Properties Recently 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 Rate | 5.72% |
Proforma Cap Rate | 7.81% |
Built | 1978 |
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