1000 Creso Road S, Spanaway, WA 98387
- $3,400,000
- 4,233
- SqFt
Listing courtesy of COMPASS.
- List Price
- $3,400,000
- Status
- ACTIVE
- MLS#
- 2553466
- Days on Market
- 68
- Style
- 55 - 5-9 Units
- Building Condition
- Very Good
- Finished SqFt
- 4,233
- Area Total SqFt
- 4233
- Annual Tax Ammount
- 32136
- Lot Size (sq ft)
- 405,544
- Sewer
- Septic Tank
Property Description
This stunning lakefront property is unlike anything you’ve ever seen! Sited on 700 feet of waterfront and 9.31 acres, this special property is the perfect combination of lakefront luxury and income generating rentals. The hallmark of the property is the lakefront lodge. At more than 4,200 square feet, clad in stone, stucco, slate, and copper, this beautiful home features a main level primary suite, an expansive kitchen, a two-story great room, and an attached ADU/MIL above the three-car garage. Open the three sets of French doors in the great room for a seamless indoor-outdoor flow onto the covered outdoor patio. Enjoy beautiful lake views from nearly every room, especially the elevated ADU which offers two private external entrances and interior access from the main residence. The South-facing shoreline features a picturesque Mount Rainier view. The dock easily accommodates a float plane or large vessel, with an extra motorized float perfect for cruising the lake with friends. Now, the rentals. This single-parcel property includes 7 rental units: two 1-bed duplexes, a 2-bed duplex, and an additional single-family home. These additional residences have all received consistent updates throughout the years and benefits from long-term tenants who would love to stay. Photos of the SFR and one of the duplex units are included in this listing. Gross annual income exceeds $100,000 per year and a rent roll is available upon request. This one-of-a-kind property is as rare as it comes.
Additional Information
- List Date
- 2026-05-19 17:58:13
- Community
- Spanaway Lake
- Net Operating Income
- $111,260
- Gross Adjusted Income
- $170,496
- Gross Scheduled Income
- $177,600
- Total Monthly Income
- $14,800
- Insurance Expenses
- $6,000
- Water/Sewer/Garbage Expenses
- $9,096
- Gross Rent Multiplier
- 19.14
- Total Expenses
- $59,232
- Cap Rate
- 3.27
- Vacancy Rate
- 4
- Total Number of Units
- 5
- Unit Name
- 1000
- Potential Terms
- Cash, Conventional
- Year Built
- 2001
- Waterfront
- Yes
- View
- Lake, Mountains
- Roof
- Tile
- Site Features
- Dock, Electric Car Charging, Gated Entry, High Speed Internet, Outbuildings, Outdoor Fireplace, Patio, RV Parking, Sprinkler System
- Other Expenses
- 12000
- Energy Source
- Electric, Wood
- School District
- Bethel
- Elementary School
- Spanaway Elem
- Middle School
- Spanaway Jnr High
- High School
- Spanaway Lake High
- Total Monthly Income
- $14,800
- Gross Scheduled Income
- $177,600
- Vacancy Rate
- 4
- Gross Adjusted Income
- $170,496
- Tax Year
- 2026
- Insurance Expense
- $6,000
- W/S/G Expenses
- $9,096
- Total Expenses
- $59,232
- Net Operating Income
- $111,260
- Gross Rent Multiplier
- 19.14
- Cap Rate
- 3.27
Based on information submitted to the MLS GRID as of . 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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.