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Listing courtesy of NWMLS / COMPASS

501 21st Street SE

Auburn, WA 98002

– beds
– baths
8,000 sqft
~1 acre lot
$287 per sqft
1995 build

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

Listing courtesy of NWMLS / COMPASS

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

MLS# 2394373 —

The Building

Year Built:

1973
Year Built:

1995
Year Built Source:

Public Records
New Construction:

false
Structure Type:

Multi Family
Roof:

Composition
Security Features:

Partially Fenced
Exterior Features:

Brick, Wood
Units In Building Total:

8
# of Units Total:

1
Stories Total:

1
Building Area Total:

8000
Building Area Units:

Square Feet
Calculated SqFt:

8000
Construction Materials:

Brick, Wood

Interior

Flooring:

Vinyl Plank, Carpet
Fireplace:

false

Financial & Terms

Possession:

Closing

Location

Latitude:

47.290612
Longitude:

-122.222637
Directions:

North on A St SE, Right onto 21st St SE, Property on Left

The Property

Property Type:

Residential Income
Property Subtype:

Multi Family
Parcel Number:

1921059138
Lot Features:

Paved, Sidewalk
Lot Size Units:

Square Feet
Lot Size Acres:

0.921
Lot Size SqFt:

40117
Lot Size Source:

Public Records
Zoning Description:

Multi-Family
View:

false
Waterfront:

false
Possible Use:

Multi-Family
Additional Parcels Description:

192105913805
Irrigation Water Rights:

false

Listing Agent

Contact info:

Taxes

Tax Year:

2025
Tax Annual Amount:

16109.79

The Listing

Special Listing Conditions:

None

Heating & Cooling

Cooling:

false
Heating:

true
Cooling:

None
Heating:

Baseboard

Utilities

Water Source:

Public
Sewer:

Sewer Connected
Water Sewer Garbage:

2812

Schools

High School District:

Auburn

The Community

Subdivision Name:

Auburn
Senior Community:

false
Association:

false

Parking

Parking Total:

16
Parking Uncovered Spaces:

8
Open Parking:

true
Open Parking Spaces:

8
Carport:

false
Covered Spaces:

8

Listing courtesy of NWMLS / COMPASS

This "Three Trees" icon indicates a listing provided courtesy of NWMLS. Based on information submitted to the MLS GRID as of Sun Jul 13 2025 09:24 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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Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Sale history

Date	Event	Source	Price	% Change
7/9/25 Jul 9, 2025	Listed / Active	NWMLS	$2,300,000	113.3% (18.1% / YR)
4/8/19 Apr 8, 2019		NWMLS	$1,078,500

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This multifamily located in South Auburn, Auburn, WA 98002 is currently for sale for $2,300,000. 501 21st Street SE is a 8,000 square foot multifamily with – beds and – baths. 501 21st Street SE is in the South Auburn neighborhood of Auburn and has a WalkScore® of 52, making it somewhat walkable. This multifamily is in the attendance area of Bowman Creek Elementary, Olympic Middle School, Willow Crest Elementary School, Terminal Park Elementary School, and Auburn Senior High School.

Listing courtesy of NWMLS / COMPASS

Disclaimer: The information contained in this listing has not been verified by COMPASS and should be verified by the buyer.