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Multifamily

Cedar Street Apartments

114 W Cedar St, Shelton, WA 98584

Listing Price: $1,300,000

Cap Rate
8.02%
Number of Units
11
GRM
7.80
Occupancy
95.0%
Price/Unit
$118,182

Investment Overview

Cedar Street Apartments is a 14-unit, two story apartment complex located at 114 W Cedar Street, Shelton, Washington 98584. The property sits on two tax lots. Cedar Street Apartments was constructed in two phases, half in 1935 and the other half in 1975. The property totals 5,484 rentable square feet and features four studio, six one-bed/one-bath and one two-bed/one-bath units. Unit amenities include dishwashers and washers and dryers in select units. The property offers communal on-site laundry and off-street parking.

Since their purchase of the property in 2018, the current owner has invested over $435,000 into property improvements. Most all systems have been all or partly overhauled including plumbing, electrical including installing separate meters and new service), roof, siding, windows as well as completely renovating all unit interiors. Interior finishes consist of shaker cabinets, white kitchen appliances, vinyl flooring in kitchens and bathrooms, and carpeting throughout the remaining floorplan. A new owner can operate the property as-is, taking advantage of the considerable cashflow or implement a light value-add plan to increase rents further with select interior finish upgrades. Property is currently being leased below market rent adding additional opportunity.

Cedar Street apartments is located in Downtown Shelton and gives tenants convenient walking access to a plethora of dining, shopping, entertainment and recreation options. Tenants find themselves just a six-minute walk to the nearest grocery store, a four-minute drive to Mason County Hospital, four-minutes to Olympic College, and within a 10-minute drive to the area’s elementary, middle and high schools.

The property’s location and quality condition make this a great choice for searching tenants.

Investment Highlights

  • 7.51% Cap Rate and 7.7% Cash on Cash Return with Additional Value-Add Opportunity
  • $375,000 Spent Fully Renovating Plumbing, Electrical, Roof, Siding, Windows and Interiors
  • Opportunity to Lightly Upgrade Select Interior Finishes For 10% Premium Over in Place Rents

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Financing By

Multifamily

Cedar Street Apartments

Listing Price: $1,300,000

Cap Rate
8.02%
Number of Units
11
GRM
7.80
Occupancy
95.0%
Price/Unit
$118,182

Investment Highlights

  • 7.51% Cap Rate and 7.7% Cash on Cash Return with Additional Value-Add Opportunity
  • $375,000 Spent Fully Renovating Plumbing, Electrical, Roof, Siding, Windows and Interiors
  • Opportunity to Lightly Upgrade Select Interior Finishes For 10% Premium Over in Place Rents

Investment Overview

Cedar Street Apartments is a 14-unit, two story apartment complex located at 114 W Cedar Street, Shelton, Washington 98584. The property sits on two tax lots. Cedar Street Apartments was constructed in two phases, half in 1935 and the other half in 1975. The property totals 5,484 rentable square feet and features four studio, six one-bed/one-bath and one two-bed/one-bath units. Unit amenities include dishwashers and washers and dryers in select units. The property offers communal on-site laundry and off-street parking. Since their purchase of the property in 2018, the current owner has invested over $435,000 into property improvements. Most all systems have been all or partly overhauled including plumbing, electrical including installing separate meters and new service), roof, siding, windows as well as completely renovating all unit interiors. Interior finishes consist of shaker cabinets, white kitchen appliances, vinyl flooring in kitchens and bathrooms, and carpeting throughout the remaining floorplan. A new owner can operate the property as-is, taking advantage of the considerable cashflow or implement a light value-add plan to increase rents further with select interior finish upgrades. Property is currently being leased below market rent adding additional opportunity. Cedar Street apartments is located in Downtown Shelton and gives tenants convenient walking access to a plethora of dining, shopping, entertainment and recreation options. Tenants find themselves just a six-minute walk to the nearest grocery store, a four-minute drive to Mason County Hospital, four-minutes to Olympic College, and within a 10-minute drive to the area’s elementary, middle and high schools. The property’s location and quality condition make this a great choice for searching tenants.

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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