1612 Park Ln

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Address: 1612 Park Ln, Yakima, WA 98902, USA

Seattle & Northwest + Apartment Buildings

Created date: September 3, 2024

Date last updated: September 3, 2024

Excellent location in the Barge/Chestnut submarket area of Central Yakima
All units have been updated with new flooring, paint and appliances within the last two years
The Building contains mostly newer plumbing and updated electrical throughout
Heightened cash flow/equity can be achieved by way of elevating rents to market rate and adding storage to the basement

Property Description

THIS OFFERING is for the opportunity to purchase a high-quality apartment building in one of Yakima's most prominent mid-city submarkets within the Barge/Chestnut corridor. Located centrally, this property has dedicated off-street parking and provides easy access to Freeways, Parks, Yakima's CBD, and East/West Yakima's Retail Shopping Centers, Restaurants, and Amenities. This classic craftsman charmer has timeless architecture, mature landscaping, and large, bright, well-laid-out floor plans. All units include new appliances and have been renovated upon turnover. The property has separately metered gas, an updated electrical system with separately metered units, and most of the plumbing has been redone. Rents are approximately 22% below market rate, offering an investor an excellent opportunity to take advantage of a well-maintained, low-risk, established investment within a prime market area. Upside can be achieved by implementing a more aggressive management strategy, adding storage to the basement, and elevating rents to market rate.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$610,000
No. of Units:	5
Average Occupancy:	6.26
Year Built:	1920
Lot Size:	0.14 Sq ft
Opportunity Zone:	No
Price per unit:	$122,000
Property Website	Click Here