12524 Addison Street Sw, Lakewood, WA 98499

Local realty services provided by:Imagine Realty ERA Powered
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:February 22, 2026 at 11:56 AM

Rooms and interior

  • 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

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)
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