5650 Yelm Hwy SE - Apartments FOR SALE


Lacey, WA 98513
$13,000,000 USD
425-260-6286
5650 Yelm Hwy SE, Lacey, WA for Sale
$13,000,000 USD
Apartments - FOR SALE
1/6
null | 6.2% Cap Rate

5650 Yelm Hwy SE
Lacey, WA 98513


HIGHLIGHTS

  • Absolute Seller - The estate has liquidated all their other holdings and this is the last piece.
  • Immediate Upside - In-place rents are 20% below market
  • Development Potential - 4.5 acres that are currently fields that would be ideal for adding units. The city is open to a rezone to allow more density
  • High Number of Common Amenities - tennis & basketball courts, tot lots, maintenance shops
  • Close Proximity to Major Retailers - Walmart, Safeway, Lowe's all within 1 mile

OVERVIEW

Absolute Seller - The estate has liquidated all their other holdings and this is the last piece. Immediate Upside - In-place rents are 20% below market Development Potential - Extremely low density (only 74 units on 11.82 acres) There are about 4.5 acres that are currently fields that would be ideal for adding units. The city is open to a rezone to allow more density since the property is on Yelm Highway. High Number of Common Amenities - tennis & basketball courts, tot lots, maintenance shops Close Proximity to Major Retailers - Walmart, Safeway, Lowe's all within 1 mile

FOR SALE DETAILS

PRICE

$13,000,000 USD

PRICE/SF

$205 USD /SF

# OF UNITS

74

PRICE/UNIT

$175,676

CAP RATE

6.2%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Turf Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

-

LAND DETAILS

LAND ACRES

11.82 AC

LAND SF

514,879 SF

ZONING

LD

APN/PARCEL ID

09720002019,80750000100

ASK ABOUT THIS PROPERTY

Ryan KidwellThe Mogharebi GroupMore Info
425-260-6286

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Ryan KidwellThe Mogharebi GroupMore Info
425-260-6286

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