4943 NE 2nd Ct - Apartments FOR SALE


Vancouver, WA 98663- West Hazel Dell
$10,200,000 USD
206-491-2008
4943 NE 2nd Ct, Vancouver, WA for Sale
$10,200,000 USD
Apartments - FOR SALE
1/12
null | 5.25% Cap Rate

4943 NE 2nd Ct
Vancouver, WA 98663
West Hazel Dell


OVERVIEW

Discover this dual investment opportunity, located in a single-family subdivision, that presents up to 35 premier townhome-style units, each with 4 bedrooms and 2.5 bathrooms in Vancouver, Washington. Lincoln Woods, built in 2023, consists of 24 units averaging 1,484 square feet each, showcasing modern living with top-of-the-line finishes and energy-efficient features. The property is fully stabilized with 100% occupancy and zero delinquency, offering hassle-free living with low-maintenance yard care and energy-saving heating and cooling units. Each unit boasts 9-foot ceilings, laminate wood flooring throughout, and modern lighting. Lincoln Woods may be purchased as a standalone 24-unit acquisition at the favorable price of $425,000 per townhome. The neighboring property, Lincoln Ridge, is a companion project that is currently undergoing pre-leasing with an additional 11 units to be completed in August, offering nearly identical floor plans and modern finishes. Lincoln Ridge is a perfect bolt-on investment opportunity for savvy investors looking to scale their portfolio, or it can be purchased separately from the stabilized Lincoln Woods. This townhome community offers a serene setting close to various nature trails and parks, including the Burnt Bridge Creek Greenway and Discovery-Ellen Davis Trail. With direct access to Interstate 5, residents are centrally located near Downtown Vancouver and the waterfront, and just ten miles from Downtown Portland. This positioning supports stable demand from professionals who desire short commutes and high-paying jobs while benefiting from no state income tax. Lincoln Woods & Ridge Townhomes represent a rare dual opportunity in a thinly traded, desirable submarket with few future deliveries. Each unit holds individual parcel ownership, which provides new owners with the flexibility to sell as single-family homes or maintain a rental portfolio. This turnkey asset with no deferred maintenance generates rents within 5% of market value, ensuring immediate and stable returns. This opportunity offers investors flexibility in scale with purchase options for a 12-, 24-, or 35-unit portfolio. INVESTMENT HIGHLIGHTS: High-End Townhome Living: Each of the 24 units were meticulously built with luxury finishes, including stainless steel appliances, modern fixtures, and private backyards; each unit features 4 bedrooms, 2.5 bathrooms, and 2-car garages, providing spacious and comfortable living. · Turnkey Asset: Lincoln Woods includes 24 units that are fully occupied with zero delinquency; current rents are within 5% of market value, offering new ownership a true turnkey opportunity in a fast-growing submarket. Units are metered separately for utilities and billed directly to tenants, eliminating utility expenses for the owner. · Expansion Opportunity: An additional 11 units with idential finishes and floor plans available at the adjacent Lincoln Ridge; the property is slated for completion in August, expanding the investment potential to a total of 35 units. · Favorable Pricing: Priced at $10,200,000, or $425,000 per unit, Lincoln Woods offers the chance to acquire 24 turnkey townhomes; Lincoln Ridge is a great bolt-on opportunity or can be purchased separately. · Rare Investment with Strong Absorption: Experience newer construction in a thinly traded, desirable submarket with limited future deliveries on the horizon; positive net absorption during 14 out of the last 15 years. · Future Flexibility: With each unit parceled individually, new owners have the flexibility to sell the townhomes as single-family homes or continue operating them as a rental portfolio, maximizing investment options. · Luxury Amenities: Kitchen amenities include stainless steel appliances, granite countertops, walk-in pantries, and kitchen islands; living rooms feature modern LED lighting and wall-mounted energy-efficient heating and cooling units; additional amenities include in-unit washers and dryers in all units, a 240-volt electric car outlet in the garage, and extended driveways. · Desirable Location: Located just minutes from Downtown Vancouver and the restaurants and dining available on the Vancouver Waterfront, Lincoln Woods & Ridge Townhomes offers quick driving access to I-5 and SR-500, as well as nearby grocery and retail stores like Target and Fred Meyer; enjoy walking distance to local trails and the Alki Road Community Park. · Key Employment Drivers: An integral part of the Portland MSA, Vancouver boasts a highly diversified economy driven by high-wage sectors, like technology, healthcare, finance, and business services; home to main offices for Intel, Nike, Adidas, and Columbia Sportswear.

FOR SALE DETAILS

PRICE

$10,200,000 USD

PRICE/SF

$2,348 USD /SF

# OF UNITS

24

PRICE/UNIT

$425,000

CAP RATE

5.25%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lincoln Townhomes

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2023

PARKING SPACES

35

LAND DETAILS

LAND ACRES

3.42 AC

LAND SF

148,975 SF

ZONING

R-18

APN/PARCEL ID

986059-603

ASK ABOUT THIS PROPERTY

Chad BlenzBerkadiaMore Info
206-491-2008

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Chad BlenzBerkadiaMore Info
206-491-2008

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