Properties For Sale

Tall Firs Apartments
$7,360,000

Tall Firs Apartments
Centralia, WA
64-Unit

 

The deal traded off-market to a client who plans to renovate units and capitalize on the high demand for apartments in Centralia.  Market data indicates rents have soared even during Covid to $1,150-$1,250 for 2B/1B units and $950-$1,000 for 1B/1B units.  

The complex consists of eight structures and spans over an acre of fresh green grass, well-maintained grounds and towering fir trees.  The unit mix has twenty-six1Bed/1Bath (770SqFt) units, thirty-seven 2Bed/1Bath (850SqFt) units, and one 3Bed/1Bath unit (850SqFt).  Twenty of the units had washers and dryers but the rest of the building is serviced by two coin-op laundry rooms.

The Tall Firs apartments traded at a 5.02% cap rate and is poised for rental increases of around 20% plus the implementation of a utility billback.  The complex is trending to a 7.3% cap rate.

 

 

Current Cap Rate 5.02%
Market Cap Rate 7.26%
Built 1977
Price per SqFt $141
Price per Unit $115,000

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

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