Washington
Auburn
501 21st Street SE

$2,300,000

501 21st Street SE, Auburn, WA 98002

Multi-Family Home
Built in 1973
0.92acre lot
—— car garage
$——/sqft
Listed 26 days ago

Property Description

This listing courtesy of Rachel Harwood, COMPASS

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

Listing Status:: Pending
Listing Office:: COMPASS : 206-328-7200
Listing Agent:: Rachel Harwood : 206-328-7200
MLS ID:: 2394373

This listing courtesy of Rachel Harwood, COMPASS

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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Location

Schools Nearby

Pioneer Elementary School

1825 K St SE, Auburn, WA, 98002

Grades PK-5

0.25 miles away

Olympic Middle School

839 21st St SE, Auburn, WA, 98002

Grades 6-8

0.24 miles away

Auburn High School

711 E Main St, Auburn, WA, 98002

Grades 9-12

1.30 miles away

Disclaimer: School and School District information courtesy of the National Center for Education Statistics (NCES). School boundaries may change. Proximity to listed schools does not guarantee enrollment eligibility. Contact the school district for more information and exact boundaries.