501 21st Street Se, Auburn, WA 98002

Local realty services provided by:Knipe Realty ERA Powered
Listed by: rachel harwood
Office: compass
MLS#:2394373
Source:NWMLS
501 21st Street Se,Auburn, WA 98002
$2,300,000
  • - Beds
  • - Baths
  • 8,000 sq. ft.
  • Multi-family
  • Pending

Price summary

  • Price:$2,300,000
  • Price per sq. ft.:$287.5

About this home

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

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Home facts

  • Year built:1973
  • Listing ID #:2394373
  • Updated:November 15, 2025 at 09:25 AM

Rooms and interior

  • Living area:8,000 sq. ft.

Heating and cooling

  • Heating:Baseboard

Structure and exterior

  • Roof:Composition
  • Year built:1973
  • Building area:8,000 sq. ft.
  • Lot area:0.92 Acres

Utilities

  • Water:Public
  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$2,300,000
  • Price per sq. ft.:$287.5
  • Tax amount:$16,110 (2025)
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