Multifamily

The Place Apartments

2237 N Airport Rd, Ellensburg, WA 98926

Listing Price: $6,950,000

Cap Rate
5.04%
Number of Units
40
GRM
13.09
Occupancy
97.0%
Price/Unit
$173,750
Price/Gross SF
$193.06
Gross SF
36,000

Investment Overview

Marcus & Millichap is pleased to present for sale The Place Apartments, a 40-unit complex located in Ellensburg, Washington. The Property consists of 40 two-bedroom/two-bathroom units averaging approximately 900 square feet. The Property was constructed and rented in phases which began in 2013 and finished in 2019. The configuration includes 6 parcels with (4) four-unit lots, (1) six-unit lot, and (1) 18-unit lot.

The Property consists of 20 buildings each containing two separate units, one upstairs and one on the ground level. Each unit has a full-size washer and dryer, refrigerator, dishwasher, self-cleaning range, built in microwave, walk-in closet, and deck/patio. Mitsubishi heat pump systems provide heat and air-conditioning with back up heat if needed to every unit. The kitchens have a full-size pantry and full height (42) hardwood cabinets. In addition, there is 5/8s drywall, RC channeling, rock wool, and light weight concrete with sound mats below the floor for superb sound control between units. This duplex layout and sound control provide tenants with unique private living for the Ellensburg market. As such, the Property attracts a wide array of tenants including: students, faculty, and working professionals. Each unit is separately metered for electricity and utilities are current paid by the owner. The parking area and driveways are poured 6-inch concrete throughout the complex providing an investor with a long lasting, superior alternative to asphalt.

The apartments are located 0.4 miles northwest of Central Washington University (CWU) and across the street from 52 acres of land planned for future campus expansion. This location provides high-quality housing for students with an extremely convenient location next to campus. The Place Apartments is just a 5-minute walk to CWU. Ellensburg is located an hour and a half east of Seattle and two and half hours west of Spokane.

The Place Apartments is an ideal opportunity for an investor looking for a high-quality asset with significant rental upside potential. Current average rents are 25% below market rates. In addition, there is potential to implement a Ratio Utility Billing System (RUBS) charge. An investor should expect to achieve a double-digit cash-on-cash return upon stabilization. The Property is currently 100% occupied for the fall quarter. It benefits from spacious two bedroom/two-bathroom floor plans, superior finishes, an excellent location next to a growing university, and a market with limited housing supply.

Investment Highlights

  • Five-Minute Walk to Central Washington University
  • Five-Minute Walk to Central Washington University
  • Highly Desirable 2 Bedroom/2 Bathroom Units
  • Substantial Rental Upside
  • New Construction
  • 100% Occupied for the Fall Quarter

Exclusively Listed By

Listing Price: $6,950,000

Cap Rate
5.04%
Number of Units
40
GRM
13.09
Occupancy
97.0%
Price/Unit
$173,750
Price/Gross SF
$193.06
Gross SF
36,000

Investment Highlights

  • Five-Minute Walk to Central Washington University
  • Five-Minute Walk to Central Washington University
  • Highly Desirable 2 Bedroom/2 Bathroom Units
  • Substantial Rental Upside
  • New Construction
  • 100% Occupied for the Fall Quarter

Investment Overview

Marcus & Millichap is pleased to present for sale The Place Apartments, a 40-unit complex located in Ellensburg, Washington. The Property consists of 40 two-bedroom/two-bathroom units averaging approximately 900 square feet. The Property was constructed and rented in phases which began in 2013 and finished in 2019. The configuration includes 6 parcels with (4) four-unit lots, (1) six-unit lot, and (1) 18-unit lot.

The Property consists of 20 buildings each containing two separate units, one upstairs and one on the ground level. Each unit has a full-size washer and dryer, refrigerator, dishwasher, self-cleaning range, built in microwave, walk-in closet, and deck/patio. Mitsubishi heat pump systems provide heat and air-conditioning with back up heat if needed to every unit. The kitchens have a full-size pantry and full height (42) hardwood cabinets. In addition, there is 5/8s drywall, RC channeling, rock wool, and light weight concrete with sound mats below the floor for superb sound control between units. This duplex layout and sound control provide tenants with unique private living for the Ellensburg market. As such, the Property attracts a wide array of tenants including: students, faculty, and working professionals. Each unit is separately metered for electricity and utilities are current paid by the owner. The parking area and driveways are poured 6-inch concrete throughout the complex providing an investor with a long lasting, superior alternative to asphalt.

The apartments are located 0.4 miles northwest of Central Washington University (CWU) and across the street from 52 acres of land planned for future campus expansion. This location provides high-quality housing for students with an extremely convenient location next to campus. The Place Apartments is just a 5-minute walk to CWU. Ellensburg is located an hour and a half east of Seattle and two and half hours west of Spokane.

The Place Apartments is an ideal opportunity for an investor looking for a high-quality asset with significant rental upside potential. Current average rents are 25% below market rates. In addition, there is potential to implement a Ratio Utility Billing System (RUBS) charge. An investor should expect to achieve a double-digit cash-on-cash return upon stabilization. The Property is currently 100% occupied for the fall quarter. It benefits from spacious two bedroom/two-bathroom floor plans, superior finishes, an excellent location next to a growing university, and a market with limited housing supply.

Exclusively Listed By

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