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Multifamily

Park Place Townhomes

1225 W Casino Rd, Everett, WA 98204

Listing Price: $5,900,000

Cap Rate
6.03%
Number of Units
28
GRM
11.30
Price/Unit
$210,714
Price/Gross SF
$205.22
Gross SF
28,750

Investment Overview

Built in 1978, Park Place Townhomes is a seven-building and twenty-eight-unit townhome community centrally located in the Westmont neighborhood of Everett. Minutes away from the Boeing Everett Factory and Paine Field to the east, and Sound Transit’s planned SR526/Evergreen Extension to the west, Park Place Townhomes is perfectly situated to benefit from both economic and lifestyle drivers that will continue to improve over the long term. From a tenant’s perspective, spacious units combined with private patios and large common areas make Park Place Townhomes the perfect place to call home.

Park Place Townhomes consists of ten two-bedroom, one-bathroom units averaging ±950 square feet, fourteen two-bedroom, one-and-a-half-bathroom units averaging ±1,018 square feet, and four three-bedroom, one-and-a-half-bathroom units averaging ±1,250 square feet. Each unit features a private backyard patio, washer/dryer package, and spacious living room separate from the large kitchen. At a purchase price of $5,900,000, Park Place Townhomes offers outstanding price per pound metrics at $210,714 per unit and $205 per square foot. An incoming investor can easily justify spending the necessary dollars on renovating all units to achieve just under an 8% cash-on-cash return. Our proposed renovation package would include LVP flooring throughout the lower level, new countertops, updated cabinets, lighting packages, bathroom refreshes, and new appliances.

Investment Highlights

  • Value Add Opportunity - Ability to capture significant rental upside through interior renovations
  • Year of Construction: 1978 - Interior renovations without major system upgrades needed
  • Attractive In-Place and Pro-Forma Cap Rate - In-place 5.76% Cap and pro-forma 7.25% Cap on-cost

Exclusively Listed By

Multifamily

Park Place Townhomes

Listing Price: $5,900,000

Cap Rate
6.03%
Number of Units
28
GRM
11.30
Price/Unit
$210,714
Price/Gross SF
$205.22
Gross SF
28,750

Investment Highlights

  • Value Add Opportunity - Ability to capture significant rental upside through interior renovations
  • Year of Construction: 1978 - Interior renovations without major system upgrades needed
  • Attractive In-Place and Pro-Forma Cap Rate - In-place 5.76% Cap and pro-forma 7.25% Cap on-cost

Investment Overview

Built in 1978, Park Place Townhomes is a seven-building and twenty-eight-unit townhome community centrally located in the Westmont neighborhood of Everett. Minutes away from the Boeing Everett Factory and Paine Field to the east, and Sound Transit’s planned SR526/Evergreen Extension to the west, Park Place Townhomes is perfectly situated to benefit from both economic and lifestyle drivers that will continue to improve over the long term. From a tenant’s perspective, spacious units combined with private patios and large common areas make Park Place Townhomes the perfect place to call home. Park Place Townhomes consists of ten two-bedroom, one-bathroom units averaging ±950 square feet, fourteen two-bedroom, one-and-a-half-bathroom units averaging ±1,018 square feet, and four three-bedroom, one-and-a-half-bathroom units averaging ±1,250 square feet. Each unit features a private backyard patio, washer/dryer package, and spacious living room separate from the large kitchen. At a purchase price of $5,900,000, Park Place Townhomes offers outstanding price per pound metrics at $210,714 per unit and $205 per square foot. An incoming investor can easily justify spending the necessary dollars on renovating all units to achieve just under an 8% cash-on-cash return. Our proposed renovation package would include LVP flooring throughout the lower level, new countertops, updated cabinets, lighting packages, bathroom refreshes, and new appliances.

Exclusively Listed By

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