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Multifamily

Ross Apartments

112 E 4th St, Aberdeen, WA 98520

Listing Price: $1,690,000

Cap Rate
6.07%
Number of Units
13
Occupancy
95.0%
Price/Unit
$130,000
Price/Gross SF
$108.77
Gross SF
15,538

Investment Overview

East 4th Apartments is a three-story complex constructed in 1908 and a two story duplex constructed in 1927 located at 112 E 4th Street in Aberdeen, Washington. 11 units are contained within a single building while 2 units are in the duplex on the same tax parcel. The unit mix consists of three studios, 2 one-bedroom/one-bath, 5 two-bedroom/one-bath, 2 three-bedroom/one-bath and one three-bedroom/three-bath floorplans. Twelve of the thirteen units have been renovated in the last two years including: new luxury vinyl plank flooring, quartz countertops, windows, light fixtures, window treatments and stainless-steel appliances. Unit 13 has has been demoed in preparation for a full remodel. The unit currently has framing, plumbing and electrical systems in place. A new owner could complete renovations of the unit up to the finish standards of the other units and receive an additional $1,260/month, $15,120/year, to add to the NOI. Owner pays water, sewer, garbage and common area electricity. Tenants pay personal electricity. This property has eight parking garages, three of which are currently rented between $50 and $95 per month. There is an opportunity to increase income with further garage rentals or offering them as storage units. Property amenities include on-site coin-operated laundry and ample green space. The property is professionally managed by Grays Harbor Living. East 4th Apartments ideal location provides easy access to both Highway 12 and historic Highway 101 along the Pacific Coast. The property is an eight-minute walk from Aberdeen's downtown with local restaurants, bars and shopping. Grays Harbor College is a short seven-minute drive from East 4th Apartments giving tenants the luxury of excellent proximity to campus as well as local restaurants and entertainment. This is a fantastic opportunity to purchase a turn-key, cash flowing property with the ability to increase income by renovating final unit and fully renting garages.

Investment Highlights

  • Close Proximity to Gray's Harbor College, the Premier College in Gray's Harbor County
  • Short Walk to Downtown Bars, Eateries and Shopping
  • 12 of 13 Units Newly Renovated Proving Top Market Rents
  • Ability to Renovate Remaining Unit and Fully Rent Parking Garages to Increase Income

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Multifamily

Ross Apartments

Listing Price: $1,690,000

Cap Rate
6.07%
Number of Units
13
Occupancy
95.0%
Price/Unit
$130,000
Price/Gross SF
$108.77
Gross SF
15,538

Investment Highlights

  • Close Proximity to Gray's Harbor College, the Premier College in Gray's Harbor County
  • Short Walk to Downtown Bars, Eateries and Shopping
  • 12 of 13 Units Newly Renovated Proving Top Market Rents
  • Ability to Renovate Remaining Unit and Fully Rent Parking Garages to Increase Income

Investment Overview

East 4th Apartments is a three-story complex constructed in 1908 and a two story duplex constructed in 1927 located at 112 E 4th Street in Aberdeen, Washington. 11 units are contained within a single building while 2 units are in the duplex on the same tax parcel. The unit mix consists of three studios, 2 one-bedroom/one-bath, 5 two-bedroom/one-bath, 2 three-bedroom/one-bath and one three-bedroom/three-bath floorplans. Twelve of the thirteen units have been renovated in the last two years including: new luxury vinyl plank flooring, quartz countertops, windows, light fixtures, window treatments and stainless-steel appliances. Unit 13 has has been demoed in preparation for a full remodel. The unit currently has framing, plumbing and electrical systems in place. A new owner could complete renovations of the unit up to the finish standards of the other units and receive an additional $1,260/month, $15,120/year, to add to the NOI. Owner pays water, sewer, garbage and common area electricity. Tenants pay personal electricity. This property has eight parking garages, three of which are currently rented between $50 and $95 per month. There is an opportunity to increase income with further garage rentals or offering them as storage units. Property amenities include on-site coin-operated laundry and ample green space. The property is professionally managed by Grays Harbor Living. East 4th Apartments ideal location provides easy access to both Highway 12 and historic Highway 101 along the Pacific Coast. The property is an eight-minute walk from Aberdeen's downtown with local restaurants, bars and shopping. Grays Harbor College is a short seven-minute drive from East 4th Apartments giving tenants the luxury of excellent proximity to campus as well as local restaurants and entertainment. This is a fantastic opportunity to purchase a turn-key, cash flowing property with the ability to increase income by renovating final unit and fully renting garages.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

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