Same as Broker
This listing was posted on FlatList.com (via LinkURealty).
$1,300,000
11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing
Price:
$1,300,000
BR/BA:
10+ BR, 10+ BA
Location:
114 W Cedar Street, Shelton, WA
Description:
Please visit: https://www.marcusmillichap.com/properties/145069/cedar-street-apartments8.02% Cap Rate and 10.61% Cash on Cash Return with Additional Value-Add Opportunity$435,000 Spent Fully Renovating Plumbing, Electrical, Roof, Siding, Windows and InteriorsOperate as Turn- Key or Lightly Upgrade Select Interior Finishes For 10% Premium Over in Place RentsCedar Street Apartments is a 14-unit, two story apartment complex located at 114 W Cedar Street, Shelton, Washington 98584. The property sits on two tax lots. Cedar Street Apartments was constructed in two phases, half in 1935 and the other half in 1975. The property totals 5,484 rentable square feet and features four studio, six one-bed/one-bath and one two-bed/one-bath units. Unit amenities include dishwashers and washers and dryers in select units. The property offers communal on-site laundry and off-street parking.Since their purchase of the property in 2018, the current owner has invested over $435,000 into property improvements. Most all systems have been all or partly overhauled including plumbing, electrical including installing separate meters and new service), roof, siding, windows as well as completely renovating all unit interiors. Interior finishes consist of shaker cabinets, white kitchen appliances, vinyl flooring in kitchens and bathrooms, and carpeting throughout the remaining floorplan. A new owner can operate the property as-is, taking advantage of the considerable cashflow or implement a light value-add plan to increase rents further with select interior finish upgrades. Property is currently being leased below market rent adding additional opportunity.Cedar Street apartments is located in Downtown Shelton and gives tenants convenient walking access to a plethora of dining, shopping, entertainment and recreation options. Tenants find themselves just a six-minute walk to the nearest grocery store, a four-minute drive to Mason County Hospital, four-minutes to Olympic College, and within a 10-minute drive to the areas elementary, middle and high schools.The propertys location and quality condition make this a great choice for searching tenants.
Property Type:
Multi-Family Residences for Sale
Sq feet:
5,484 sq. ft.
Year:
1975
Amenities:
Dishwasher, Parking
For sale by:
Agent/Broker
Agent Name:
Same As Broker
Posted:
April 12 on LinkURealty
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More About this Listing: 11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing
11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing is a 10+ BR 10 Bathroom, 10+ BA, 11 Bathroom Multi-Family Real Estate for Sale at 114 W Cedar Street in Shelton WA. Find other listings like 11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing and listings near 114 W Cedar Street by searching Oodle Classifieds for 10+ BR 10 Bathroom, 10+ BA, 11 Bathroom Multi-Family Real Estate for Sale in Shelton WA.
11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing is a 10+ BR 10 Bathroom, 10+ BA, 11 Bathroom Multi-Family Real Estate for Sale at 114 W Cedar Street in Shelton WA. Find other listings like 11 Units I 8.02% Cap Rate I $435,000 Spent Fully Renovating Plumbing and listings near 114 W Cedar Street by searching Oodle Classifieds for 10+ BR 10 Bathroom, 10+ BA, 11 Bathroom Multi-Family Real Estate for Sale in Shelton WA.