Prestige Townhomes 425 4th St NE 12 Unit Apartment Building $3,700,000 ($308,333/Unit) 6.04% Cap Rate Puyallup, WA 98372
INVESTMENT HIGHLIGHTS
- 12 townhome units that are all in turnkkey position with 10 being fully remodeled and 2 value add potential
- Large townhomes style units averaging 940 SF In the heart of downtown Puyallup, near shops and amenities
- Current cap rate of 6.04% and market cap rate of 6.49%
- Potential to increase NOI through management or partial renovation
- Walk Score of 87, offering excellent pedestrian access to daily needs
- Option to assume financing at 3.40%, Loan amount of $1,767,469.53
EXECUTIVE SUMMARY
Northmarq is delighted to present Prestige Townhomes, a well-maintained 1980 vintage asset located in Puyallup, WA. This 12-unit property features spacious, turnkey two-bedroom, 1.5 bath townhomes with in unit laundry averaging 940 sq ft. Each unit is equipped with modern finishes, including durable vinyl plank flooring, elegant quartz countertops, premium stainless-steel appliances, in-unit laundry, and copper plumbing, ensuring both tenant satisfaction and operational durability.
The property currently achieves an average rent of $2,052 per unit, with the highest rent at $2,300 and two additional units rented at $2,195. With market rents exceeding current levels, there is a clear path to increase average rents by approximately $150 per unit, to potentially $248 per unit unlocking additional revenue potential for new ownership.
Residents enjoy the serenity of a quiet neighborhood while being just one mile from downtown Puyallup and within 15 minutes of Tacoma. Additionally, the property offers proximity to Mount Rainier National Park, making it an ideal location for outdoor enthusiasts seeking year-round recreational activities.
This property represents an excellent opportunity for investors to acquire a stabilized asset with large, modernized units in a highly desirable secondary market. With its central location, significant rent growth potential, and high-quality finishes, Prestige Townhomes is primed for long-term success.
The property currently achieves an average rent of $2,052 per unit, with the highest rent at $2,300 and two additional units rented at $2,195. With market rents exceeding current levels, there is a clear path to increase average rents by approximately $150 per unit, to potentially $248 per unit unlocking additional revenue potential for new ownership.
Residents enjoy the serenity of a quiet neighborhood while being just one mile from downtown Puyallup and within 15 minutes of Tacoma. Additionally, the property offers proximity to Mount Rainier National Park, making it an ideal location for outdoor enthusiasts seeking year-round recreational activities.
This property represents an excellent opportunity for investors to acquire a stabilized asset with large, modernized units in a highly desirable secondary market. With its central location, significant rent growth potential, and high-quality finishes, Prestige Townhomes is primed for long-term success.
PROPERTY FACTS
| Price | $3,700,000 |
| Price Per Unit | $308,333 |
| Sale Type | Investment |
| Cap Rate | 6.04% |
| Gross Rent Multiplier | 12.52 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 11,280 SF |
| No. Stories | 2 |
| Year Built | 1980 |
| Parking Ratio | 2.22/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 12 | - | 940 |
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Walk Score®
Very Walkable (87)
PROPERTY TAXES
| Parcel Number | 760000-0221 | Improvements Assessment | $1,346,400 |
| Land Assessment | $1,313,100 | Total Assessment | $2,659,500 |
ZONING
| Zoning Code | RS-06 |
