Excellent investment opportunity to purchase a 36-unit, single-story, garden-style apartment complex in Centralia, WA. All units consist of 1-bedroom units, which are both well-maintained and have strong historic rental history. Increases in several recently rented units indicate potential for additional rental income. On-site laundry to provide additional income (equipment is owned rather than leased and included in the sale). Property is centrally located in the Centralia-Chehalis area, with I-5 a short 5-minute drive away. Ample parking with both assigned spaces and street parking. All the roofs were replaced and windows upgraded to vinyl double-pane windows in 2015. Priced at $4.45M (or less than 124k/unit), which provides a cap rate of 6.82% based on the current actuals.
Listing Courtesy of Northwest MLS as distributed by MLS GRID / Listed By: Paul Young, Windermere Northwest Living
$1,500,000 (USD)
Longview Area Land
Active
101 Fishers Lane Longview, WA 98632
Bed
0 Baths
sqft
MLS# 2497768
Unique development opportunity for an approx. 5.19 acres piece of land zoned High-Density Residential (R-4) in the Longview-Kelso area. Located along Westside Hwy, the property provides easy access to the commercial core of Longview with numerous restaurants and retail stores. Its centralized location and proximity to Interstate 5 provide easy access to both local and regional employment centers. Zoning allows for a variety of residential uses including multifamily, townhouses, and assisted living facilities with no maximum density. Additional uses such as office and medical facilities are also allowed or potentially allowed via a Special Property Use Permit (SPU). As a city owned property, the property qualifies for a priority review process through the Community Development Department. Existing reports and studies available to assist in shortening development and due diligence timelines. Asking price: $1,500,000 (or approx. $6.63/SF).
Listing Courtesy of Northwest MLS as distributed by MLS GRID / Listed By: Paul Young, Windermere Northwest Living
Northwest MLS as distributed by MLS GRID / Listed By: Paul Young, Windermere Northwest Living