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Listing courtesy of NWMLS / Urban Commercial Partners, LLC

408 N Meridian

Puyallup, WA 98371

– beds
– baths
5,808 sqft
6,000 sqft lot
$198 per sqft
1984 build

Meridian Castle, located in the heart of Downtown Puyallup, presents a rare investment opportunity in a thriving market. Currently 100% occupied, the property generates $75,524 in NOI, reflecting an in-place 6.3% cap rate, with rents positioned below market expectations. Significant revenue upside exists through rent increases, utility bill-backs, storage leasing, and laundry income, all of which remain untapped by current ownership. With operational stabilization, the asset is projected to achieve a 7.45% proforma cap rate, reinforcing its long-term investment appeal. This property is available for sale individually or as part of a portfolio offering alongside 112 4th Ave SE, Puyallup.

Listing courtesy of NWMLS / Urban Commercial Partners, LLC

Last checked: Checking… • Last updated Jun 9, 2025 •

MLS# 2387690 —

The Building

Year Built:

1900
Year Built:

1984
Year Built Source:

Public Records
New Construction:

false
Building Name:

Sourwines Add
Structure Type:

Multi Family
Roof:

Composition
Foundation Details:

Poured Concrete
Exterior Features:

Stone, Stucco
Units In Building Total:

8
# of Units Total:

8
Stories Total:

3
Building Area Total:

5808
Building Area Units:

Square Feet
Calculated SqFt:

5808
SqFt Source:

Realist
Construction Materials:

Stone, Stucco

Interior

Interior Features:

Laminate Tile
Flooring:

Engineered Hardwood, Laminate, Vinyl, Carpet
Fireplace:

false

Financial & Terms

Possession:

Subject to Tenant Rights

Location

Latitude:

47.194135
Longitude:

-122.294119
Directions:

Take I-5 S from Seattle. Merge onto WA-167 S toward Kent/Auburn. Continue on WA-167 S until reaching Puyallup. Take the exit for Meridian St and head south. Arrive at 408 N Meridian.

The Property

Property Type:

Residential Income
Property Subtype:

Multi Family
Parcel Number:

7725000140
Lot Features:

Paved, Sidewalk
Lot Size Units:

Square Feet
Lot Size Acres:

0.1377
Lot Size SqFt:

6000
Lot Size Source:

Realist
Zoning Jurisdiction:

City
View:

false
Waterfront:

false
Irrigation Water Rights:

false

Listing Agent

Contact info:

Taxes

Tax Year:

2025
Tax Annual Amount:

7454

The Listing

Special Listing Conditions:

None

Heating & Cooling

Cooling:

true
Heating:

true
Cooling:

Insert
Heating:

Radiant

Utilities

Water Company:

Puyallup Water Dept.
Water Source:

Public
Sewer:

Sewer Connected
Sewer Company:

Pierce County Sewer
Power Company:

Puget Sound Energy
Water Sewer Garbage:

11100

Schools

High School District:

Puyallup

The Community

Subdivision Name:

Puyallup
Amenities:

Basement
Senior Community:

false
Association:

false

Parking

Parking Total:

5
Open Parking:

false
Carport:

false

Listing courtesy of NWMLS / Urban Commercial Partners, LLC

This "Three Trees" icon indicates a listing provided courtesy of NWMLS. Based on information submitted to the MLS GRID as of Tue Jun 17 2025 10:08 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. 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. To submit a request for a takedown notice per the Digital Millennium Copyright Act (the “DMCA”) for any NWMLS listings please see these guidelines and follow the instructions provided.

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Sale history

Date	Event	Source	Price	% Change
6/4/25 Jun 4, 2025	Listed / Active	NWMLS	$1,150,000

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This multifamily located in Downtown Puyallup, Puyallup, WA 98371 is currently for sale for $1,150,000. 408 N Meridian is a 5,808 square foot multifamily with – beds and – baths. 408 N Meridian is in the Downtown Puyallup neighborhood of Puyallup and has a WalkScore® of 93, making it a walker’s paradise. This multifamily is in the attendance area of Puyallup High School, Stewart Elementary School, and Kalles Junior High School.

Listing courtesy of NWMLS / Urban Commercial Partners, LLC

Disclaimer: The information contained in this listing has not been verified by Urban Commercial Partners, LLC and should be verified by the buyer.