South Puget Sound Portfolio

Address: 2843 N Oak Harbor St, Oak Harbor, Washington, US

Seattle & Northwest + Apartments

Created date: November 16, 2023

Date last updated: November 16, 2023

Property Description

As the exclusive listing agent, The Christensen Group of Marcus & Millichap is pleased to present the South Puget Sound Portfolio. The Portfolio, a collection of 196 units and 47 buildings, is comprised of 9 multifamily buildings, 1 mixed-use building, 20 plexes (2-4 units), and 17 single-family buildings. The bulk of the properties are split between Olympia (49% of properties) and Shelton (23% of properties) with the remainder spread between Tacoma, Elma, Oak Harbor and Port Angeles. Of the 47 buildings, the vast majority are considered in good condition with no immediate needs to siding, windows, roofs, or other major systems. Across the entire portfolio, ownership has invested $12.3 million for rehab and improvements. Upon acquisition, each asset was evaluated for its needs and updated accordingly. Improvements include but are not limited to; new roofs, windows, electric systems, plumbing, kitchens, flooring, paint, and landscaping. The portfolio is privately managed. Ownership has taken great care in its screening process for quality tenants and diligently maintained each asset. Select single-family homes offer stainless steel appliances, granite countertops, tile floors and other high-end finishes. Most units offer washer/dryer hookups and off-street parking. Most properties are on large private lots and may offer the opportunity for additional rental buildings on site. (Seller makes no guarantee. Buyer to do due diligence.) Please see the general property condition for each asset. The Portfolio is being offered in its entirety. Additionally, the seller will consider offers on the multifamily buildings separate from the plexes and single-family buildings but will not consider offers on individual buildings or any other combination separately

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Multifamily type:	Apartments
Price:	$39,589,000
No. of Units:	196
Cap Rate:	6%
Building Size:	168,446 Sq ft
Lot Size:	23.69 Sq ft
Opportunity Zone:	No
Price per unit:	$201,985