Listed by The Foundation Group
$1,800,000
Auburn Oaks Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 12,792
Units 24
Occupancy 16.67%
Tenancy Multi
Pro-Forma Cap Rate 11.08%
Pro-Forma NOI $199,396
Price per SqFt $141
Class D
Year Built 1985
Buildings 3
Lot Size (SqFt) 26,494
Parking Spaces 24 spaces
Parking Per SqFt 1.88
Investment Type Value Add
Sale Condition Distressed
Ready to Renovate - 12 Units - 2B/1.5B - Carports
Marketing description
Auburn Oaks Apartments presents a value-add opportunity to acquire a 12-unit apartment community being offered mostly vacant, allowing for a flexible and expedited renovation schedule along with the ability to quickly reposition the asset within Auburn's rental housing market.
The Foundation Group is pleased to exclusively represent the sale of The Auburn Oaks Apartments, a 12-unit apartment complex located in Auburn, WA. The property is positioned for immediate renovation and/or lease-up, with 10 of the 12 units currently vacant. This creates an ideal opportunity for a seasoned apartment investor or a group looking to avoid the typical hassle of vacating tenants prior to starting a renovation project.
Investment highlights
- Parking spaces - 4 uncovered spaces, 20 steel frame carport structure parking spaces, 24 total
- Lower units patios, upper floors have balconies
- Secured outdoor storage closet
- Ideal 2B/1.5B units with layouts conducive to reworking the floor plan especially around the bathroom and kitchens. Would be a good candidate for a more open floor plan, island and potentially adding a second shower - buyer to verify
- Unique unit with basic but highly demanded amenity package in Auburn market. Hardly any other 2B/1.5B units available in this submarket.
- 2 units currently leased month to month
- W/D in unit
- Workforce housing
- Each unit has a wood burning fire place
- Kitchens with ventilation hoods
- Coat closet plus pantry
- Galley style kitchens
- Renovation ready with majority of units vacant
- Located near Mt. Baker Middle School and playfields
Listing Contacts
Listed by The Foundation Group
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