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.
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.
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