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Southgate Terrace Apartments 1100-1105 S Pearl St 36 Unit Apartment Building $4,450,000 ($123,611/Unit) 6.82% 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.
Increases in several recently rented units indicate potential for additional rental income.
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 $4.45M (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.
Increases in several recently rented units indicate potential for additional rental income.
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 $4.45M (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 | $4,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $123,611 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.24 AC |
| Cap Rate | 6.82% | 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 | $4,450,000 |
| Price Per Unit | $123,611 |
| Sale Type | Investment |
| Cap Rate | 6.82% |
| 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 (2024) |
| Land Assessment | $324,000 (2024) | Annual Taxes | $22,097 ($1.04/SF) |
| Improvements Assessment | $2,213,200 (2024) | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
001934-014-000
Land Assessment
$324,000 (2024)
Improvements Assessment
$2,213,200 (2024)
Total Assessment
$2,537,200 (2024)
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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