Investment Overview

E Street Apartments is a nine-unit property consisting of an eight-unit, garden-style apartment building and a three-bedroom house, situated on the same tax lot. This property is located at 211 North E St, Aberdeen, WA 98520. Extensively renovated in 2022 and 2023, this property was originally built in 1928. These two buildings total 6,628 rentable square feet and are comprised of eight one-bed/one-bath units and the three-bed/one-and-a-half-bath house. Current ownership has executed an extensive renovation plan on both buildings. Exterior renovations include repaired and repainted siding and new vinyl windows on the multifamily building. Interior renovations were performed on every unit and include new LVP flooring, shaker cabinets, quartz countertops, tile backsplashes, stainless steel appliances, newly painted trim and walls, new tub surrounds and new plumbing and light fixtures throughout. These renovations make the units at E Street Apartments stand out as premium rental options in the Aberdeen market. The property offers communal, coin operated laundry. Currently, one-bedroom units at the property are averaging $941, while the market shows an achievable rent of $1,100 for similar units in the area. With active management, a new owner could increase rents to their market rates, which would result in an improvement of 13.6% increase in rents. As an additional source of revenue, the house included with the property has five storage units that are not currently rented. Average market rent for this size of storage unit is $50/unit/month. This adds another $3,000/year to the cashflow. Combining these two avenues of increasing income could lead to improving the cashflow at the property by 25.4%. Alternatively, an investor could work with the city to subdivide the lot and sell the house separately as single-family homes are increasingly in demand in the area. LOCATION OVERVIEW E Street Apartments is conveniently located directly off Aberdeen’s downtown and retail corridor, with easy walking access to numerous local employers, retailers, restaurants, and entertainment options. Within a ten-minute drive, tenants can easily commute to the areas major employers including Harbor Regional Health, The Port of Grays Harbor, Ag Processing Inc, Weyerhaeuser Sorting Yard, and major retailing areas. As large portions of the population are increasingly mobile, the flight to affordability has increased demand for rental properties in secondary and tertiary markets, resulting vacancy rates that currently sit around 4.4% in the Aberdeen market, which is near historic lows.