Sold

Listed by: COMPASS • Rachel Harwood

Bought with: ZNonMember-Office-MLS

$2,070,000

501 21st Street SE, Auburn, WA 98002

2beds

1baths

8,000sqft

Multi Family

Built in 1973

-- sqft lot

$2,058,900 Zestimate^®

$259/sqft

$1,850 Estimated rent

Home value

$2,058,900

$1.89M - $2.24M

$1,850/mo

Zestimate^® history

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$1,850/mo

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$12,700/mo

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$12,700/mo

Est. payment

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What's special

Private garagesUpdated fixturesLarge shared fenced yardsIn-unit laundryStainless steel appliances

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

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 2
Bathrooms: 1

Heating

Baseboard, Electric

Cooling

None

Features

Flooring: Vinyl Plank, Carpet
Has fireplace: No

Interior area

Total structure area: 8,000
Total interior livable area: 8,000 sqft

Property

Parking

Total spaces: 16
Parking features: Garage, Open
Garage spaces: 8
Uncovered spaces: 8

Lot

Size: 0.92 Acres
Features: Paved, Sidewalk, Cable TV, Fenced-Partially, High Speed Internet

Details

Parcel number: 1921059138
Zoning description: Multi-Family
Special conditions: Standard

Construction

Type & style

Home type: MultiFamily
Architectural style: 5-9 Units
Property subtype: Multi Family

Materials

Brick, Wood Siding
Roof: Composition

Condition

Year built: 1973
Major remodel year: 1995

Utilities & green energy

Sewer: Sewer Connected
Water: Public

Community & HOA

Community

Subdivision: Auburn

Location

Region: Auburn

Financial & listing details

Price per square foot: $259/sqft
Annual tax amount: $16,109
Date on market: 12/28/2025
Cumulative days on market: 206 days
Listing terms: Conventional

Price history

Date	Event	Price
12/18/2025	Sold	$2,070,000-10%$259/sqft
Source: NWMLS as distributed by MLS GRID #2394373 Report a problem
8/4/2025	Pending sale	$2,300,000$288/sqft
Source: NWMLS as distributed by MLS GRID #2394373 Report a problem
7/9/2025	Listed for sale	$2,300,000+113.3%$288/sqft
Source: NWMLS as distributed by MLS GRID #2394373 Report a problem
4/8/2019	Sold	$1,078,500-13.7%$135/sqft
Source: NWMLS as distributed by MLS GRID #1405199 Report a problem
2/5/2019	Pending sale	$1,250,000$156/sqft
Source: Windermere Real Estate/Lake Tapps Inc #1405199 Report a problem
1/26/2019	Listed for sale	$1,250,000$156/sqft
Source: Windermere Real Estate/Lake Tapps Inc #1405199 Report a problem