Lilly Apartments offers investors the rare opportunity to acquire a proven value-add asset with immediate yield and clear upside in one of Western Washington’s most durable rental markets. The 20-unit property has already seen substantial interior renovation progress, with 16 units upgraded, two partially completed, and only two classic units remaining—allowing new ownership to step into a largely de-risked renovation story with meaningful runway still ahead. Situated in a highly accessible infill location near Providence St. Peter Hospital, just one mile from I-5 and a short drive to Joint Base Lewis-McChord, the property is ideally positioned to capture sustained renter demand driven by major employment anchors and regional connectivity. With attractive seller financing that drives 9.5%+ day-one cash-on-cash returns, and the ability to continue pushing rents through completion of the renovation plan, Lilly Apartments stands out as a compelling opportunity to secure both strong current income and future appreciation. • Lilly Apartments features a total of 20 units across two buildings, with a great unit mix of both one- and two-bedroom floorplans. Ownership has fully renovated 16 units, partially renovated two units, and left the remaining two units in classic condition ready for renovation under the already proven scope. • There is an opportunity to take advantage of investor-friendly seller financing that drives a 9.5%+ cash-on-cash return from day one. • Recent leases reflect an average increase of approximately 2.15% over prior rents, demonstrating clear and ongoing rent growth potential. • Annual in-place rents at Lilly Apartments account for only 14% of average household income for the area, reflecting strong affordability and meaningful capacity for future rent increases. • Asking rents in the submarket have climbed 20.7% since 2021, affirming the strength of the local rental environment.