Parkview Apartments – 32 Units (Status: Pending)

502, 8th St, Auburn, WA  98002

HUGE UPSIDE! 16-Ones & 16-Twos. 1st Time on Market in 35 Years. Newer Water Meters to each unit, tenants pay their own Water/Sewer/Garbage Bills based on their usage. These Single-Story buildings have covered porches opening to a small garden area and grass lawns. Newer 40 Yr Life Roofs. Property Appraised last year at $4,950,000. Since that time, owner Raised Rents $200/Mo/Unit. ($76,800/Yr.) Now 5 Units just remodeled bring an extra $150/Mo. Update 27 more units brings $48,600/Yr. Included are 32 Storage Units that are 6’x12’ or approx. 72 Sq. Ft. Comparable storage rents for $100/month. Rent these at only $50/Mo brings in $19,200/year. Income increase of $144,600/Yr/ A 6% Cap Rate increases the value by $2,410,000!!! Assume the 4.44% existing loan with less than $2M Down.

Listing Details

Asset Class: Multi-Family
Year Built: 1969
Building Total Square Feet: 20976
Available Lease Space Square Feet:
Number of Floors: 1
Total Parking Spaces: 40
Local Zoning Information: Multi-Family


Listing Courtesy of: Arsenault Realty Advisors

Disclaimer: The information contained in this listing has not been verified by Pacific Continental Realty, DBA North Sound Commercial and should be verified by the buyer, seller, or tenant.


What's Nearby?

Google Places API is currently unavailable.

You must specify a valid listing location, use street address in the listing title along with city, state & zip/postcode — if not use the optional latitude & longitude field.

  • Unfortunately, your request was denied, generally because of lack of an invalid key parameter.