253-722-1413
7002-7029 180th Ave E, Bonney Lake, WA for Sale
Apartments - FOR SALE
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7002-7029 180th Ave E
Bonney Lake, WA 98391


HIGHLIGHTS

  • All 20 units consist of original finishes that can support major interior cosmetic upgrades pushing monthly rental premiums.
  • Historical vacancies are under 2% and residents on average stay is over 3 years.
  • A thriving community that lacks the necessary housing needed to support large population increases over the past decade.
  • New ownership will benefit from limited capital expenditures for many years to come.

OVERVIEW

Built in 2013, and consisting of 10 separate duplexes holding a mix of 2 and 3-bedroom layouts – Legacy Park boasts long terms residents, low historic vacancy and extremely leasable unit layouts. Spanning over 10 separate parcels and 2.55 acres – residents of Legacy Park enjoys open floors plans with vaulted ceilings, in unit washer / dryer, attached 1 and 2 car garages and private fenced backyards. Currently operating as a 55 and over community, Legacy Park offers new ownership with the potential to keep operations in place and or lease as a market rate community with no age restrictions. In addition to age restriction flexibility, Legacy Park can be sold off as ten separate duplexes to multiple buyers - adding to the number of investment strategy options Buyer's hold. VALUE-ADD INVESTMENT Each unit can support significant cosmetic interior upgrades that include, but are not limited to, stainless steel appliances, stone countertops, updated lighting, doors and trim, new LVP flooring. Current rents at Legacy Park average $2,102/month - through interior improvements, we estimate market proforma rents at $2,700/ month. A roughly 28% potential increase in monthly income can be achieved through rehab program. Few investment value-add opportunities pair newer build product and this level of upside potential - making Legacy Park truly unique in its offerings.

FOR SALE DETAILS

PRICE

Request Info for Price

# OF UNITS

20

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2013

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.82 AC

LAND SF

122,622 SF

ZONING

-

APN/PARCEL ID

700221-0100

ASK ABOUT THIS PROPERTY

Austin KelleyKidder MathewsMore Info
253-722-1413

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Austin KelleyKidder MathewsMore Info
253-722-1413

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.