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Multifamily

Lakeview Townhomes

2109 123rd Ave NE, Lake Stevens, WA 98258

Listing Price: $4,850,000

Cap Rate
6.12%
Number of Units
15
Occupancy
95.0%
Price/Unit
$323,333
Price/Gross SF
$335.52
Gross SF
14,455

Investment Overview

The Lakeview Townhomes is a 15-unit apartment community located in the downtown core of Lake Stevens, a suburb in the Seattle MSA. Lakeview Townhomes offers an incoming investor a stabilized, newly-renovated investment opportunity within a vibrant and growing neighborhood offering a sought-after quality of life. Built in 1985, the Lakeview Townhomes is made of up two residential buildings on over half an acre of land in the Lake Stevens downtown core, just blocks from the newly imagined Main Street and North Cove Park. The Lakeview Townhomes provides a centralized location for its residents with close proximity to a vibrant and growing downtown and highly-rated schools. The offering allows an incoming investor an excellent opportunity to purchase a well-maintained and stabilized asset in one of the top multifamily markets in the nation.

Investment Highlights

  • 15 townhomes with large floor plans averaging ±1,030 square feet
  • Majority of the units have been renovated with white shaker cabinets and brushed nickel hardware, stainless steel appliances, and vinyl plank flooring
  • Partial value-add opportunity: ability to complete renovations on the four remaining classic units; proven renovation premiums of $200/month on previously renovated homes
  • Private decks/patios for all units, tuck-under parking available for the majority of homes
  • Located in downtown Lake Stevens, two blocks from North Cove Park with excellent walkability to shopping, restaurants, bars, and grocers
  • Major employers nearby include Boeing, Paine Field, Naval Station Everett, Premera Blue Cross, and more
  • Lake Stevens vacancy rate at 2.9% according to CoStar
  • Potential portfolio sale with Lakeshore Townhomes (52 units) within half a mile of Lakeview

Exclusively Listed By

Financing By

Multifamily

Lakeview Townhomes

Listing Price: $4,850,000

Cap Rate
6.12%
Number of Units
15
Occupancy
95.0%
Price/Unit
$323,333
Price/Gross SF
$335.52
Gross SF
14,455

Investment Highlights

  • 15 townhomes with large floor plans averaging ±1,030 square feet
  • Majority of the units have been renovated with white shaker cabinets and brushed nickel hardware, stainless steel appliances, and vinyl plank flooring
  • Partial value-add opportunity: ability to complete renovations on the four remaining classic units; proven renovation premiums of $200/month on previously renovated homes
  • Private decks/patios for all units, tuck-under parking available for the majority of homes
  • Located in downtown Lake Stevens, two blocks from North Cove Park with excellent walkability to shopping, restaurants, bars, and grocers
  • Major employers nearby include Boeing, Paine Field, Naval Station Everett, Premera Blue Cross, and more
  • Lake Stevens vacancy rate at 2.9% according to CoStar
  • Potential portfolio sale with Lakeshore Townhomes (52 units) within half a mile of Lakeview

Investment Overview

The Lakeview Townhomes is a 15-unit apartment community located in the downtown core of Lake Stevens, a suburb in the Seattle MSA. Lakeview Townhomes offers an incoming investor a stabilized, newly-renovated investment opportunity within a vibrant and growing neighborhood offering a sought-after quality of life. Built in 1985, the Lakeview Townhomes is made of up two residential buildings on over half an acre of land in the Lake Stevens downtown core, just blocks from the newly imagined Main Street and North Cove Park. The Lakeview Townhomes provides a centralized location for its residents with close proximity to a vibrant and growing downtown and highly-rated schools. The offering allows an incoming investor an excellent opportunity to purchase a well-maintained and stabilized asset in one of the top multifamily markets in the nation.

Exclusively Listed By

Financing By

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