8311 Lake Street SW, Lakewood, WA, 98498
About This Home
Welcome to this turnkey triplex offering an exceptional opportunity for investors seeking immediate cash flow. Each of the three 2-bedroom, 1-bath units offers approximately 696 sq. ft. and has been thoughtfully updated. Recent updates in last 5 years include new roof, new septic system, vinyl windows, fencing, and extensive interior renovations throughout the units. Current rents are $1,625/month for Unit 1 and $1,650/month each for Units 2 and 3, plus an additional $150 per month from each tenant toward utilities, creating strong income potential. A shared laundry room, ample off-street parking, and a prime location just minutes from JBLM, I-5, restaurants, shopping, and American Lake make this a true cash-flowing investment and an excellent addition to any portfolio.
Getting Around
Somewhat Walkable
Very Limited Transit
BikeableSchools
Construction
Condition
- Property condition: Good
- Year built: 1963
Materials
- Foundation: Poured Concrete
- Roof: Composition
- Construction materials: Wood Siding
Notable Dates
- Major remodel year: 1999
Type & Style
- Home type: MultiFamily
- Architectural style: Tri-plex
- Property subType: Triplex,Multi Family
Interior
Bedrooms & Bathrooms
- Bedrooms: 6
- Bathrooms: 3
Features
- Flooring: Vinyl,Carpet
Heating & Cooling
- Heating features: Forced Air,Electric
- Cooling features: Forced Air
Interior Area
- Total structure area: 2,088
- Total interior livable area: 2,088 sqft
Property
Details
- Parcel number: 2200002450
- Special condition: Standard
Features
- Has view: Yes
- View description: Territorial
Lot
- Lot size: 0.30 Acres
- Features: Corner Lot,Paved,Sidewalk,Cable TV,Fenced-Fully
Parking
- Total spaces: 6
- Uncovered spaces: 6
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Earthquake
- Heat Wave
- Inland Flooding
- Lightning
How This Home’s Risks Compare
FEMA Declared Disasters in Pierce County and Washington
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $3,413 | $40,956 |
| Home Insurance * | $178 | $2,136 |
| Property Taxes | $592 | $7,104 |
| Electricity | $149 | $1,793 |
| Total | $4,332 | $51,984 |
Income You'd Need if You Spent...
Washington FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-07-15 | Listed for sale | $674,999 |
| 2019-09-27 | Sold | $449,900 |
| 2019-08-24 | Pending sale | $449,900 |
| 2019-08-19 | Price change | $449,900 |
| 2019-07-31 | Listed for sale | $469,900 |
| 2019-06-26 | Pending sale | $469,900 |
| 2019-06-20 | Listed for sale | $469,900 |
| 2018-10-05 | Listing removed | $349,900 |
| 2018-08-25 | Pending sale | $349,900 |
| 2018-08-19 | Listed for sale | $349,900 |
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