MLS #2394373 / Listing provided by NWMLS & COMPASS.
$2,300,000
501 21st Street SE
Auburn,
WA
98002
Sq Ft
Per Sq Ft
Year Built
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
Disclaimer: The information contained in this listing has not been verified by Hawkins-Poe Real Estate Services and should be verified by the buyer.
Bedrooms
- Upper Level Bedrooms: 0
- Possible Bedrooms: 0
Fireplaces
- Total Fireplaces: 0
Heating & Cooling
- Heating: Yes
- Cooling: No
Parking
- Parking Total: 16
- Uncovered Parking Spaces: 8
- Open Parking Spaces: 8
Structure
- Roof: Composition
- Exterior Features: Brick, Wood
Lot Details
- Lot Features: Paved, Sidewalk
- Acres: 0.921
Schools
- High School District: Auburn
Lot Details
- Lot Features: Paved, Sidewalk
- Acres: 0.921
Power
- Energy Source: Electric
Water, Sewer, and Garbage
- Sewer: Sewer Connected
- Water Source: Public
- Water, Sewer, and Garbage: 2812

Whitney Johnsen
Broker | REALTOR®
Send Whitney Johnsen an email