Investment Overview

Cedar Village Townhomes is a 22-unit, townhome-style investment property located at 3010 Kauffman Ave, Vancouver, Washington 98660. Originally constructed in the late 1970s, the property features twenty-one (21) two-bed/one-bath floorplans and one (1) one-bed/one-bath layout. Townhouses are a rare offering only available in 3% of the rental stock within a 1.5-mile radius. Every unit includes private backyards and two parking spaces. The property was substantially updated in the last 18 months. Ownership addressed deferred maintenance issues, replaced siding, windows and sliders. The full exterior envelope was painted in 2023. Ownership has also renovated most of the interiors and as a result achieved rent premiums of $1,500. A recent rent increase was issued in August 2023. The property is being sold with an adjacent 0.25 acre lot. The low-density of the property combined with the lot may allow for an additional 25 units (buyer to verify with the City of Vancouver). The property is eligible for new financing however a savvy buyer will take advantage of assuming the current note with over six years of term remaining and approximately 6 months of interest only. The note is assumable upon lender (Freddie Mac) approval with a 1% fee at a 3.42% interest rate. The Cedar Village Townhomes is conveniently located in the Carter Park neighborhood and sits less than 10 minutes from the Downtown Vancouver Waterfront – a major attraction with top restaurants and high-end amenities – access to I-5, and major employers like Clark College. The area has good transit connectivity and is located across the street from the 2-acre Brickyard Park.