200 Milton Way
Milton, WA 98354
Royal View Apartments · Multifamily Property For Sale · 16 Units

Originally built in 1984 and substantially renovated in the last couple of years, the Royal View Apartments is a 16-unit under managed apartment building in Milton,WA. The building consists of large two and three bedroom units with an average unit size of 1,025 SF. All of of the units have their own private garages with a total of 17 garages onsite. 10 of the 16 units have been renovated, giving the new owner the opportunity to further improve the asset and push cashflow. With renovation of the 6 remaining units, new ownership could push rents on average of $227 per unit to get to proven current renovated rents. If new ownership chooses to not pursue further renovations; there is loss of lease of $775 per month, with some units being as much as $155 below current market. Additionally, there is a clear path to reduce utility cost with the implementation of utility metering system. Trailing 12 months utility cost were $33,646, while pass through utility recovery is currently budgeted at $1,410 per Month ($88 per unit) or $16,920 annually. Projected utility metering along with continued pass through of garbage billing could achieve as much as 95% utility recovery which could boost NOI an estimated $12,000 - $14,000 per year.