Listing Details

Price	Market Pricing
Year Built	2026
Terms	Conventional Purchase

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Kidder Mathews is pleased to present The Valley Apartments, a brand-new 24-unit multifamily community located at 501 2nd St NE in Puyallup, Washington.

Delivered new with luxury finishes throughout — including natural quartz countertops, full-height tile backsplash, stainless steel appliances, in-unit washer/dryer, in-unit A/C, and spacious 1- and 2-bedroom layouts — The Valley offers an incoming buyer immediate access to premium rents on day one, paired with brand-new product.

The Valley benefits from an 8-year Multi-Family Tax Exemption (MFTE) tax abatement, significantly reducing the property tax burden and enhancing in-place cash flow for new ownership. This structure provides a tax-advantaged income stream with a high degree of predictability in both day-one and forward-looking returns.

Sitting within steps of Grayland Park and offering residents unobstructed panoramic views, The Valley's location places daily conveniences — cafes, restaurants, schools, and hospital care — within easy walking distance. The location also benefits from seamless access to SR-512 and I-5, as well as Puyallup's prominent N Meridian corridor.

With no near-term capital expenditure requirements, reduced operating risk, and a clear, durable income profile, this offering is ideally suited for investors seeking stable cash flow, downside protection, and exposure to a newly delivered asset in the growing Puyallup market.

Property & Unit Mix Details

Property Information

Address	501 2nd St NE, Puyallup, WA 98372
Parcel No.	7600200051
No. of Units	24
Site Area	30,291 SF (0.7 AC)
Year Built	2026
Total NRSF	20,030 SF
Avg Unit Size	834 SF
Tax Abatement	8-Year (Full Market Rate MFTE)
Laundry	In-Unit (Washer/Dryer)
A/C	In-Unit (Mitsubishi)
Heating	Electric Cadet
Parking	32 assigned stalls (incl. 4 EV spaces), plus additional free street parking on 2nd St NE

Each unit features a beautifully appointed kitchen with a modern, two-tone aesthetic — high-gloss white flat-panel upper cabinetry paired with woodgrain lower cabinetry, brushed nickel bar-pull hardware, a full stainless steel appliance package, gray tile backsplash extending to the upper cabinets, and white quartz countertops. Every unit also includes luxury vinyl plank flooring throughout, in-unit A/C, and a full-size washer/dryer.

Investment Highlights

Tax Abatement / Enhanced Yield

Benefits from Puyallup's Multi-Family Tax Exemption (MFTE) program, reducing the property tax burden for a defined 8-year period. Increased in-place cash flow relative to fully taxed comparable assets creates a meaningful spread between going-in yield and market cap rates, with built-in downside protection.

Luxury Finishes / Resident Appeal

Brand-new interiors featuring natural quartz and stone finishes throughout, with modern, timeless design tailored to elevate the resident experience and support premium rents. EV charging stations and assigned parking further enhance tenant appeal and position the property to outperform older comparable assets in lease-up and retention.

New Construction

Brand-new construction with modern building systems reduces near-term capital expenditure requirements and deferred maintenance risk — a clean hold profile without renovation or lease-up execution risk.

Class A Location

Positioned at 501 2nd Street NE with excellent street frontage in a centralized Puyallup corridor. Steps from Grayland Park with unobstructed panoramic views and convenient access to regional transit, plus immediate proximity to neighborhood retail, dining, and daily conveniences that support sustained tenant demand and long-term occupancy stability.