Investment Overview

Marcus & Millichap is pleased to present for sale The Rosencrans Townhomes, a 41-unit apartment complex located in West Richland, Washington. The Property consists of 16 three-bedroom/2.5-bathroom townhomes averaging approximately 1,519 square feet, 24 three-bedroom/two-bathroom townhome units averaging approximately 1200-1250 square feet, and a 2,400 square feet 4 bedroom/4-bathroom single family home with attached garage. The Property was constructed in 2 phases: the first phase was completed in 2018 and the second phase in 2021. The single-family home was built in 1994. The site is configured with 13 buildings (9 4-plexes, two duplexes, a single-family house, and a maintenance garage) on 7 parcels with a total lot size of 4.37 acres. The Property was built with condo-quality features and finishes including: In-unit laundry rooms with full-size washer and dryers, granite counter tops, hickory cabinets, dishwashers, pantry, vaulted ceilings, primary in-suite bathrooms, walk-in closets, private patios, and attached garages (21 Units). Heat pump systems provide heat and air-conditioning to every unit. There is LED lighting, low volt panels, fiberoptic internet wiring, and coax cable. In addition, there are two independently framed walls between units with 4 layers of 5/8’s sheetrock (2 per side) and rock wool for superb sound control and insulation between units. Stucco exteriors add an additional R7 to the R28 2X6 double wall construction for a low maintenance, energy efficient, R35 exterior wall system. The landscaping is impeccably maintained and there are panoramic views from many of the units. In addition, there is sports court and maintenance garage. Each unit is separately metered for electricity and water/sewer/garbage is currently included in the rent. The Property is located in West Richland, Washington in the greater Tri-Cities area. The property is conveniently located in a quiet residential area just minutes from the Queensgate Shopping district (Costco, Home Depot, Target, Petco, Marshalls etc). West Richland is located three hours east of Seattle and two hours west of Spokane. West Richland is consistently ranked in the top 10 safest communities in Washington State. This location provides high-quality housing conveniently near shopping, major employers such as Pacific Northwest National Laboratory (PNNL), Battelle, and Kadlec, as well as WSU Tri-Cities Campus, & I-82. The Rosencrans Apartment Homes is an ideal opportunity for an investor looking for a condo-quality asset in a unique low-density site. It benefits from spacious three-bedroom floor plans (1,200-1,590 square feet), superior finishes, and an excellent location, in one of the fastest growing metros in Washington State. These attributes contribute to strong tenant retention and a neighborhood-feel that is unrivaled in the Tri-Cities market. There is a 9% loss-to-lease with the potential to implement a Ratio Utility Billing System (RUBS) charge. In addition, the seller is offering Seller Financing.