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Multifamily

Halltree Apartments

22921 30th Ave S, Des Moines, WA 98198

Listing Price: $9,500,000

Cap Rate
4.57%
Number of Units
40
GRM
12.83
Price/Unit
$237,500
Price/Gross SF
$292.35
Gross SF
32,495

Investment Overview

Originally constructed in 1987, and on the market for the first time in 25 years, the Halltree is a forty-unit apartment community located in the city of Des Moines. This property has everything tenants are looking for in a place to call home. Higher trending rents in the area tell the story of increasing demand in the submarket, which can be attributed not only the asset itself, but its strong location. Being in proximity to major employers, Halltree Apartments is also centrally located to both Seattle and Tacoma, with easy access to both Highway 99 and I-5. The property is also located less than a five-minute drive from the currently running Angle Lake Light Rail Station, and the Kent/Des Moines Light Rail Station is located just three minutes from Halltree, set for completion in 2025.

The Halltree Apartments offers a desirable unit mix of twelve ±625-square foot one-bedroom/one-bathroom units, twenty-three ±865-square foot two-bedroom/one-bathroom and five ±1,020-square foot three-bedroom/one-bathroom units. Each unit features a spacious living and dining room, in-unit washer and dryer, walk-in closet, ample storage, wood-burning fireplace, oven/range, and refrigerator.

This offering presents an excellent value-add opportunity to purchase a multifamily building with strong appeal while being able to take advantage of significant rental upside. At a purchase price of $9,500,000, Halltree Apartments offers a fair price per pound metrics of $237,500/unit and $292 a square foot. The opportunity exists for an incoming investor to implement a renovation program and add new cabinets, counters, flooring, light fixtures, and appliances. By doing so it’s estimated rents can be raised 24% above their current in-place averages. Several comparable properties in the immediate area have completed similar renovations and are achieving rents above our projections.

Investment Highlights

  • LIGHT VALUE ADD OPPORTUNITY: Will be available to capture significant rental upside through light renovations
  • LIGHT RAIL 2025 COMPLETION: Kent/Des Moines Light Rail Station to be completed in 2025, 0.6 miles from the property
  • ATTRACTIVE YEAR OF CONSTRUCTION: Built in 1987 and all 40 units have a washer & dryer installed
  • SPACIOUS UNITS AVERAGING ±812 SF: Larger units have a condo-quality feel, with vaulted ceilings on the top floor
  • SHORT DRIVE TO DOWNTOWN SEATTLE OR TACOMA: 20-minute drive to Downtown Seattle and Downtown Tacoma
  • AMPLE PARKING FOR RESIDENTS: Both covered and off-street surface parking for residents

Exclusively Listed By

Multifamily

Halltree Apartments

Listing Price: $9,500,000

Cap Rate
4.57%
Number of Units
40
GRM
12.83
Price/Unit
$237,500
Price/Gross SF
$292.35
Gross SF
32,495

Investment Highlights

  • LIGHT VALUE ADD OPPORTUNITY: Will be available to capture significant rental upside through light renovations
  • LIGHT RAIL 2025 COMPLETION: Kent/Des Moines Light Rail Station to be completed in 2025, 0.6 miles from the property
  • ATTRACTIVE YEAR OF CONSTRUCTION: Built in 1987 and all 40 units have a washer & dryer installed
  • SPACIOUS UNITS AVERAGING ±812 SF: Larger units have a condo-quality feel, with vaulted ceilings on the top floor
  • SHORT DRIVE TO DOWNTOWN SEATTLE OR TACOMA: 20-minute drive to Downtown Seattle and Downtown Tacoma
  • AMPLE PARKING FOR RESIDENTS: Both covered and off-street surface parking for residents

Investment Overview

Originally constructed in 1987, and on the market for the first time in 25 years, the Halltree is a forty-unit apartment community located in the city of Des Moines. This property has everything tenants are looking for in a place to call home. Higher trending rents in the area tell the story of increasing demand in the submarket, which can be attributed not only the asset itself, but its strong location. Being in proximity to major employers, Halltree Apartments is also centrally located to both Seattle and Tacoma, with easy access to both Highway 99 and I-5. The property is also located less than a five-minute drive from the currently running Angle Lake Light Rail Station, and the Kent/Des Moines Light Rail Station is located just three minutes from Halltree, set for completion in 2025. The Halltree Apartments offers a desirable unit mix of twelve ±625-square foot one-bedroom/one-bathroom units, twenty-three ±865-square foot two-bedroom/one-bathroom and five ±1,020-square foot three-bedroom/one-bathroom units. Each unit features a spacious living and dining room, in-unit washer and dryer, walk-in closet, ample storage, wood-burning fireplace, oven/range, and refrigerator. This offering presents an excellent value-add opportunity to purchase a multifamily building with strong appeal while being able to take advantage of significant rental upside. At a purchase price of $9,500,000, Halltree Apartments offers a fair price per pound metrics of $237,500/unit and $292 a square foot. The opportunity exists for an incoming investor to implement a renovation program and add new cabinets, counters, flooring, light fixtures, and appliances. By doing so it’s estimated rents can be raised 24% above their current in-place averages. Several comparable properties in the immediate area have completed similar renovations and are achieving rents above our projections.

Exclusively Listed By

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