15881 64th St E
Sumner, WA 98390

Originally built in 1973 and partially renovated over the course of the last few years, the Aria Apartments is a 40 Unit value add opportunity with a 6% in place cap rate. The property is close to receiving final approval for the development of 7 additional units in the clubhouse area of the property. The existing units consist of a mix of (12) 1x1 and (28) 2x1 units in a charming garden style setting, and all with washer and dryer in unit. Tenants enjoy the next door amenity of the brand new Gordon Family YMCA, a multi-million dollar, state of the art community and health center. New ownership will inherit a stabilized tenant base and a building with new roofs and 25% of the units fully renovated to high end standards including new cabinets, stainless appliances, quartz counters and hard surface flooring. This level of remodel on the 2 bedroom units is netting a 30% (over $300) rent increase on average. Should a new buyer choose to not remodel, there is ability to raise rents to proven rents by $3,000 (loss to lease). Getting rents to proven market rents, without remodel would yield a 6.3% market cap rate.