102 Garden Hill Rd W, Elma, WA 98541 For Sale

Prime Multi-Family Investment | 4-Unit Duplex Portfolio with Assemblage & Development Potential

A rare chance to acquire a stabilized, income-producing asset with built-in value-add upside and meaningful long-term development optionality. This portfolio comprises two freestanding duplex buildings (4 units total) offering a diversified unit mix, recent capital improvements, and strong tenant appeal in a market that rewards quality rentals.

The Asset The portfolio delivers a balanced unit mix purpose-built for rent optimization: two larger 3BR/1.5BA units (~1,624 SF) and two 2BR/1.5BA units (~920 SF). The oversized 3-bedroom floor plans feature main-level bedrooms and bonus living areas — layouts that consistently outperform smaller units in both retention and rental rate growth.

Capital Improvements — Reduced CapEx Risk Recent ownership has de-risked the asset significantly:

• Units #11 & #15: Full gut renovations within the past three years — kitchens, baths, flooring, and paint — supporting premium market rents today.
• Units #12 & #16: Kitchen and flooring upgrades completed, with remaining cosmetic upside available to a new owner seeking forced appreciation.
• Portfolio-Wide: Roofs, water heaters, and appliances replaced — eliminating near-term capital expenditure exposure across the portfolio.

Tenant Demand Drivers Every unit includes an attached private garage — a high-retention amenity that meaningfully reduces vacancy risk and justifies above-market rents. Garage-inclusive units consistently see longer lease terms and lower turnover costs.

Development & Assemblage Upside The property sits on a large lot with demonstrated excess land capacity, creating optionality for future densification or ground-up redevelopment as zoning and market conditions evolve. For investors with a larger vision, this asset can be combined with the adjacent property (NWMLS #2433761) to assemble a significant land position with expanded development yield potential.

The Investment Thesis Current income from a renovated, low-maintenance asset. Forced appreciation available through the remaining light-value-add units. Long-term land optionality in a supply-constrained market. Whether you're a cash-flow buyer, a 1031 exchange candidate, or a developer building a land position — this asset checks multiple boxes. Do Not Disturb Tenants.