Listed by Windermere Commercial
$3,999,000
Southgate Terrace Apartments
Details
APN 001934014000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 21,216
Units 36
Cap Rate 7.78%
NOI $311,289
Occupancy 100%
Pro-Forma Cap Rate 9.63%
Pro-Forma NOI $385,149
Price per SqFt $188
Broker Co-Op Yes
Class B
Year Built 1970
Buildings 3
Stories 1
Acreage 1.240
Zoning R-15 Med-High Density Residential
Investment Type Value Add
Multifamily | 36 Units | $111,083/unit
Marketing description
Well-maintained 36-unit garden style apartment complex in Centralia, WA. The property consists of three single-story buildings with historically strong occupancy rates. Recent increases in rental rates indicate a strong possibility for additional rental income as units turn over. Property also features onsite laundry and parking.
Investment highlights
- Excellent investment opportunity to purchase a 36-unit, single story, garden-style apartment complex in Centralia, WA.
- All units consist of 1-bedroom units which are both well maintained and have strong historic rental history.
- Increases in several recently rented units indicate potential for additional rental income.
- Onsite laundry to provide additional income (equipment is owned rather than leased and included in sale).
- Property is centrally located in the Centralia-Chehalis area with I-5 a short 5-minute drive away.
- Ample parking with both onsite, assigned spaces and street parking.
- All the roofs were replaced and windows upgraded to vinyl double paned windows in 2015.
- Priced at $3,999,000 (or approx. $111K/unit) which provides an In-Place Cap Rate of 7.78% and a Proforma Cap Rate of 9.63%
Listing Contacts
Listed by Windermere Commercial
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$311,289.00
$25,940.75/mo
Valuation Metrics
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DSCR
7.78%
Cap Rate
7.78%
ROI
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