1512 Franklin St 7 Unit Apartment Building $840,000 ($120,000/Unit) 6% Cap Rate Vancouver, WA 98660

The 7-unit Franklin Street Apartments provide a rare opportunity to invest in a small well-kept apartment community in the heart of downtown Vancouver. Located just steps from the downtown district, the property provides residents with ease of access to local shops, restaurants, parks, and the up-and-coming Vancouver waterfront, located just a half mile away. The property is positioned well for future growth and is on track to benefit alongside the growing sub-market of Vancouver, WA. The property also provides easy access to the Portland market, with being located just 2 miles away from the Oregon border.
The community is comprised of studios & one-bedroom apartments, offering a variety of floor plans that appeal to the urban living lifestyle. Much of the heavy lifting has been completed on this asset, with the property undergoing major capital improvements in recent years – including New Roofing/Gutters, All new energy efficient vinyl windows, New Exterior Paint, New HVAC system, and considerable appliance replacement on select units. In addition to the major capex items completed, the majority of the units have undergone turnover improvements in recent years, resulting in a strong and stable tenant base in place.
The Vancouver apartment market has seen steady growth in recent years, in particular downtown Vancouver which has seen extensive revitalization and new developments, including upscale apartments, new retail spaces, and improved infrastructure. The Franklin apartments is positioned to benefit from this continued development as Vancouver expands its footprint in the Northwest. A truly rare & unique opportunity to make an initial investment within the Clark County market, and get your investment career started.