Wonderland Apartments

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On the Market

Price: $1,850,000

Offers Date: Reviewed Upon Receipt

Tour Dates: Call Broker for Private Tour

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Site Details

Address

14402 Washington Ave SW, Lakewood, WA 98498

Neighborhood

Lakewood

Total Units

10 Units

Avg. Unit Size

934 SF

NRSF

9,340 SF

Year Built

1942

Buildings

Laundry

In-Unit/Common

Land Size

43,125 SF

Opportunity

Wonderland Apartments, located at 14402 Washington Ave SW, Lakewood, WA, is a 10-unit multifamily investment opportunity with significant value-add potential. The complex, built in 1942, consists of six buildings on a 43,125 SF lot. The units have an average size of 934 SF, totaling 9,340 SF of residential space.

Value-Add Opportunity

Investors can enhance rental income through interior and exterior renovations. Updating unit interiors and adding amenities such as modern common areas, fitness facilities, or outdoor spaces can increase the property’s rental value.

Development Potential

One of the buildings includes 1,200-1,500 SF of vacant space, offering potential to convert into additional rental units, further increasing revenue.

Proximity to Major Amenities

Wonderland Apartments is conveniently located near Lakewood Towne Center and recreational areas like American Lake and Fort Steilacoom Park, enhancing tenant appeal. It is also near Joint Base Lewis-McChord (JBLM), a key employment hub.

Location

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on the market

Wonderland Apartments

14402 Washington Ave SW,
Lakewood, WA 98498
Units: 10
Price: $1,850,000

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About the Area

Lakewood, WA is a vibrant and rapidly growing suburb located just south of Tacoma. Known for its scenic beauty and strong sense of community, Lakewood offers residents a mix of suburban tranquility and easy access to urban amenities. The area is popular for its picturesque lakes, parks, and green spaces, making it an ideal location for those who enjoy outdoor activities. With a diverse population of families, young professionals, and retirees, Lakewood fosters an inclusive atmosphere. Its strategic location near major employment centers and transportation hubs also makes it a desirable choice for both residents and investors.