Introducing Wonderland, a 10-unit value-add opportunity located at 14402 Washington Ave SW, Lakewood, WA 98498. Situated on a prime corner parcel in Lakewood, this property offers a unique investment potential with upscale renovations and future redevelopment possibilities. With a mix of fourplex, single-family homes, and cottages, this 1942-built property presents a diverse unit layout with promising rent premiums post-renovation. The two-story central building, once a dental office, can be transformed to add more living spaces, adding further value. Boasting historically high occupancy rates and minimal turnover, Wonderland promises income growth opportunities through rent adjustments and expense reductions. Renovations to units and common areas could yield a 7.58% cap rate at market rents. Don't miss out on this standout investment opportunity in South Tacoma, offering potential income growth and value appreciation.