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Multifamily

Quail Ridge

1500 W Mead Ave, Yakima, WA 98902

Listing Price: $12,500,000

Cap Rate
5.21%
Number of Units
90
Occupancy
95.0%
Price/Unit
$138,889
Price/Gross SF
$153.47
Gross SF
81,450

Investment Overview

Marcus & Millichap is pleased to present for sale The Quail Ridge Apartments, a 90-unit complex, located in Yakima, Washington. The Property consists of 18 buildings with 16 one-bedroom/one-bathroom units, 8 two-bedroom/two-bathroom flats, 46 two-bedroom/one-and-a-half bathroom townhomes, and 20 three-bedroom/one-and-a-half bathroom townhomes with an average unit size of approximately 905 square feet. The Property was constructed in 1977 on three parcels with a total lot size of 6.1 acres. Unit Amenities include private patios, walk in closets, and dishwashers. Six of the units have in-unit washer/dryers. Each unit is separately metered for electricity and utilities are current paid by the owner. The owner has completed significant improvements to the property since purchasing the complex in 2014. The parking lot was resurfaced and striped in 2015. The roofs were redone approximately 10 years ago and the playground and fenced dog park were added in the last five years. Approximately 60 units have been upgraded with vinyl wood flooring and carpet in the bedrooms. The majority of the hot water heaters and central HVAC systems have been replaced as well. Each building has a courtyard with ample green space. In addition, there is a pool, sport court, and laundry facilities. The Property is conveniently located on West Mead Avenue just one mile from Yakima Valley College, several schools, and shopping. Yakima is centrally located just two hours east of Seattle, three hours west of Spokane, and one hour to the Tri-Cities. There is convenient access to both I-82 as well as the Yakima Air Terminal with daily flights to and from SeaTac Airport. The Quail Ridge Apartments is an ideal opportunity for an investor looking for an asset with significant rental upside potential in the growing market of Yakima. The property benefits from a majority of spacious two- and three-bedroom townhome style units. In addition, there is potential to implement a Ratio Utility Billing System (RUBS) charge and pet rent. With modest increases in rents, an investor should be able to achieve a stabilized cap rate of 6% or more.

Investment Highlights

  • Significant Rental Upside
  • Spacious Units Averaging 905 Square Feet
  • Centrally Located with proximity to Schools, Shopping, and I-82

Exclusively Listed By

Financing By

Multifamily

Quail Ridge

Listing Price: $12,500,000

Cap Rate
5.21%
Number of Units
90
Occupancy
95.0%
Price/Unit
$138,889
Price/Gross SF
$153.47
Gross SF
81,450

Investment Highlights

  • Significant Rental Upside
  • Spacious Units Averaging 905 Square Feet
  • Centrally Located with proximity to Schools, Shopping, and I-82

Investment Overview

Marcus & Millichap is pleased to present for sale The Quail Ridge Apartments, a 90-unit complex, located in Yakima, Washington. The Property consists of 18 buildings with 16 one-bedroom/one-bathroom units, 8 two-bedroom/two-bathroom flats, 46 two-bedroom/one-and-a-half bathroom townhomes, and 20 three-bedroom/one-and-a-half bathroom townhomes with an average unit size of approximately 905 square feet. The Property was constructed in 1977 on three parcels with a total lot size of 6.1 acres. Unit Amenities include private patios, walk in closets, and dishwashers. Six of the units have in-unit washer/dryers. Each unit is separately metered for electricity and utilities are current paid by the owner. The owner has completed significant improvements to the property since purchasing the complex in 2014. The parking lot was resurfaced and striped in 2015. The roofs were redone approximately 10 years ago and the playground and fenced dog park were added in the last five years. Approximately 60 units have been upgraded with vinyl wood flooring and carpet in the bedrooms. The majority of the hot water heaters and central HVAC systems have been replaced as well. Each building has a courtyard with ample green space. In addition, there is a pool, sport court, and laundry facilities. The Property is conveniently located on West Mead Avenue just one mile from Yakima Valley College, several schools, and shopping. Yakima is centrally located just two hours east of Seattle, three hours west of Spokane, and one hour to the Tri-Cities. There is convenient access to both I-82 as well as the Yakima Air Terminal with daily flights to and from SeaTac Airport. The Quail Ridge Apartments is an ideal opportunity for an investor looking for an asset with significant rental upside potential in the growing market of Yakima. The property benefits from a majority of spacious two- and three-bedroom townhome style units. In addition, there is potential to implement a Ratio Utility Billing System (RUBS) charge and pet rent. With modest increases in rents, an investor should be able to achieve a stabilized cap rate of 6% or more.

Exclusively Listed By

Financing By

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