Why Does This Tiny Puyallup Home Cost $3 Million?

PUYALLUP, WA - This house is obviously not worth $3 million. So why is it selling for that much?

The real estate agent doesn't come out and say it, but it's pretty clear that the person who buys this will likely build an apartment building.

For $3 million, you get three parcels totaling 8.5 acres in an "MHR" (moderate high density residential) zone. Just south of this home near the intersection of Shaw Road and Military Road are a number of big apartment complexes. It's the perfect site to build another complex a short distance from the South Hill Mall stretch of Meridian.

Of course, you're welcome to pay $3 million for the house and the land and not build an apartment building.

• Address: 12705 122nd St E, Puyallup, Washington
• Price: $3,000,000
• Square Feet: 1608
• Bedrooms: 4
• Bathrooms: 2 Baths
• Built: 1968
• Features: Shaw Road Puyallup WA. Two adjacent parcels one parcel 0419114042 7.55 AC. Second parcel 0419118004 1 AC. Total 8.55 AC. Corner of Shaw Road and 122nd St E. One parcel has entrance off 122nd St E, 2nd parcel circular driveway off & entrance off Shaw Road. Must be sold together. Zoned currently MHR.

This listing originally appeared on realtor.com. For more information and photos, click here.