Listed by Urban Commercial Partners, LLC
$1,150,000

408 N Meridian Puyallup, WA 98371

Estimated payment $6,985/month

Total Views 3,598
8 Beds
8 Baths
5,808 Sq Ft
$198 Price per Sq Ft

Highlights

  • Engineered Wood Flooring
  • 3-minute walk to Puyallup Station
  • 4-minute walk to Grayland Park
  • Puyallup High School Rated A-
  • No HOA

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.

Listing Agent

Tyler Bretz, CCIM

Urban Commercial Partners, LLC License #23000464 Listed on: 06/04/2025

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 2387690

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $7,454

Year Built

  • Built in 1900

Parking

  • 5 Parking Spaces

Home Design

  • Poured Concrete
  • Composition Roof
  • Stone Siding
  • Stucco
  • Stone

Interior Spaces

  • 5,808 Sq Ft Home
  • 3-Story Property
  • Self Contained Fireplace Unit Or Insert

Flooring

  • Engineered Wood
  • Carpet
  • Laminate
  • Vinyl

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 8 Bathrooms

Additional Features

  • 6,000 Sq Ft Lot
  • Radiant Heating System

Community Details

  • No Home Owners Association
  • Sourwines Add Condos
  • Puyallup Subdivision

Listing and Financial Details

  • Assessor Parcel Number 7725000140

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$7,454

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi Family
  • StyleCode: 55 - 5-9 Units
  • Year Built: 1900
  • MLS Status: Active
  • Prev Status: Active
  • Building Name: Sourwines Add
  • New Construction: No
  • CalculatedSquareFootage: 5808
  • EffectiveYearBuiltSource: Public Records
  • Special Features: None
  • Cumulative Days on Market: 51

Interior Features

  • Total Bedrooms: 8
  • Fireplace: No
  • Flooring: Engineered Hardwood, Laminate, Vinyl, Carpet
  • Interior Amenities: Laminate Tile
  • Stories: 3
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • BathsFullUpper: 0
  • BathsHalfUpper: 0
  • BathsThreeQuarterUpper: 0
  • BedroomsUpper: 0
  • Amenities: Basement

Exterior Features

  • Roof: Composition
  • Lot Features: Paved, Sidewalk
  • View: No
  • Waterfront: No
  • Construction Type: Stone, Stucco
  • Exterior Features: Stone, Stucco
  • Foundation Details: Poured Concrete
  • Structure Type: Multi Family

Garage/Parking

  • Carport Y N: No
  • Open Parking: No
  • Total Parking Spaces: 5
  • ParkingUncoveredSpaces: 0

Utilities

  • Sewer: Sewer Connected
  • Water Source: Public
  • Cooling: Insert
  • Cooling Y N: Yes
  • Heating: Radiant
  • Heating Yn: Yes
  • PowerCompany: Puget Sound Energy
  • SewerCompany: Pierce County Sewer
  • WaterCompany: Puyallup Water Dept.
  • WaterSewerGarbage: 11100

Condo/Co-op/Association

  • Senior Community: No
  • Association: No

Schools

  • Junior High Dist: Puyallup

Lot Info

  • Parcel Number: 7725000140
  • Lot Size Acres: 0.1377
  • Lot Size Sq Ft: 6000
  • Irrigation Water Rights: No
  • ShowMapLink: true
  • MLSLotSizeSource: Realist
  • MLSSquareFootageSource: Realist
  • ZoningJurisdiction: City

Green Features

  • Power Production Type: Electric

Rental Info

  • GrossRentMultiplier: 8.9
  • LeasedItems: Furnace/Burner
  • TotalMonthlyIncome: 10761

Multi Family

  • Gross Scheduled Income: 129132
  • Net Operating Income: 72524
  • Number Of Units Total: 8
  • Electric Expense: 100
  • Insurance Expense: 10087
  • Leasable Area: 3872
  • EnergySource: Electric
  • UnitsInBuildingTotal: 8
  • UnitsBelowGrade: false
  • VacancyRate: 5

Tax Info

  • Year: 2025
  • Tax Annual Amount: 7454

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
06/04/2025 06/04/25 For Sale $1,150,000 -- $198 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

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Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2387690

Northwest Multiple Listing Service (NWMLS)

Washington Pierce County Puyallup 98371

408 N Meridian, Puyallup, WA

This home is located at 408 N Meridian, Puyallup, WA 98371 and is currently priced at $1,150,000, approximately $198 per square foot. This property was built in 1900. 408 N Meridian is a home located in Pierce County with nearby schools including Stewart Elementary School, Kalles Junior High School, and Puyallup High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Northwest Multiple Listing Service (NWMLS) 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 by the Northwest Multiple Listing Service (NWMLS). Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with the 3 tree icon and provided by NWMLS. All properties are subject to prior sale or withdrawal. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID. ©2025 NWMLS.
Based on information submitted to the MLS GRID

Nearby Homes
Tyler Bretz, CCIM
Listing Agent
Tyler Bretz, CCIM
Section Image
Urban Commercial Partners, LLC
(253) 802-8279