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The Lime 1327 Goethals Dr 32 Unit Apartment Building $5,500,000 ($171,875/Unit) 5.83% Cap Rate Richland, WA 99354
INVESTMENT HIGHLIGHTS
- Updated Interiors with Modern Amenities and Distinctive Property Features
- Additional Upside Opportunity
- Prime, Landlord-Friendly Richland Location with Strong Tenant Demographics
- Turnkey Asset with No Deferred Maintenance
- Exceptional Operating Performance
- Portfolio Opportunity
EXECUTIVE SUMMARY
Introducing The Lime at 1327 Goethals Dr, Richland, WA 99354. This meticulously renovated 32-unit investment property offers immediate 6.0%+ returns, with exceptional operating performance. Recent interior renovations include luxury vinyl plank flooring, modern fixtures, and updated kitchen cabinets, ensuring premium rents and minimal capital investment. The property boasts a 5.83% cap rate, near-zero delinquency rates, and a renovated pool area now transformed into an inviting community space. Each unit features spacious layouts with ample natural light, private outdoor areas, and a unique neighborhood atmosphere that fosters tenant retention. Strategically located in a desirable residential area with easy access to amenities, schools, and recreational facilities, The Lime presents an attractive investment opportunity with immediate cash flow and future upside potential. Don't miss this turnkey multifamily gem in Richland, WA!
- Majority of the units have been renovated to include luxury vinyl plank flooring throughout, modern lighting fixtures, updated plumbing fixtures, and new kitchen cabinets.
- The Lime features professional landscaping, new roofing, and a thoughtfully converted pool area that now serves as an attractive outdoor community space with artificial turf, seating areas, and ambient lighting.
- Renovated storage facilities present immediate potential for additional income generation.
- Near-zero delinquency rate with strong in-place cash flow generating a cap rate of 5.83%.
- On-site laundry facilities feature upgraded app-based cashless payment systems for enhanced tenant convenience and improved cash flow management.
- Spacious units with unique character including private outdoor spaces, large sliding glass doors, open-concept layouts, premium finishes, and decommissioned fireplaces that add distinctive ambiance to unit interiors, differentiating from typical rental stock.
- Strategically situated in an established residential neighborhood with convenient access to schools, retail centers, and recreational facilities, appealing to diverse tenant demographics including professionals and families.
- Richland's regulatory climate is favorable to apartment owners, with continued population and job growth in retail, education, and engineering sectors.
- The Lime attracts a diverse tenant profile of young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living.
- The Lime is being offered individually or as part of a five-property portfolio including a land development site totaling 104 units priced at $18,475,000.
- Majority of the units have been renovated to include luxury vinyl plank flooring throughout, modern lighting fixtures, updated plumbing fixtures, and new kitchen cabinets.
- The Lime features professional landscaping, new roofing, and a thoughtfully converted pool area that now serves as an attractive outdoor community space with artificial turf, seating areas, and ambient lighting.
- Renovated storage facilities present immediate potential for additional income generation.
- Near-zero delinquency rate with strong in-place cash flow generating a cap rate of 5.83%.
- On-site laundry facilities feature upgraded app-based cashless payment systems for enhanced tenant convenience and improved cash flow management.
- Spacious units with unique character including private outdoor spaces, large sliding glass doors, open-concept layouts, premium finishes, and decommissioned fireplaces that add distinctive ambiance to unit interiors, differentiating from typical rental stock.
- Strategically situated in an established residential neighborhood with convenient access to schools, retail centers, and recreational facilities, appealing to diverse tenant demographics including professionals and families.
- Richland's regulatory climate is favorable to apartment owners, with continued population and job growth in retail, education, and engineering sectors.
- The Lime attracts a diverse tenant profile of young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living.
- The Lime is being offered individually or as part of a five-property portfolio including a land development site totaling 104 units priced at $18,475,000.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $5,500,000 | Building Class | C |
| Price Per Unit | $171,875 | Lot Size | 1.28 AC |
| Sale Type | Investment | Building Size | 24,858 SF |
| Cap Rate | 5.83% | Average Occupancy | 91% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.65/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-LB | ||
| Price | $5,500,000 |
| Price Per Unit | $171,875 |
| Sale Type | Investment |
| Cap Rate | 5.83% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.28 AC |
| Building Size | 24,858 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.65/1,000 SF |
| Zoning | C-LB |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 678 |
| 2+1 | 22 | - | 814 - 903 |
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PROPERTY TAXES
| Parcel Number | 102983020706022 | Improvements Assessment | $1,918,220 |
| Land Assessment | $317,810 | Total Assessment | $2,236,030 |
PROPERTY TAXES
Parcel Number
102983020706022
Land Assessment
$317,810
Improvements Assessment
$1,918,220
Total Assessment
$2,236,030
CONTACTS
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Chad Blenz -
Steven Chattin -
Beau Krueger -
Mitchell Belcher -
Jay Timpani -
Brandon Lawler -
Berkadia
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The Lime | 1327 Goethals Dr
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