527 E 1st St - Apartments FOR SALE


Port Angeles, WA 98362
$1,600,000 USD
206-999-8767
527 E 1st St, Port Angeles, WA for Sale
$1,600,000 USD
Apartments - FOR SALE
1/23
null | 7.03% Cap Rate

527 E 1st St
Port Angeles, WA 98362


OVERVIEW

The Morning Apartments is a twelve-unit community located in Downtown Port Angeles. Originally built in 1953, significant improvements have been made on the property in order for it to perform as well as it does. Units have all been freshly renovated while preserving the historic charm of wood cabinetry and hardwood floors. Morning Glory consists of nine one-bedroom, one-bathroom units averaging 711 square feet, and two two-bedroom, one-bathroom units averaging 988 square feet, and one three-bedroom, one-bathroom unit of approximately 968 square feet. The apartment has two shared washers and two shared dryers. At a purchase price of $1,600,000, Morning Glory offers great value to a buyer at $133,333 per unit, $171 per foot, with solid operations. An incoming investor to undergo could come in and achieve over a 10% Cash-on-Cash return on day one.

FOR SALE DETAILS

PRICE

$1,600,000 USD

PRICE/SF

$153 USD /SF

# OF UNITS

12

PRICE/UNIT

$133,333

CAP RATE

7.03%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

3

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

7,000 SF

ZONING

P-CA

APN/PARCEL ID

61458

ASK ABOUT THIS PROPERTY

Aimon HeffernanMarcus & MillichapMore Info
206-999-8767

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

Aimon HeffernanMarcus & MillichapMore Info
206-999-8767

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