Investment Overview

Lafayette Townhomes is a well-maintained 16-unit, garden-style apartment complex located at 910-922 Lafayette St, Aberdeen, WA 98520. Constructed in 1977, this two-story building spans approximately 18,400 square feet and offers sixteen 2-bedroom/1.5-bathroom townhouse units, six of which offer an office/den. The property benefits from desirable amenities, including on-site coin-operated laundry and ample parking. Over the past five years, significant capital improvements have been made to enhance the property’s value and appeal. Exterior upgrades include new roofs, siding, and the replacement of most windows with energy-efficient double-pane vinyl units. Each apartment has been extensively renovated, with upgrades such as new luxury vinyl plank (LVP) flooring, shaker cabinetry, quartz countertops, stainless steel appliances, and updated plumbing and lighting fixtures. Notably, six of the units have been fully renovated down to the studs, featuring high-end finishes, the addition of a den/office, and washer/dryer hookups. The twelve standard two-bedroom units are currently achieving an average rent of $1,328 per month, while the fully renovated units with office are projected to command rents at $1,800 per month, offering a potential upside of over 17%, or $56,000, in yearly rental income. Lafayette Townhomes is situated in a quiet, sought-after neighborhood in East Aberdeen, adjacent to North Aberdeen Playfield Park. The location provides convenient access to key local employers, retailers, restaurants, and entertainment options. Major employers, including The Port of Grays Harbor, Grays Harbor Community College, Grays Harbor Community Hospital, and the Aberdeen School District, are all within a 10-minute drive. The Aberdeen market benefits from a low vacancy rate of approximately 3.8%, driven by increasing demand for affordable housing in secondary and tertiary markets. This property presents an excellent opportunity for investors to capitalize on strong in-place cash flow or to follow the owner's proven renovation strategy to further increase returns. With favorable market conditions and limited available rental inventory, Lafayette Townhomes is an attractive addition to any investment portfolio.