The Landing Apartments 5612-5620 23rd St E 42 Unit Apartment Building $7,950,000 ($189,286/Unit) 6.22% Cap Rate Fife, WA 98424

Marcus & Millichap is pleased to present for sale, The Landing Apartments, a newly renovated 42-unit apartment complex in Fife, WA. Built in 1976, the complex is comprised of six two-story, wood-framed buildings with T1-11 siding and pitched composition roofing. The property features copper plumbing, a new sewer line installed in 1993, as well as copper electrical wiring with updated electrical panels in the units.
The complex spans over two parcels, totaling more than two acres. At its center lies a beautifully landscaped greenspace with a sport court, enhancing the overall appeal. Additional common area amenities include three on-site laundry rooms and 67 uncovered parking stalls.
Over the past three plus years, the current ownership has rebranded the property and undertaken extensive renovations. Exterior improvements include a new monument sign, complete repainting, enhanced landscaping, repaired irrigation system, updated exterior lighting, resurfaced sport court with new fencing, restriped parking lot, and a renovated leasing office. Interior renovations have been equally thorough, with 36 of the 42 units fully upgraded to high-quality standards, including the addition of washer/dryers.
The well-balanced unit mix consists of 23 one-bedroom/one-bathroom units, ranging from approximately 572 to 634 square feet, and 19 two-bedroom/one-bathroom units, at approximately 784 square feet. The fully renovated units feature modern hard plank floors, stainless steel appliances, quartz countertops, white shaker cabinets, dishwashers, washer/dryers, new bathroom vanity packages, stainless steel fixtures, electric baseboard heating, and patios or balconies overlooking the interior greenspace.
The meticulous renovations and rebranding have revitalized The Landing Apartments, increasing the property's quality and appeal to match many larger complexes in the area.