Paragon Real Estate Advisors is pleased to offer the opportunity to acquire the Summit Apartments, an eight-unit apartment complex located near the intersection of 66th Avenue East and 106th Street Court East in Puyallup, Washington. Built in 1976, the property has undergone significant interior and exterior renovations in recent years under both previous and current ownership, making it an exceptional investment opportunity. Exterior improvements include a newly resurfaced parking lot with 20 stalls, updated siding, a new roof, and upgraded septic systems, completed in Q3 of 2022.
The property features a unit mix consisting entirely of two-bedroom, one-bath units, each averaging approximately 750 square feet. Five of the units were renovated in the past year and now include modern upgrades and high-quality finishes. Interior enhancements in most units include stainless steel appliances (stoves/ranges, refrigerators, microwaves, and dishwashers), updated countertops, wood cabinetry, tile backsplashes, vinyl plank flooring, updated bathroom vanities, tile flooring in bathrooms, new tile tub surrounds, fresh paint and trim, and side-by-side washer/dryers. Upper-floor units also feature walk-up decks.
Additionally, the property includes two storage units, which are currently utilized by management. These spaces present an opportunity to generate additional income by renting them out to tenants or potentially converting them into a ninth unit (subject to verification by the buyer). Summit Apartments represents a rare chance to acquire a fully renovated property in a high-demand submarket, offering both immediate returns and potential for further income growth.