Holly Lane Apartments 1017 SW 154th St 10 Unit Apartment Building $1,925,000 ($192,500/Unit) 4.22% Cap Rate Burien, WA 98166

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Holly Lane Apartments; a 10-unit, value-add apartment community in a superb Burien location.
Built in 1967, the Holly Lane Apartments sit on a 12,846 sqft lot in a peaceful lakeside neighborhood in the heart of downtown Burien. The building is comprised of 10 spacious two-bedroom/one-bathroom floor plans that average 925 sqft. The apartments have functional layouts, abundant storage, complete kitchen appliance packages, and private balconies/patios. The units have been well maintained with a mix of “classic” interior finishes and light updates such as LVP flooring and appliances. Building features and amenity spaces include a very large common laundry area on the lower level, secure resident and manager/owner storage lockers and a large office space suitable for a property manager. Residents enjoy the convenience of off-street parking with 16 stalls total including 8 covered carport stalls on the west side. The property has been well cared for with recent exterior capital improvements and little deferred maintenance. Historically the property has been managed with a focus on minimal vacancy and turnover. Base rents and other income are currently well below market levels, offering immediate upside opportunity of around 34%+.
The Holly Lane offers an investor the opportunity to acquire a well-maintained apartment community in a great location with immediate income upside and potential to add value. New ownership can immediately push income in several ways to take advantage of a strong, rising rental market and has the option to add further value through a renovation and repositioning plan for an even greater return.