About 408 N Meridian
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.
Features of 408 N Meridian
| MLS® # | 2387690 |
|---|---|
| Price | $1,150,000 |
| Price Per SqFt | $198 |
| Bathrooms | 0.00 |
| Square Footage | 5,808 |
| Acres | 0.14 |
| Year Built | 1900 |
| Type | Income |
| Sub-Type | Multi-Family |
| Status | Active |
Community Information
| Address | 408 N Meridian |
|---|---|
| Area | 81 - Puyallup |
| Subdivision | Puyallup |
| City | Puyallup |
| County | Pierce |
| State | WA |
| Zip Code | 98371 |
Amenities
| Parking Spaces | 5 |
|---|---|
| Is Waterfront | No |
Interior
| Interior Features | Laminate Tile |
|---|---|
| Fireplace | No |
| # of Stories | 3 |
Exterior
| Exterior Features | Stone, Stucco |
|---|---|
| Lot Description | Paved, Sidewalk |
| Foundation | Poured Concrete |
School Information
| District | Puyallup |
|---|
Additional Information
| Days on Market | 146 |
|---|---|
| Cumulative Days on Market | 146 |
| Days on Website | 146 |
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Urban Commercial Partners, Llc |
|---|