Multifamily
Colonial Village
9220 Pacific Ave, Tacoma, WA 98444
Listing Price: $6,360,000
Investment Overview
The Colonial Village Apartments offers an investor the opportunity to acquire an asset that has gone through significant improvements to the exterior and systems of the property, but still offers substantial value add potential with both operational and interior unit renovation upside. Currently rents are an average of $291 below market, based on other comparable properties in the area. Along with this rental upside, current ownership has only started to implement a utility-bill back system at the property, leaving a large amount of additional income creation for the buyer. Once an investor has completed renovations to all the units and fully implemented the utility bill-back system, they will be able to raise the GPI of the property by approximately $163,000, which is a 27% increase over current numbers.
There is also a separate opportunity to convert the old cabana area into an additional studio unit, which is estimated to be 450-500 SF. The conversion area already has full electrical and plumbing connections, making the addition relatively inexpensive for the boost in income and value.
Colonial Village
Investment Highlights
- The Colonial Village is a forty-one unit apartment complex located in Tacoma, WA. The 15 single story buildings, built in 1961, include 24 one bedroom/ one bath units and 17 two bedroom/one bath units
- Recent extensive capital improvements enhancing both the exterior and systems. Colonial Village presents a compelling value-add opportunity through additional renovations and operational efficiencies.
- Value-add potential with current rents $295 below market, with room to increase GPI by 27%.
Exclusively Listed By
Financing By
Listing Price: $6,360,000
Investment Highlights
- The Colonial Village is a forty-one unit apartment complex located in Tacoma, WA. The 15 single story buildings, built in 1961, include 24 one bedroom/ one bath units and 17 two bedroom/one bath units
- Recent extensive capital improvements enhancing both the exterior and systems. Colonial Village presents a compelling value-add opportunity through additional renovations and operational efficiencies.
- Value-add potential with current rents $295 below market, with room to increase GPI by 27%.
Investment Overview
The Colonial Village Apartments offers an investor the opportunity to acquire an asset that has gone through significant improvements to the exterior and systems of the property, but still offers substantial value add potential with both operational and interior unit renovation upside. Currently rents are an average of $291 below market, based on other comparable properties in the area. Along with this rental upside, current ownership has only started to implement a utility-bill back system at the property, leaving a large amount of additional income creation for the buyer. Once an investor has completed renovations to all the units and fully implemented the utility bill-back system, they will be able to raise the GPI of the property by approximately $163,000, which is a 27% increase over current numbers. There is also a separate opportunity to convert the old cabana area into an additional studio unit, which is estimated to be 450-500 SF. The conversion area already has full electrical and plumbing connections, making the addition relatively inexpensive for the boost in income and value.
Exclusively Listed By
Financing By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
