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Multifamily HUD

Goldsborough Creek

303 S 7th St, Shelton, WA 98584

Listing Price: $1,750,000

Cap Rate
6.07%
Number of Units
24
Occupancy
97.0%
Price/Unit
$72,917
Price/Gross SF
$44.23
Gross SF
39,569

Investment Overview

Goldsborough Creek provides affordable housing for seniors aged 62 and older through HUD's Section 8 program with rent based on 30 percent of each household's monthly adjusted income. This attractive 24-unit community was constructed in 1982 with elderly tenants in mind. It consists of 23 one-bedroom and one two-bedroom floorplans. The property is located within walking distance of restaurants, grocery stores, city hall and more with free transportation available with Mason County's Dial-A-Ride. Every unit enjoys a view of the Goldsborough Creek. The three-story building has controlled access entry and elevator. A community room offers monthly birthdays, potlucks, games, daily coffee and social gatherings for all residents to enjoy. SECTION-8 Goldsborough Creek provides subsidized rental housing to income-qualified elderly residents 62 years of age or older earning 60% or less of Area Median Income (AMI). Rental assistance is “project-based” and provides rental subsidy to all of the property tenants. Since 2015, the average OCAF rent hikes at Goldsborough Creek have been approximately 2.25% annually, and as of 2021 rents are $812 for the one-bedrooms and $910 for the two-bedroom unit. The current HAP contract was renewed with an effective date of June 1, 2004 and will run through May 31, 2024 and must be assumed by the purchaser at closing. In addition to the HAP contract, the property was placed into participation in HUD’s Mark-to-Market Program as of March 3, 2004. As a result, the property is under rental restrictions and other requirements set forth in a Use Agreement. The use agreement restricts that the property may only be used as rental housing and occupants must be “Low-Income Tenants” and “Very Low-Income Tenants”. Under the Affordability Requirement, Low Income Tenants are defined as persons having an income that is greater than 50% but not more than 60% of Area Median Income (AMI). Very Low-Income Tenants include persons having an income that is 50% or less of AMI. The Expiration Date of the Use Agreement is May 7, 2034.

Investment Highlights

  • Stable Property with Extensive Waitlist
  • Well-Located within Waking Distance of Major Services
  • Creek Views, Elevator Service

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Multifamily HUD

Goldsborough Creek

Listing Price: $1,750,000

Cap Rate
6.07%
Number of Units
24
Occupancy
97.0%
Price/Unit
$72,917
Price/Gross SF
$44.23
Gross SF
39,569

Investment Highlights

  • Stable Property with Extensive Waitlist
  • Well-Located within Waking Distance of Major Services
  • Creek Views, Elevator Service

Investment Overview

Goldsborough Creek provides affordable housing for seniors aged 62 and older through HUD's Section 8 program with rent based on 30 percent of each household's monthly adjusted income. This attractive 24-unit community was constructed in 1982 with elderly tenants in mind. It consists of 23 one-bedroom and one two-bedroom floorplans. The property is located within walking distance of restaurants, grocery stores, city hall and more with free transportation available with Mason County's Dial-A-Ride. Every unit enjoys a view of the Goldsborough Creek. The three-story building has controlled access entry and elevator. A community room offers monthly birthdays, potlucks, games, daily coffee and social gatherings for all residents to enjoy. SECTION-8 Goldsborough Creek provides subsidized rental housing to income-qualified elderly residents 62 years of age or older earning 60% or less of Area Median Income (AMI). Rental assistance is “project-based” and provides rental subsidy to all of the property tenants. Since 2015, the average OCAF rent hikes at Goldsborough Creek have been approximately 2.25% annually, and as of 2021 rents are $812 for the one-bedrooms and $910 for the two-bedroom unit. The current HAP contract was renewed with an effective date of June 1, 2004 and will run through May 31, 2024 and must be assumed by the purchaser at closing. In addition to the HAP contract, the property was placed into participation in HUD’s Mark-to-Market Program as of March 3, 2004. As a result, the property is under rental restrictions and other requirements set forth in a Use Agreement. The use agreement restricts that the property may only be used as rental housing and occupants must be “Low-Income Tenants” and “Very Low-Income Tenants”. Under the Affordability Requirement, Low Income Tenants are defined as persons having an income that is greater than 50% but not more than 60% of Area Median Income (AMI). Very Low-Income Tenants include persons having an income that is 50% or less of AMI. The Expiration Date of the Use Agreement is May 7, 2034.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

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