Investment Overview

Arthur Apartments is a 16-unit, garden style apartment building located 1005 Arthur Street, Aberdeen, Washington. Built in 1974, this two-story building totals approximately 12,2000 square feet and is comprised of 4 one-bedroom/one-bathroom and 12 two-bedroom/one-bathroom floorplans. This property offers amenities such as on-site, coin operated laundry, ample off-street parking and private storage offered for rent. Over the last five years, the owners have repainted the siding, repaired roofing where needed, built a trash enclosure, repainted the parking lot as well as improved the interiors of 11 of the 16 units. Interior renovations include new luxury vinyl plank flooring throughout, quartz countertops, new shaker cabinets, upgraded plumbing and lighting fixtures. The four one-bed units are currently achieving an average rent of $968/month while the highest achieving one-bedroom is rented at $1,150. The 12 two-bed units are achieving an average rent of $1,1318/month while the highest achieving two-bedroom unit is rented at $1,495. This represents a potential upside of 16.7%, or $38,700 of increased cashflow. Arthur Apartments is conveniently located in a quiet neighborhood on the east side of Aberdeen, with access to numerous local employers, retailers, restaurants, and entertainment options. Within a ten-minute drive, tenants can easily commute to major employers such as The Port of Grays Harbor, Grays Harbor Community College, Grays Harbor Community Hospital and Aberdeen School District. 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 3.8% in Aberdeen, which is near historic lows. Investors can take advantage of Arthur Apartment’s considerable in-place cashflow. Additionally, with a proven renovation plan in place, a new investor can finish the remaining five units to improve the property’s cashflow further. Sitting in a market with a vacancy rate of 3.8%, this attractive property is poised to receive high quality tenants and continue to cashflow.