15107 Boat Street SW, Lakewood, WA 98489 (MLS # 2483087)
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Listing provided courtesy of Northwest MLS; Westlake Associates, Inc.
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15107 Boat Street SW is an eight-unit value-add opportunity located in a lakeside enclave in Lakewood, Washington. The property's nautical identity stands apart from typical Lakewood offerings, supported by immediate proximity to the American Lake boat launch and surrounding waterfront amenities. Originally constructed in 1959, the asset consists of a 3,080 square-foot multifamily building situated on a 12,500 square-foot (0.29-acre) lot. Adjacent to the property, a new townhome community was recently developed on a similarly sized parcel, reinforcing long-term residential demand and land value in the immediate area. The Boat Street 8 presents investors with the opportunity to control a million dollar asset with an estimated $250,000 equity investment. Through disciplined financing, a modest capital contribution can translate into ownership of an eight-unit income-producing property supported by cash flow, principal paydown, and long-term appreciation. New ownership will acquire the property at a low basis, priced at approximately $128,125 per unit, with solid occupancy and a 6.54% cap rate on current rents and expenses, well below institutional-scale multifamily pricing across the Puget Sound region.
| LAST UPDATED | 2/20/2026 | TRACT | Tillicum |
|---|---|---|---|
| YEAR BUILT | 1959 | COMMUNITY | Tillicum |
| COUNTY | Pierce | STATUS | Active |
| PROPERTY TYPE(S) | Multi Family |
| ADDITIONAL DETAILS | |
| AIR | None |
|---|---|
| AREA | 41 - Lakewood/Tillicum |
| CONSTRUCTION | Wood Siding |
| HEAT | Electric |
| LOT | 0.287 acre(s) |
| LOT DESCRIPTION | Dead End Street, Paved |
| MLS STATUS | Active |
| STORIES | 1 |
| STYLE | 55 - 5-9 Units |
| SUBDIVISION | Tillicum |
| TAXES | 6572 |
| UTILITIES | Sewer Connected |
| ZONING | Multi-Family |
TOTAL MONTHLY PAYMENT
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Properties with the 
icon are courtesy of Northwest MLS.
Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 2/22/26 9:18 AM PST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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