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Multifamily

Herron Lake & Clearwater Bay Apartments

51 N Edison St, Kennewick, WA 99336

Listing Price: Request For Offer

Number of Units
140
Gross SF
160,000

Investment Overview

Marcus & Millichap is pleased to exclusively represent the opportunity to acquire Herron Lake and Clearwater Bay Apartments in Kennewick, Washington. Clearwater Bay and Herron Lake are two adjacent properties that are seamlessly operated as one. The total asset is comprised of 140 units, averaging a generous 1,145 square feet per unit, significantly larger than competition in the market. The two story, garden-style layout was originally developed as a high-end condominium asset, and the amenity-rich units and idyllic water features throughout reflect that intentional design. The spacious units feature fireplaces, laundry hookups, ceiling fans, air-conditioning, outdoor decks or patios, full ensuite baths in the primary bedrooms, and ample storage space. The property was built in 1977, and received extensive exterior renovations in 2021. This positions the asset to attract residents seeking a high-quality place to live, and would allow an investor to complete interior renovations on turnover, increasing income and ultimate asset value. Throughout the nearly 10-acre property, residents enjoy access to two swimming pools, a fitness center, on-site professional management and leasing office, carport and overflow parking, plus additional laundry facilities. The property’s dual entries provide seclusion, and a location that offers access to plentiful shopping, dining and employment opportunities.

Investment Highlights

  • Exceptional Garden-Style Layouts with Mix of Oversized One, Two, and Three-Bedroom Units
  • Well-Maintained Property Includes Newer Roofs, Siding, Exterior Paint, and Windows
  • Low-Density Condo-Like Setting Features Private Patios and Balconies with Each Unit

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Financing By

Multifamily

Herron Lake & Clearwater Bay Apartments

Listing Price: Request For Offer

Number of Units
140
Gross SF
160,000

Investment Highlights

  • Exceptional Garden-Style Layouts with Mix of Oversized One, Two, and Three-Bedroom Units
  • Well-Maintained Property Includes Newer Roofs, Siding, Exterior Paint, and Windows
  • Low-Density Condo-Like Setting Features Private Patios and Balconies with Each Unit

Investment Overview

Marcus & Millichap is pleased to exclusively represent the opportunity to acquire Herron Lake and Clearwater Bay Apartments in Kennewick, Washington. Clearwater Bay and Herron Lake are two adjacent properties that are seamlessly operated as one. The total asset is comprised of 140 units, averaging a generous 1,145 square feet per unit, significantly larger than competition in the market. The two story, garden-style layout was originally developed as a high-end condominium asset, and the amenity-rich units and idyllic water features throughout reflect that intentional design. The spacious units feature fireplaces, laundry hookups, ceiling fans, air-conditioning, outdoor decks or patios, full ensuite baths in the primary bedrooms, and ample storage space. The property was built in 1977, and received extensive exterior renovations in 2021. This positions the asset to attract residents seeking a high-quality place to live, and would allow an investor to complete interior renovations on turnover, increasing income and ultimate asset value. Throughout the nearly 10-acre property, residents enjoy access to two swimming pools, a fitness center, on-site professional management and leasing office, carport and overflow parking, plus additional laundry facilities. The property’s dual entries provide seclusion, and a location that offers access to plentiful shopping, dining and employment opportunities.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

Financing By

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