Multifamily

11th Avenue Rooms

1226 11th Ave, Longview, WA 98632

Listing Price: $1,575,000

Cap Rate
7.22%
Number of Units
24
GRM
8.51
Occupancy
91.6%
Price/Unit
$65,625
Price/Gross SF
$656.25
Gross SF
2,400

Investment Overview

11th Avenue Rooms is a Single Room Occupancy (SRO) property located in Longview, Washington. Since 2018, the owners have completed extensive interior and exterior renovations totaling over $670,000. Renovations include a conversion of the original layout - a 22 room, three-bathroom property with one-bed/one-bath manager unit - into a 24 room property. The new configuration includes one handicap accessible bathroom and four additional, individual toilet, sink and shower rooms. The property also features a large communal kitchen with eight refrigerators, a common area, dining room and a new on-site laundry facility with two sets of washers and dryers. Building envelope improvements include new industrial grade flooring, electrical, a hardwired fire alarm system, windows, doors and exterior paint.

The property is within walking distance to several amenities including restaurants and convenience stores. It features ample off-street parking, and is less than a five-minute drive to Safeway and the Longview-Kelso Kaiser Permanente Medical Office.
While committed to driving profitability, the owners have been committed to offering affordable housing opportunities. In this spirit, Lower Columbia CAP (Community Action Program) currently holds a 10 year master lease on 12 of the 24 rooms at a rate of $7,525 per month with 3% annual increases, expiring in May of 2029.

With the heavy lifting complete, for the right investor, this property presents a turn-key asset, centrally located, with a committed income stream that delivers affordable, clean housing to the marketplace.

Investment Highlights

  • Opportunity to Reach Under Served Population While also Generating a Profit
  • Centrally Located Property with Accessibility to Essential Amenities
  • Turnkey Asset Renovated in 2019; Over $670,000 in Capital Improvements
  • 10-Year Master Lease on 50% of Units with 3% Annual Increases

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    License(s): WA: 25469

    Washington

Listing Price: $1,575,000

Cap Rate
7.22%
Number of Units
24
GRM
8.51
Occupancy
91.6%
Price/Unit
$65,625
Price/Gross SF
$656.25
Gross SF
2,400

Investment Highlights

  • Opportunity to Reach Under Served Population While also Generating a Profit
  • Centrally Located Property with Accessibility to Essential Amenities
  • Turnkey Asset Renovated in 2019; Over $670,000 in Capital Improvements
  • 10-Year Master Lease on 50% of Units with 3% Annual Increases

Investment Overview

11th Avenue Rooms is a Single Room Occupancy (SRO) property located in Longview, Washington. Since 2018, the owners have completed extensive interior and exterior renovations totaling over $670,000. Renovations include a conversion of the original layout - a 22 room, three-bathroom property with one-bed/one-bath manager unit - into a 24 room property. The new configuration includes one handicap accessible bathroom and four additional, individual toilet, sink and shower rooms. The property also features a large communal kitchen with eight refrigerators, a common area, dining room and a new on-site laundry facility with two sets of washers and dryers. Building envelope improvements include new industrial grade flooring, electrical, a hardwired fire alarm system, windows, doors and exterior paint.

The property is within walking distance to several amenities including restaurants and convenience stores. It features ample off-street parking, and is less than a five-minute drive to Safeway and the Longview-Kelso Kaiser Permanente Medical Office.
While committed to driving profitability, the owners have been committed to offering affordable housing opportunities. In this spirit, Lower Columbia CAP (Community Action Program) currently holds a 10 year master lease on 12 of the 24 rooms at a rate of $7,525 per month with 3% annual increases, expiring in May of 2029.

With the heavy lifting complete, for the right investor, this property presents a turn-key asset, centrally located, with a committed income stream that delivers affordable, clean housing to the marketplace.

Exclusively Listed By

Broker of Record

  • Joel Deis

    Vice President / Regional Manager

    License(s): WA: 25469

    Washington

MM Texture Background
MM Textured Background Lower