1001 18th St NE
Auburn, WA 98002

All four well-maintained buildings, constructed in 1983, feature a wood frame, cedar siding, composition roofing (approximately 10 years old) along with new double pane vinyl windows (only 9 sliders remain). Each building consists of two levels with four two-bedroom/one bath units measuring approximately seven hundred and fifty square feet a piece. These units offer hardwood floors (in some), fireplaces, patio/balconies, refrigerators, dishwashers, ovens/ranges and extra closet space. There are two storage units in each stairwell, one on each floor, currently one in each building is being used by the current owner with the other being used for on-site laundry use by the tenants. Each building comes with seven off-street parking spaces. Each building just received new exterior paint, majority of new vinyl double pane windows (excluding some sliders), along with newer roofs that were replaced approximately 10 years ago. This investment is great for a hands-on investor who can come in and stabilize the rents to market once completing interior renovations in which we have budgeted approximately $10,000 per unit which includes, flooring, cabinetry, lighting and a door/trim package. Upon completing the renovation and implementing a utility bill back for utilities, a new investor should achieve a stabilized 7% cap rate and with market financing achieve an approximate 8.7% cash on cash return.