The Ash Creek Apartments, a vibrant and thriving apartment community nestled in the heart of Parkland, has a rich history dating back to 1954. Recently, 9 of the units have been updated to offer modern conveniences and enhance the overall living experience. With the submarket experiencing a steady increase in demand, it’s clear that the Ash Creek Apartments’ central location plays a key role in its popularity. The community is conveniently situated in close proximity to Downtown Tacoma, Government Employment, and Pacific Lutheran University. Featuring sixteen charming one-bedroom/one-bathroom units, each spanning approximately ± 580 square feet, and a spacious two-bedroom/one-bathroom unit measuring ± 720 square feet, the Ash Creek Apartments offer a comfortable and inviting living space for its residents. Each unit boasts a roomy living and dining area, along with an oven/range and refrigerator for added convenience. With nine of the sixteen units having undergone recent renovations, the Ash Creek Apartments presents an outstanding investment opportunity for those seeking a multifamily building with strong appeal. At a purchase price of $2,250,000, the Ash Creek Apartments offer a lucrative income stream, with the potential to achieve a 8.5% cash-on-cash return once the remaining interiors are renovated and stabilized. Over the term of the 5-year hold, an investor should expect an average of a 12% average yearly stabilized cash yield, and an attractive 34% IRR. Don’t miss out on this incredible chance to own a thriving income-producing asset in a prime location!