Vashon Vue Apartments | 22805 30th Ave S
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Vashon Vue Apartments 22805 30th Ave S
11 Unit Apartment Building $1,995,000 ($181,364/Unit) 5.84% Cap Rate Des Moines, WA 98198
Investment Highlights
- 4 out of 11 units renovated
- Value-add opportunity
- Common laundry
- Conveniently located for commuters
- 13 off-street parking spaces
Executive Summary
This 11-unit building presents the opportunity to acquire an in-place 5.8% current cap rate with operational up-side to reach a 6.7% market cap rate. The Buyer will further have the opportunity to assume the existing loan with an approximate balance of $1,170,000 at a 5% interest rate fixed until January 2031. The Vashon Vue consists of four classic and four renovated 1-bedroom/1-bathroom units, each 620 square feet, along with three 2-bedroom/1-bathroom units, each 780 square feet. The renovated units feature LVP flooring, formica countertops, stainless steel appliances, and a tasteful vanity package for the bathrooms.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$1,164,980
|
$113.13
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $1,164,980 |
| Annual Per SF | $113.13 |
Property Facts
| Price | $1,995,000 | Building Class | C |
| Price Per Unit | $181,364 | Lot Size | 0.39 AC |
| Sale Type | Investment | Building Size | 7,300 SF |
| Cap Rate | 5.84% | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2001 |
| Property Subtype | Apartment | Parking Ratio | 1.78/1,000 SF |
| Apartment Style | Low Rise |
| Price | $1,995,000 |
| Price Per Unit | $181,364 |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 7,300 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1968/2001 |
| Parking Ratio | 1.78/1,000 SF |
Unit Amenities
- Balcony
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Freezer
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Individual Leases Available
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,200 | 620 |
| 1+1 | 4 | $1,395 | 620 |
| 2+1 | 3 | $1,413 | 780 |
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PROPERTY TAXES
| Parcel Number | 250060-0198 | Improvements Assessment | $1,355,800 |
| Land Assessment | $420,200 | Total Assessment | $1,776,000 |
PROPERTY TAXES
Parcel Number
250060-0198
Land Assessment
$420,200
Improvements Assessment
$1,355,800
Total Assessment
$1,776,000
zoning
| Zoning Code | RM1.8, Des Moines |
| RM1.8, Des Moines |
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Vashon Vue Apartments | 22805 30th Ave S
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