed reliable but not guaranteed. Copyright © 2026 MLS GRID. All Rights Reserved.

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