20th Avenue Apartments
Multifamily | 6.29% CAP | 20 Units
Marketing description
We are pleased to present 20th Avenue Apartments, a 20-unit multifamily apartment community located in Yakima, Washington. Built in 1971, the property spans approximately 13,300 net rentable square feet and consists entirely of one-bedroom residences, averaging 665 SF per unit. The community is currently 100% occupied and includes 32 surface parking spaces, supporting strong tenant convenience and stable leasing performance.
The property is being offered at $2.5 million, representing a 6.29% capitalization rate based on $157,244 in net operating income. It provides immediate in-place cash flow, with additional upside potential as current rents are approximately 3.97% below market, allowing for future income growth through strategic rent adjustments.
Yakima, Washington serves as one of Central Washington's primary agricultural hubs, with a local economy driven by apple, hop, and wine production along with supporting industries in food processing, logistics, healthcare, and public services. These employment sectors provide a stable, year-round tenant base and support consistent demand for workforce housing. Limited new multifamily development further reinforces occupancy stability and rental resilience in the submarket.
Investment highlights
- Rent Growth Potential: Rents are approximately 4.13% below market, providing near-term income growth potential
- Attractive Yield: Offered at a 6.29% capitalization rate, supported by $157,244 NOI
- Stabilized Occupancy: 100% occupied, reflecting strong tenant demand and operational stability
- Efficient Unit Mix: All one-bedroom units averaging 665 SF, appealing to consistent renter demand
- Well-Located Asset: Situated in Yakima, WA, a market with steady housing demand fundamentals
- Strong Scale Efficiency: 13,300 net rentable square feet across 20 units
- On-Site Parking: Includes 32 surface parking spaces, enhancing tenant convenience and retention
- Established Construction: Built in 1971, with long-standing operational history and rental performance consistency
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