14117 C Street S, Tacoma, WA 98444

$5,995,000
20,400
SqFt

Listing courtesy of Westlake Associates, Inc..

List Price
$5,995,000
Status
PENDING
MLS#
1852841
Days on Market
45
Style
56 - 10+ Units
Finished SqFt
20,400
Area Total SqFt
20400
Lot Size (sq ft)
48,787

Property Description

Hudson Court provides an opportunity to acquire a fully renovated building in a growing developing community just blocks away from Pacific Lutheran University. At the asking price of $5,995,000, the underwriting poses an in-place 5.11% cap rate with a market cap rate of 5.68% on current asking rents. The average 1x1 is in-place at $1084, however most recent 1x1 have rented for $1225. The average 2x1 sits at $1280 with the most recent rent being $1395. This provides 10% rental upside on the proven most recent leasing activity. There is also the opportunity to further pursue the feasibility of adding laundry to the units. Adding laundry demonstrates possible upside of 25%-40% rental upside!

Additional Information

List Date
2021-10-13 19:01:09
Community
Brookdale
Potential Terms
Cash Out, Conventional
Year Built
1972
Roof
Composition
Heating/Cooling Type
Baseboard
Other Expenses
74811
Energy Source
Electric
School District
Tacoma
Total Monthly Income
$40,371
Gross Scheduled Income
$484,452
Vacancy Rate
5
Gross Adjusted Income
$460,229
Tax Year
2020
Insurance Expense
$12,493
W/S/G Expenses
$34,358
Total Expenses
$152,958
Net Operating Income
$307,271
Gross Rent Multiplier
12
Cap Rate
5
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