Properties Sold

Admiralty Townhomes
$2.8 million

Admiralty Townhomes
5623 186th Pl SW, Lynnwood, WA
11-Unit

 

The Admiralty Townhomes sold off-market to an all-cash buyer in under a month.  The new owner was looking for a value-add deal with oversized units in the competitive Lynnwood market and we delivered.  The property consists of eleven 2Bed/1.5Bath townhome style units each with a fireplace, wooden deck off the kitchen and W/D in-unit.

This area of Lynnwood is not far from Highway 99 for convenient shopping and transportation, however it is separated by a thick grove of trees making it considerably more quiet.  The new owner plans to gradually renovate the building and push rents to $1,800/month plus a utility billback.  Once stabilized, the deal will be operating at a 6.08% cap rate.

 

Current Cap Rate4.74%
Market Cap Rate6.08%
Built1979
Price per SqFt$229
Price per Unit$252,000

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

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