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Southgate Terrace Apartments 1100-1105 S Pearl St 36 Unit Apartment Building $4,350,000 ($120,833/Unit) 6.50% Cap Rate Centralia, WA 98531
Investment Highlights
- All one level strong rental income and good rental history
- Broad tenant appeal
- Ideal for low-maintenance management
Executive Summary
Excellent investment opportunity to purchase a 36-unit, single story, garden-style apartment complex in Centralia, WA.
All units consist of 1-bedroom units which are both well maintained and have strong historic rental history.
Additional income achievable with current rents averaging $1,000/month/unit, while recent new tenants have averaged $1,200/month/unit.
Onsite laundry to provide additional income (equipment is owned rather than leased and included in sale).
Property is centrally located in the Centralia-Chehalis area with I-5 a short 5-minute drive away.
Ample parking with both onsite, assigned spaces and street parking.
All the roofs were replaced and windows upgraded to vinyl double paned windows in 2015.
Priced at $4.35M (or less than $120K/unit) which provides a cap rate of 6.5% based on the current actuals. (8.9% Cap Rate based on proforma)
Priced at $4.45M (or less than $124K/unit) which provides a cap rate of 6.82% based on the current actuals.
All units consist of 1-bedroom units which are both well maintained and have strong historic rental history.
Additional income achievable with current rents averaging $1,000/month/unit, while recent new tenants have averaged $1,200/month/unit.
Onsite laundry to provide additional income (equipment is owned rather than leased and included in sale).
Property is centrally located in the Centralia-Chehalis area with I-5 a short 5-minute drive away.
Ample parking with both onsite, assigned spaces and street parking.
All the roofs were replaced and windows upgraded to vinyl double paned windows in 2015.
Priced at $4.35M (or less than $120K/unit) which provides a cap rate of 6.5% based on the current actuals. (8.9% Cap Rate based on proforma)
Priced at $4.45M (or less than $124K/unit) which provides a cap rate of 6.82% based on the current actuals.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$416,392
|
$19.63
|
| Other Income |
$13,000
|
$0.61
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$429,392
|
$20.24
|
| Taxes |
$22,097
|
$1.04
|
| Operating Expenses |
$103,707
|
$4.89
|
| Total Expenses |
$125,804
|
$5.93
|
| Net Operating Income |
$303,588
|
$14.31
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $416,392 |
| Annual Per SF | $19.63 |
| Other Income | |
|---|---|
| Annual | $13,000 |
| Annual Per SF | $0.61 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $429,392 |
| Annual Per SF | $20.24 |
| Taxes | |
|---|---|
| Annual | $22,097 |
| Annual Per SF | $1.04 |
| Operating Expenses | |
|---|---|
| Annual | $103,707 |
| Annual Per SF | $4.89 |
| Total Expenses | |
|---|---|
| Annual | $125,804 |
| Annual Per SF | $5.93 |
| Net Operating Income | |
|---|---|
| Annual | $303,588 |
| Annual Per SF | $14.31 |
Property Facts
| Price | $4,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $120,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.24 AC |
| Cap Rate | 6.50% | Building Size | 21,216 SF |
| Gross Rent Multiplier | 14.68 | Average Occupancy | 100% |
| No. Units | 36 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2008 |
| Property Subtype | Apartment | Parking Ratio | 1/1,000 SF |
| Zoning | Multifamily (R-15) - Medium-High Density Residential | ||
| Price | $4,350,000 |
| Price Per Unit | $120,833 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Gross Rent Multiplier | 14.68 |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.24 AC |
| Building Size | 21,216 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1970/2008 |
| Parking Ratio | 1/1,000 SF |
| Zoning | Multifamily (R-15) - Medium-High Density Residential |
Amenities
- Smoke Detector
Unit Amenities
- Dishwasher
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Yard
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Private Bathroom
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | $1,123 | 580 - 700 |
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 001934-014-000 | Total Assessment | $2,537,200 |
| Land Assessment | $324,000 | Annual Taxes | $22,097 ($1.04/SF) |
| Improvements Assessment | $2,213,200 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
001934-014-000
Land Assessment
$324,000
Improvements Assessment
$2,213,200
Total Assessment
$2,537,200
Annual Taxes
$22,097 ($1.04/SF)
Tax Year
2025 Payable 2025
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Southgate Terrace Apartments | 1100-1105 S Pearl St
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