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Multifamily

Columbia Gorge Court

310 W Franklin St, Bingen, WA 98605

Listing Price: $1,995,000

Cap Rate
5.78%
Number of Units
21
Occupancy
95.0%
Price/Unit
$95,000
Price/Gross SF
$190.91
Gross SF
10,450

Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of Columbia Gorge Court, a desirable single-story arrangement of 21 studio, one-, and two-bed flats in Bingen, WA, across from Hood River in the heart of the scenic Columbia Gorge. The property was originally constructed in the 1950’s, with one duplex recently constructed in 2014. Columbia Gorge Court is located in an established residential neighborhood, kitty-corner from beautiful Daubenspeck Park. Within walking distance are plentiful local amenities in both Bingen and charming downtown White Salmon on the Washington side, while just across the Columbia River lies the famous destination city of Hood River, Oregon. The apartments at Columbia Gorge Court are ideally situated to service the greater Hood River metro area and the various high-tech and high-profile industries it attracts. Within 1 mile of the property, household income averages nearly $80k and is projected to continue to rise; this is further buoyed by the growing local population of young professionals seeking the unique work-life balance that the famed region offers. With immediate access to iconic parks and riverfront attractions, as well as the myriad breweries, eclectic shops, and the headquarters of nationally-recognized brands, combined with the tremendous beauty and year-round recreation of the Columbia River Gorge National Scenic Area, tenants have tremendous access to entertainment, culture, and employment. The property's varied unit mix of studios and one- and two-bed flats is ideal for such a market as it serves the diverse needs of the region, ensuring high tenancy. Tenancy is further secured by the property's unique single-level layout arranged around a courtyard that creates minimal shared surfaces for private and quiet living while providing shared space for fostering community. This high tenancy in a growing market will continue to generate increasing rental rates; in the meantime, revenue can be increased by updating the interior surfaces and appliances, addition of on-site laundry facilities in existing large storage space with easy access to plumbing, updating exterior curb appeal, and subsequently raising rents to current market rates.

Investment Highlights

  • Twenty-One Apartments Located in Spectacular Columbia River Gorge National Scenic Area
  • Diversity in Unit Mix: Studios, One and Two Bedrooms Units
  • Desirable Single-Level Asset Promotes Tenant Retention
  • Well-Located: Steps to Daubenspeck Park, Blocks to Amenities in Downtown Bingen and White Salmon, Short Drive to Iconic Hood River, Oregon
  • Average 1-Mile Household Income $78,685 with Continued Projected Population Growth

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Multifamily

Columbia Gorge Court

Listing Price: $1,995,000

Cap Rate
5.78%
Number of Units
21
Occupancy
95.0%
Price/Unit
$95,000
Price/Gross SF
$190.91
Gross SF
10,450

Investment Highlights

  • Twenty-One Apartments Located in Spectacular Columbia River Gorge National Scenic Area
  • Diversity in Unit Mix: Studios, One and Two Bedrooms Units
  • Desirable Single-Level Asset Promotes Tenant Retention
  • Well-Located: Steps to Daubenspeck Park, Blocks to Amenities in Downtown Bingen and White Salmon, Short Drive to Iconic Hood River, Oregon
  • Average 1-Mile Household Income $78,685 with Continued Projected Population Growth

Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of Columbia Gorge Court, a desirable single-story arrangement of 21 studio, one-, and two-bed flats in Bingen, WA, across from Hood River in the heart of the scenic Columbia Gorge. The property was originally constructed in the 1950’s, with one duplex recently constructed in 2014. Columbia Gorge Court is located in an established residential neighborhood, kitty-corner from beautiful Daubenspeck Park. Within walking distance are plentiful local amenities in both Bingen and charming downtown White Salmon on the Washington side, while just across the Columbia River lies the famous destination city of Hood River, Oregon. The apartments at Columbia Gorge Court are ideally situated to service the greater Hood River metro area and the various high-tech and high-profile industries it attracts. Within 1 mile of the property, household income averages nearly $80k and is projected to continue to rise; this is further buoyed by the growing local population of young professionals seeking the unique work-life balance that the famed region offers. With immediate access to iconic parks and riverfront attractions, as well as the myriad breweries, eclectic shops, and the headquarters of nationally-recognized brands, combined with the tremendous beauty and year-round recreation of the Columbia River Gorge National Scenic Area, tenants have tremendous access to entertainment, culture, and employment. The property's varied unit mix of studios and one- and two-bed flats is ideal for such a market as it serves the diverse needs of the region, ensuring high tenancy. Tenancy is further secured by the property's unique single-level layout arranged around a courtyard that creates minimal shared surfaces for private and quiet living while providing shared space for fostering community. This high tenancy in a growing market will continue to generate increasing rental rates; in the meantime, revenue can be increased by updating the interior surfaces and appliances, addition of on-site laundry facilities in existing large storage space with easy access to plumbing, updating exterior curb appeal, and subsequently raising rents to current market rates.

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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