16515 B St E
Spanaway, WA 98387
Hidden Villa · Multifamily Property For Sale · 40 Units

The Hidden Villa Apartments is located in the heart of Spanaway, Washington. Spanaway is one of the more desirable locations in the Pierce County market for families with nearby schools including Evergreen Elementary which scores 9 out of 10 per Greatschools.org. Being built in the 1971, the property has a great unit mix of one and two-bedroom units, a full amenity package, and an excellent low-density site plan. With ample open space, tenants enjoy the quiet park like setting and quick access to retail and transportation. The location provides quick access to several hospitals and medical providers, Spanaway Lake, Pacific Lutheran University, Joint Base Lewis-McChord and the Port of Tacoma. With close proximity to Highway 512 and Interstate 5, tenants are within minutes to Tacoma and Puyallup South hill which has major shopping centers that cater to all necessities needed by tenants. According to Dupre & Scott Apartment Advisors, the average market rents for one-bedroom units increased 27.79% and the two-bedroom units increased 24.04% in the last 5 years. With this steady increase in year over year rents, along with progressing market fundamentals and tenant demand, this data shows that the area is poised for another estimated 6% increase in average market rents this time 2018. Hidden Villas offers an exceptional value-add take over and complete the level of renovations that the current owner started. Being approximately 50% complete, a new owner will be able to complete the renovations of the interior of the units and bring to market rent increasing the Effective Gross Income approximately 30%. Upon completion of the interior unit renovations and obtaining 2018 projected market rents, a new owner will be able to achieve an approximate cash on cash return of 10.83% based on a 25% down payment.