Multifamily
Pinehurst Manor Apartments
733 10th St NE, Auburn, WA 98002
Listing Price: $3,400,000
Investment Overview
Marcus & Millichap are pleased to present Pinehurst Apartments, a well-maintained 16-unit community constructed in 1968, located at 733 10th Street NE, Auburn, WA 98002. This property offers a light value-add investment opportunity with recent capital improvements and modernized interiors. The current owner has renovated the interiors of fourteen of the sixteen units, installed double pane vinyl windows and has performed exterior upgrades that include new roofs, exterior painting and light landscaping.
Pinehurst Apartments is available for $212,500 per unit and $283 per foot, offering an attractive in-place cap rate of 5.78%. This well positioned asset presents an excellent opportunity for an investor seeking a stabilized community with upside through renovating the last couple of units & improving operations.
Pinehurst Manor Apartments
Investment Highlights
- Can be purchased together with the adjacent 48-unit complex, Lobdell Apartments, across the street -- combined acquisition opportunity.
- 16 units on 4 individual parcels; 14 of 16 units already renovated with modernized interiors. Light value-add remaining: upside through finishing the last 2 unit renovations and improving operation.
- New roofs 2021, exterior paint 2021, and double-pane vinyl windows.
Exclusively Listed By
Listing Price: $3,400,000
Investment Highlights
- Can be purchased together with the adjacent 48-unit complex, Lobdell Apartments, across the street -- combined acquisition opportunity.
- 16 units on 4 individual parcels; 14 of 16 units already renovated with modernized interiors. Light value-add remaining: upside through finishing the last 2 unit renovations and improving operation.
- New roofs 2021, exterior paint 2021, and double-pane vinyl windows.
Investment Overview
Marcus & Millichap are pleased to present Pinehurst Apartments, a well-maintained 16-unit community constructed in 1968, located at 733 10th Street NE, Auburn, WA 98002. This property offers a light value-add investment opportunity with recent capital improvements and modernized interiors. The current owner has renovated the interiors of fourteen of the sixteen units, installed double pane vinyl windows and has performed exterior upgrades that include new roofs, exterior painting and light landscaping. Pinehurst Apartments is available for $212,500 per unit and $283 per foot, offering an attractive in-place cap rate of 5.78%. This well positioned asset presents an excellent opportunity for an investor seeking a stabilized community with upside through renovating the last couple of units & improving operations.
Exclusively Listed By
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