506 1st St SW 6 Unité Immeuble d’appartements 1 509 690 $ CAD (251 615 $ CAD/Unité) 7,80% Taux de capitalisation Auburn, WA 98001

Lee & Associates Northwest is proud to present the Knickerbocker Mansion, a strategic investment opportunity in downtown Auburn, offering strong financial upside through market rents and operational efficiencies. Built in 1906 as an estate, this historic property has been reimagined as a six-unit apartment building, featuring a balanced mix of studio and 1-bedroom units ranging from 300 to 755 SF.

Ideally positioned at the I-5 / Highway 18 interchange, tenants benefit from seamless connectivity, while Auburn Train Station is just steps away, providing direct service to Seattle and Tacoma, a key draw for commuters. Auburn’s economic landscape is anchored by major employers such as Boeing, Starbucks, and Pepsi, driving sustained rental demand. Occupying 18,000 SF of land, Investors have a unique opportunity to unlock additional value through redevelopment and a potential multi-lot subdivision
Recent capital improvements include —a fully replaced natural gas fired boiler and control system, new water heater, installation and replacement of new & existing insulation, preventative industrial sump pump, and a recently replaced roof—greatly helping enhance operational efficiency and asset longevity. With its historic charm, central location, and strong financial upside, Knickerbocker Mansion is a unique opportunity to capitalize on stable cash flow today, with a clear runway for increased future returns.