408 N Meridian, Puyallup, WA 98371

Local realty services provided by:Imagine Realty ERA Powered
Listed by:tyler j. bretz
Office:urban commercial partners, llc.
MLS#:2387690
Source:NWMLS
408 N Meridian,Puyallup, WA 98371
$1,150,000
  • - Beds
  • - Baths
  • 5,808 sq. ft.
  • Multi-family
  • Active

Price summary

  • Price:$1,150,000
  • Price per sq. ft.:$198

About this home

Meridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75,524 in NOI, reflecting an in-place 6.3% cap rate, with rents positioned below market expectations. Significant revenue upside exists through rent increases, utility bill-backs, storage leasing, and laundry income, all of which remain untapped by current ownership. With operational stabilization, the asset is projected to achieve a 7.45% proforma cap rate, reinforcing its long-term investment appeal. This property is available for sale individually or as part of a portfolio offering alongside 112 4th Ave SE, Puyallup.

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Home facts

  • Year built:1900
  • Listing ID #:2387690
  • Updated:September 26, 2025 at 12:23 AM

Rooms and interior

  • Living area:5,808 sq. ft.

Heating and cooling

  • Heating:Radiant

Structure and exterior

  • Roof:Composition
  • Year built:1900
  • Building area:5,808 sq. ft.
  • Lot area:0.14 Acres

Utilities

  • Water:Public
  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$1,150,000
  • Price per sq. ft.:$198
  • Tax amount:$7,454 (2025)
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