408 N Meridian, Puyallup, WA 98371

Local realty services provided by:Better Homes and Gardens Real Estate Gary Mann Realty
#1#2#3
Listed by:tyler j. bretz
Office:urban commercial partners, llc.
MLS#:2387690
Source:NWMLS
408 N Meridian,Puyallup, WA 98371
$1,150,000
  • - Beds
  • - Baths
  • 5,808 sq. ft.
  • Multi-family
  • Active

Price summary

  • Price:$1,150,000
  • Price per sq. ft.:$198

About this home

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.

Contact an agent

contact an agent

Yes, I would like more information from BHGRE®. Please use and/or share my information with an BHGRE affiliated agent to contact me about my real estate needs. By clicking Send message, I agree an BHGRE affiliated agent may contact me by phone or text message including by automated means about real estate services, and that I can access real estate services without providing my phone number. I acknowledge that I have read and agree to theTerms of useandPrivacy notice

Home facts

  • Year built:1900
  • Listing Id #:2387690
  • Updated:August 08, 2025 at 12:24 AM

Rooms and interior

  • Living area:5,808 sq. ft.

Heating and cooling

  • Heating:Radiant

Structure and exterior

  • Roof:Composition
  • Year built:1900
  • Building area:5,808 sq. ft.
  • Lot area:0.14 Acres

Utilities

  • Water:Public
  • Sewer:Sewer Connected

Finances and disclosures

  • Price:$1,150,000
  • Price per sq. ft.:$198
  • Tax amount:$7,454 (2025)
MLS LogoListings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of August 18, 2025. 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. Listing information is provided for consumers' personal, non-commercial use, solely to identify prospective properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Information deemed reliable but not guaranteed. Copyright © 2025 MLS GRID. All Rights Reserved.

New listings near 408 N Meridian