Properties Sold

Rochester 16-Unit
$2,925,000

Rochester 16-Unit
148 S 152nd, Burien, WA
16-Unit

 

Rochester, WA is located about 15 minutes south of Olympia and 5 minutes north of Centralia directly on I-5. The property consists of eight duplexes spanning over four contiguous tax parcels. All units are 3Bed/1.5Bath (1,200SqFt) with single car garages and private backyards. At the time of close, a unit had just rented out for $1,700/month contributing to a 5.72% cap rate. This deal still has quite a bit of meat left on the bone with an average rent of about $1,350.

The deal was originally listed at $3M and although there were competing offers, we were able to get it closed for $2.925M.  The deal appraised at contract price and our clients look forward to slowly pushing rents to achieve a 7.8% cap rate at the market rate.

 

Current Cap Rate5.72%
Proforma Cap Rate7.81%
Built1978
Price per SqFt$153
Price per Unit$183,000

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

Seattle Commercial Real Estate Brokerage With a Difference!