Investment Overview

Marcus & Millichap is pleased to exclusively present for sale the Monterey Gardens Apartments, a 34-unit complex, located in Ellensburg, Washington. The Property consists of four studio units, 26 one-bedroom/one-bathroom units, and four two bedroom/one-bathroom units averaging approximately 586 square feet each. The apartments were built in 1950 and significantly updated in the last 10 years. The property is on a total lot size of .64 acres. Amenities include off-street parking, on-site office, mailboxes, storage lockers, and coin-operated laundry room. There is also abundant basement space for the potential of additional storage lockers, game room, etc. The property has been extensively upgraded including: all windows replaced, PVC roof installed, new electrical panels, central water heaters, in-unit cadet heating, laundry machines, and fire alarm system. The Property is conveniently located a quarter mile from Kittitas Valley Healthcare Hospital. It is in a quiet residential area near Lincoln Elementary School, Morgan Middle School, and Ellensburg High School. Ellensburg is located an hour and half east of Seattle and two and a half hours west of Spokane. Monterey Gardens Apartments is an ideal opportunity for an investor looking for an extensively updated property with significant rental upside in Ellensburg. Comparable apartments are achieving rental rates roughly $200 higher. Priced at $103,676 per unit, it is being offered well below replacement cost and for the first time on the market in 24 years. The property benefits from a convenient location near schools and the local hospital. These attributes keep the Monterey Gardens Apartments in consistent high demand.