Listed by Tyler Smith • Westlake Associates, Inc. Bought with Education Non-Member.

Off Market Feb 2010 for $730K

—

Studio

•

— ba

•

8,390

sq ft

8603 Phillips Rd SW, Lakewood, WA 98498

About this home

Located on the north side of Lake Steilacoom. Very well maintained property with a strong tenant base, high occupancy and great Oakbrook location. The complex was built in an intimate cottage setting on 1.13 acres above a bluff overlooking Chambers Creek. 4 garages currently being rented out as storage units. Huge units, with a great mix of (2) huge 3 bedroom units, (3) large 2 bedroom units (5) one bedroom units. Attractive financing available. 8% Cap Rate on current numbers.

Multi-familyProperty Type

1965Year Built

1.13 acresLot Size

$87Price/Sq.Ft.

5 spacesParking

Listed by Tyler Smith • Westlake Associates, Inc.

Bought with Non Member • Education Non-Member

Redfin checked: a minute ago

•Source:NWMLS as Distributed by MLS Grid #29074605

Redfin Estimate

Unfortunately, we don't have enough data to generate an accurate Estimate at this time.

Market trends in 98498, WA

Last updated August 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-List Price

99.7%

0.5% MoM

Median sale price

$552K

$8K MoM

Avg. days on market

10d

5 days MoM

Recently sold homes

101

6 MoM

New listings for sale

$349,950
2 beds1 bath696 sq ft
9701 Hipkins Rd SW, Lakewood, WA 98498
Jaden Hittle • Premier Real Estate Partners
$565,500
5 beds2 baths1,792 sq ft
8711 Lawndale Ave SW, Tacoma, WA 98498
Gael Whalen • Century 21 Blue Chip
$399,999
3 beds2 baths1,584 sq ft
10128 100th Street Ct SW, Lakewood, WA 98498
Megan Dickson • Elite Properties
$575,000
3 beds2.5 baths1,759 sq ft
10023 Angle Ln SW, Lakewood, WA 98498
Brent Tornquist • Windermere Prof Partners
3D WALKTHROUGH
$520,000
5 beds3.5 baths3,262 sq ft
12703 Vernon Ave SW, Lakewood, WA 98498
Spencer Gray • John L. Scott, Inc.
$749,900
3 beds3 baths2,636 sq ft
7404 91st Avenue Ct SW, Lakewood, WA 98498
Cedric Pour • Homes & Equity Real Estate Grp
$498,750
2 beds1 bath2,100 sq ft
15202 Washington Ave SW, Tacoma, WA 98498
Shelly McCombs • Pellego, Inc.
$580,000
4 beds1 bath1,496 sq ft
8518 Mount Tacoma Dr SW, Tacoma, WA 98498
Ryzen Martin • Real Broker LLC
$599,950
4 beds3 baths1,840 sq ft
8712 Wildwood Ave SW, Lakewood, WA 98498
Svetlana Baranchuk • Coldwell Banker Bain
$499,950
5 beds2 baths2,141 sq ft
8858 81st Ave SW, Lakewood, WA 98498
Isaac Schaefer • Realty One Group Turn Key
See all

Provided by Redfin

Sale history for 8603 Phillips Rd SW

Year

Property tax

Land + Additions

Assessment*

2026

$9,653 (+3.3%)

$338,400 + $475,800

$814,200

2025

$9,343 (+13.4%)

$338,400 + $475,800

$814,200

2024

$8,236 (−1.1%)

$328,500 + $460,400

$788,900

2023

$8,329 (+3.9%)

$306,100 + $436,800

$742,900

2022

$8,017 (+3.3%)

$319,200 + $466,900

$786,100

2021

$7,761 (+8.5%)

$273,300 + $395,600

$668,900

2020

$7,151 (+14.8%)

$214,200 + $367,400

$581,600

2019

$6,227 (−8.5%)

$185,800 + $329,800

$515,600

2018

$6,807 (+5.9%)

$134,700 + $318,600

$453,300

2017

$6,429 (+13.3%)

$134,700 + $318,600

$453,300

2016

$5,675 (+1.5%)

$115,500 + $296,300

$411,800

2015

$5,591 (+67.2%)

$92,600 + $266,400

$359,000

2014

$3,344 (−12.8%)

$84,000 + $260,500

$344,500

2013

$3,834 (−13.2%)

$68,500 + $177,900

$246,400

2012

$4,418 (−2.5%)

$64,200 + $169,200

$233,400

2011

$4,532 (−0.8%)

$104,900 + $187,400

$292,300

2010

$4,568 (+5.1%)

$128,400 + $188,600

$317,000

2009

$4,346

$145,500 + $200,100

$345,600

Tax history for 8603 Phillips Rd SW

Year

Property tax

Land + Additions

Assessment*

2026

$9,653 (+3.3%)

$338,400 + $475,800

$814,200

2025

$9,343 (+13.4%)

$338,400 + $475,800

$814,200

2024

$8,236 (−1.1%)

$328,500 + $460,400

$788,900

2023

$8,329 (+3.9%)

$306,100 + $436,800

$742,900

2022

$8,017 (+3.3%)

$319,200 + $466,900

$786,100

2021

$7,761 (+8.5%)

$273,300 + $395,600

$668,900

2020

$7,151 (+14.8%)

$214,200 + $367,400

$581,600

2019

$6,227 (−8.5%)

$185,800 + $329,800

$515,600

2018

$6,807 (+5.9%)

$134,700 + $318,600

$453,300

2017

$6,429 (+13.3%)

$134,700 + $318,600

$453,300

2016

$5,675 (+1.5%)

$115,500 + $296,300

$411,800

2015

$5,591 (+67.2%)

$92,600 + $266,400

$359,000

2014

$3,344 (−12.8%)

$84,000 + $260,500

$344,500

2013

$3,834 (−13.2%)

$68,500 + $177,900

$246,400

2012

$4,418 (−2.5%)

$64,200 + $169,200

$233,400

2011

$4,532 (−0.8%)

$104,900 + $187,400

$292,300

2010

$4,568 (+5.1%)

$128,400 + $188,600

$317,000

2009

$4,346

$145,500 + $200,100

$345,600

*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.

Public record

Beds

Baths

Stories

1.5

Lot width

60 ft.

Lot depth

—

Lot size

0.61 Acres

Year renovated

1992

Sq. Ft.

2,541

Year built

1940

Style

Multi-Family (2-4 Unit)

County

Pierce County

APN

0220341131

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Jun 29, 2026.

Property details

Parking

Parking Information
Covered Spaces: 5

Interior

Heating & Cooling
Has Heating

Interior Features
Interior Features: Forced Air, Hardwood, Wall to Wall Carpet
Flooring: Hardwood, Carpet

Multi-Family Financial Information
Insurance Expense: $2,539
Other Expense: $15,295
Net Operating Income: $63,222
Gross Adjusted Income: 94620
Gross Scheduled Income: $99,600
Total Monthly Income: 8300
Gross Rent Multiplier: 7
Total Expenses: 31398

Multi-Unit Information
Units Below Grade: false
Units In Building Total: 9
Vacancy Rate: 5
# of Units (Total): 6
Furnished: Unfurnished

Exterior

Property Information
Style Code: 55 - 5-9 Units
Property Type: Residential Income
Property Sub Type: Multi Family
Property Condition: Good

Land Information
Possible Use: Multi-Family

Lot Information
Lot Size Units: Square Feet
Lot Size Acres: 1.13
Elevation Units: Feet

Financial

Tax Information
Tax Annual Amount: $8,875
Tax Year: 2008

Financial Information
Listing Terms: Cash Out
Buyer Financing: Conventional

Utilities

Utility Information
Utilities: Electric
Water Sewer Garbage: 4689

Location

HOA Information
Association Fee Frequency: Annually

School Information
High School District: Lakewood

Location Information
Directions: From I 5 take Exit 129.Head East on S 74th Street.S 74th runs into Custer, remain on Custer heading SW.Turn West onto 88th Street SW.Turn N onto Phillips RD SW.Property is on the eastside of Phillips.

Public facts

Beds: 5
Baths: 2.0
Sq. Ft.: 2,541
Stories: 1.5
Lot Size: 0.61 acres
Style: Multi-Family (2-4 Unit)
Year Built: 1940
Year Renovated: 1992
County: Pierce County
APN: 0220341131

Home facts updated by county records on Jun 29, 2026

Other

Listing Information
Mls Status: Sold

Listing Date Information
On Market Date: Wednesday, May 20, 2009

Green Information
Power Production Type: Electric

Home Information
Living Area Units: Square Feet
Calculated Square Footage: 8390
Building Area Total: 8390
Building Area Units: Square Feet
Structure Type: Multi Family
Stories Total: 2

Around this home

Schools

Custer Elementary School

Public PreK-5 • Assigned • 0.2mi

5/10

Hudtloff Middle School

Public 6-8 • Assigned • 0.4mi

2/10

Harrison Preparatory School

Public 6-12 • Assigned • 1.4mi

6/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

1/10 Fire Factor

Unlikely to be in a wildfire in next 30 years

3/10 Heat Factor

7 days above 87° expected this year, 14 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

7/10 Air Factor

11 unhealthy days expected this year, 12 days in 30 years

Provided by First Street

Historical weather

Lakewood, WA • 98498

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 8.8 hours in June and 1.7 hours in December, placing it below the U.S. average for solar exposure.

8.8 hrs

1.7 hrs

JuneDecember

Provided by Shadowmap

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Home values near 8603 Phillips Rd SW

Data from public records.

Address	Redfin Estimate
8509 Phillips Rd SW, Lakewood, WA 6 Beds \| 2.5 Baths \| 3042 Sq. Ft.	$852,944
8527 Phillips Rd SW, Lakewood, WA 3 Beds \| 3 Baths \| 1944 Sq. Ft.	$859,739

Address	Redfin Estimate
8429 Phillips Rd SW, Lakewood, WA 2 Beds \| 1 Baths \| 1236 Sq. Ft.	$373,566
8609 Phillips Rd SW, Tacoma, WA 3 Beds \| 2 Baths \| 1759 Sq. Ft.	$558,980

Address	Redfin Estimate
8519 Phillips Rd SW, Lakewood, WA 3 Beds \| 1 Baths \| 1440 Sq. Ft.	$441,937
8607 Phillips Rd SW, Tacoma, WA 2 Beds \| 1 Baths \| 1093 Sq. Ft.	$389,669

Property information provided by NWMLS as Distributed by MLS Grid when last listed in 2009. This data may not match . Learn more.

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GreatSchools Ratings provided by GreatSchools.org.

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About this home

Redfin Estimate

Market trends in 98498, WA

Sale history for 8603 Phillips Rd SW

Tax history for 8603 Phillips Rd SW

Public record

Property details

Around this home

Schools

Lifestyle

Climate risks

Historical weather

Sun exposure

Nearby similar homes

New listings for sale in 98498

Home values near 8603 Phillips Rd SW

More real estate resources