226 W Broadway St
Goldendale, WA 98620

Golden Sands Apartments is a 22-unit apartment complex located in Goldendale, WA. The Property consists of 19 one-bedroom/one-bathroom units and three two-bedroom/ one-bathroom units with an average unit size of 575 square feet. The Property was constructed in 1972 and was built as a two-story walk-up on a single parcel. The owners have completed significant capital improvements including updated membrane roof, new electrical panels, exterior paint and creation of a fitness facility. Several of the units have been renovated with updated vinyl flooring, carpet, appliances, and fixtures. The building features dedicated off-street parking, multiple coin-operated laundry rooms and several interior storage closets. Updated units are achieving an average $100 increase in rents upon completion of renovations. All units have ceiling fans, dishwashers and private balconies with exterior storage. Unit access is secured through two points of building entry. Floorplans are thoughtful and offer large closets, dual sinks in master bedrooms of select units and multiple bedroom windows for ample natural light. Each unit has a full-sized water-heater. The Property is located on Broadway near the downtown area providing convenient access to shopping and dining. The property is currently being managed by the seller. Local third-party management has quoted a rate of 7 percent, which is reflected in the property financials. Tenants are charged a flat rate for water and sewer totaling $7,800 per year, recapturing about half of the annual water and sewer cost. A new investor will benefit from instituting this policy with all tenants. Tenants are billed individually for electric. Management is not actively advertising or charging for storage locker use, creating further opportunity for a new investor to increase the net operating income. Goldendale is the seat of Klickitat County in South Central Washington, and the county’s largest town, located 13 miles north of the Columbia River Gorge, Washington’s southern border with Oregon. The House of Representatives unanimously approved a clean-energy bill in February 2020 which involves the construction of a hydropower project eight miles south of Goldendale. The project is expected to create 3,000 local jobs over the next five years. Golden Sands Apartments offer an investor stable cashflow with substantial income upside. With current interest rate quotes in the high three’s, an investor can achieve a double-digit cash-on-cash return upon increasing average rents and continuing to institute RUBS. The owners are also marketing Golden Arms Apartments – a 36-unit HUD complex located three-tenths of a mile east. Please contact listing agent for more information.