Investment Overview

Marcus & Millichap is pleased to present for sale the Pacific Village Apartments, a 64-unit apartment complex located in Wenatchee, Washington. The property consists of 32 one-bedroom/one-bathroom units averaging approximately 790 square feet, and 32 two-bedroom/two-bathroom units averaging approximately 975 square feet. The property is comprised of 6 buildings on 3.52 acres in a park-like setting with manicured lawns and mature trees. The property was developed by the previous owner using condominium specifications. It has unrivaled amenities for the vintage including: swimming pool, clubhouse, fitness center, sauna, 2 coin-operated laundry rooms, and onsite manager’s office. The unit amenities include full-size washer/dryer (in every two-bedroom unit), forced air heating and A/C, carports (one per unit), double size patios/balconies, walk-in closets, pantries, and dishwashers. The property is located just two and a half hours east of Seattle in the rapidly growing market of Wenatchee in Chelan County. In addition, it is two blocks from Wenatchee Valley College and just minutes from downtown Wenatchee with a walk score of 73-Very Walkable. The Pacific Village Apartments is a compelling opportunity to acquire a high quality, pride of ownership asset. It was impeccably maintained by the original developer. The current owner has continued this approach with significant improvements including: renovated 23 of the units, updated all electrical panels, seal coated and striped the parking lot, remodeled the clubhouse, fitness center, on-site office, hallways, and laundry rooms, replaced Mansour Roof shingles, painted the exterior and carports, and updated signage. Typical unit renovations include new LVP flooring, counter tops, fixtures, and lighting. Renovated units are achieving premiums as high as $255 (over in-place rent for classic units). There is potential to increase the gross revenue by over $200,000 through renovating the remaining units and raising rents to the current highest rates. In addition, there is currently a 9.4% loss-to-lease providing immediate upside.