2324 Hood Ave - Apartments FOR SALE


Richland, WA 99354
$2,750,000 USD
206-491-2008
2324 Hood Ave, Richland, WA for Sale
$2,750,000 USD
Apartments - FOR SALE
1/8
null | 5.8% Cap Rate

2324 Hood Ave
Richland, WA 99354


OVERVIEW

Hunter Square delivers a rare turnkey investment opportunity in Richland, Washington, where investors can capture immediate yield potential in one of the nation's most dynamic and high-demand science and engineering hubs. This 16-unit, garden-style community is at the epicenter of Richland's thriving employment corridor, surrounded by top-rated school districts, single-family neighborhoods, and condominiums that drive high demand and stability. Hunter Square sits among the world's largest concentration of scientists and engineers. Over $110 million in federal fusion energy and nuclear programs fuels continuous population growth, while exceptional job stability delivers zero delinquency and strong occupancy rates that protect the property's cash flow and generate attractive long-term returns. The community requires minimal additional capital investment thanks to recent roof and siding upgrades and pristine landscaping that creates curb appeal among tree-lined streets. Spacious walk-up units offer abundant storage, HVAC systems, and either private patios or semi-private balconies that attract and retain quality tenants. Four classic units provide immediate value-add opportunities by installing washers and dryers to capture proven rent premiums and boost tenant retention. With current rents sitting 7.5% below market rates, Hunter Square offers instant income and growth potential. By completing the remaining unit renovations, the property can capture up to 15% in rent increases while building long-term value. Seamless access to 240 Bypass Highway and George Washington Way connects tenants to major employers, shopping, outdoor recreation, Uptown Shopping Center, Howard Amon Park, and the REACH Museum—ensuring low vacancy rates and high demand. Hunter Square offers exceptional price-per-unit value with low operational demands in a landlord-friendly market. The property delivers immediate cash flow, clear value-add upside, and the security of investing in a stable employment market. INVESTMENT HIGHLIGHTS: Highly Coveted, A+ Location: Hunter Square sits in the heart of Richland, WA, surrounded by residential neighborhoods, single-family homes, condos, and top-rated school districts; the property is located between the 240-bypass highway and George Washington Way, delivering seamless commutes and easy access to major employers and educational institutions. National Leader in Nuclear Technologies: The community benefits from Richland's position as the nation's engineering capital, with over $100 million in fusion and fission investments fueling sustained employment and population growth. Immediate Cash Flow Opportunity: An attractive price-per-unit basis generates current positive cash flow, with the opportunity to scale and capture additional income streams through unit upgrades and new amenities. Minimal Deferred Maintenance: Ideal for hands-off ownership, supported by recent roof and siding replacements, well-maintained common areas, and immaculate landscaping. Repositioning Upside: Majority of units are renovated and feature patios or semi-private balconies and abundant in-unit storage; the remaining four classic units present opportunities to implement further value-add strategies. Limited New Supply: Tight housing supply drives strong occupancy and rent growth, with average absorption of 296 units annually over the past five years supporting market fundamentals. Life of Convenience: Steps away from local shopping, dining, and outdoor recreation, with a short drive to the Richland Farmers Market, Howard Amon Park, REACH Museum, and the vibrant Uptown Shopping Center. Landlord Friendly Market: Richland’s regulatory climate is favorable to apartment owners, with continued population and job growth in retail, education, and engineering sectors. Tenant Demographics: Hunter Square attracts a diverse tenant profile of young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living. Portfolio Opportunity: Hunter Square is being offered individually or as part of a five-property portfolio including a land development site totaling 104 units priced at $18,475,000.

FOR SALE DETAILS

PRICE

$2,750,000 USD

PRICE/SF

$194 USD /SF

# OF UNITS

16

PRICE/UNIT

$171,875

CAP RATE

5.8%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Hunter Square

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1975

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.54 AC

LAND SF

23,557 SF

ZONING

R-3

APN/PARCEL ID

126083030002003

ASK ABOUT THIS PROPERTY

Chad BlenzBerkadiaMore Info
206-491-2008

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Chad BlenzBerkadiaMore Info
206-491-2008

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.