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1327 N 24th Ave
Pasco, WA 99301
Sedona Apartment Homes · Multifamily Property For Sale
·
61 Units
PROPERTY FACTS
| No. Units | 61 | Lot Size | 2.50 AC |
| Property Type | Multifamily | Building Size | 58,333 SF |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1979 |
| Building Class | C | Parking Ratio | 2.54/1,000 SF |
| Zoning | MF | ||
| No. Units | 61 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.50 AC |
| Building Size | 58,333 SF |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 2.54/1,000 SF |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
- Patio
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Online Services
ABOUT 1327 N 24TH AVE , PASCO, WA 99301
Marcus & Millichap is pleased to exclusively offer for sale the Carriage Square Apartments, a 60-unit apartment complex located in Pasco, Washington. The Property consists of 40 one bedroom/one bathroom units, 20 two bedroom/one bathroom units with an average unit size of 780 square feet, and one 1,160 square feet detached house. The Property was constructed in 1979 and includes nine apartment buildings and one single family home used as a manager’s unit/office on a spacious, combined three acre lot. Common area amenities include a pool, laundry facility, onsite leasing office, and ample parking. All units have air conditioning. All two bedroom units have pantries with washer/dryer hookups and patios/balconies. Select units have vaulted ceilings and fireplaces. Most units have updated vinyl floors, carpet, counter tops and appliances. The Property is located in a neighborhood with convenient access to Columbia Basin College, I-182, and The Tri Cities Airport. The property is also adjacent to Stevens Middle School and close to employment, shopping, and recreation. In 2016, The Tri-Cities MSA had a population of 283,846 making it one of the largest and most densely populated areas in Eastern Washington. With an annual growth rate of 3.6% it also has a very strong job market. Pasco has seen significant rental growth as demand for housing continues to increase and exceed the delivery of new units in the Tri-Cities MSA. The Carriage Square Apartments is an ideal investment opportunity for an investor looking for a well-maintained property with substantial rental upside of 19%. By raising rents to be more competitive with comparable properties in Pasco, an investor can achieve a 13%+ Cash-on-Cash Return. These increases should be achievable given the desirable location, quality of the asset and growth of the Tri Cities Market.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 40 | $627.00 | 565 |
| 2+1 | 16 | $680.00 | 955 |
| 2+2 | 4 | $680.00 | 955 |
| 3+1 | 1 | $1,000 | 1,160 |
PROPERTY TAXES
| Parcel Number | 119-332-062 | Improvements Assessment | $7,666,000 |
| Land Assessment | $471,100 | Total Assessment | $8,137,100 |
PROPERTY TAXES
