Hudson Court Apartments (Status: Pending)
14117, C St, Tacoma, WA 98444
Hudson Court Apartments provides an opportunity to acquire a fully renovated building in a growing developing community just blocks away from Pacific Lutheran University. At the asking price of $5,995,000, the underwriting poses an in-place 5.11% cap rate with a market cap rate of 5.68% on current asking rents. The average 1×1 is in-place at $1084, however most recent 1×1 have rented for $1225. The average 2×1 sits at $1280 with the most recent rent being $1395. This provides 10% rental upside on the proven most recent leasing activity. There is also the opportunity to further pursue the feasibility of adding laundry to the units. Market rents for similar units with laundry in the area range from $1400-$1500 for 1×1 and $1550-$1650 for 2 bedrooms further demonstrating possible upside!
Asset Class: Multi-Family
Year Built: 1972
Building Total Square Feet: 20400
Available Lease Space Square Feet:
Number of Floors: 2
Total Parking Spaces: 0
Local Zoning Information: MHR
Listing Courtesy of: Westlake Associates, Inc.
Disclaimer: The information contained in this listing has not been verified by North Sound Commercial, a division of Pacific Continental Realty, LLC and should be verified by the buyer, seller, or tenant.