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The Carlyle 2105 Pullen St 25 Unit Apartment Building $3,350,000 ($134,000/Unit) 5.83% Cap Rate Richland, WA 99354
INVESTMENT HIGHLIGHTS
- Modern Updated Interiors
- Additional Upside Opportunity
- Prime Richland Location with Strong Tenant Demographics
- Turnkey Asset with No Deferred Maintenance
- Exceptional Operating Performance
- Portfolio Opportunity
EXECUTIVE SUMMARY
Located at 2105 Pullen St, Richland, WA 99354, The Carlyle presents a lucrative investment opportunity in the heart of Richland. This 25-unit garden-style community has undergone over $115,000 in recent capital improvements, elevating it to a competitive asset in the thriving Tri-Cities rental market. Featuring renovated unit interiors with modern finishes, new roofing, fresh exterior paint, and abundant parking, The Carlyle offers a turnkey investment with a 5.83% cap rate and high tenant retention. With three units ready for rent increases and a potential basement conversion, this property provides immediate cash flow and room for added value. Investors looking for stable income and growth potential will find The Carlyle an attractive opportunity, whether as a standalone purchase or part of a five-property portfolio totaling 104 units. Don't miss out on this chance to own a well-maintained, income-generating asset in a prime residential location.
- Modern Updated Interiors: Ownership has renovated the majority of units with luxury vinyl plank flooring, new carpets, upgraded plumbing fixtures, hard surface countertops, and contemporary kitchen cabinets.
- Turnkey Asset with No Deferred Maintenance: The Carlyle features professionally landscaped central courtyard, fresh exterior paint and siding, and new ABS drain lines throughout the property's crawl space; ownership has invested over $115,000 in capital improvements to revitalize the property.
- Additional Upside Opportunity: Investors can capture further value by renovating the remaining three units and increasing rents to market rate - a 10.4% increase; additionally, there are 25 units of on-site storage that provide opportunity to generate incremental income in the future.
- Exceptional Operating Performance: The property maintains near-zero delinquency rate and delivers strong in-place cash flow at a 5.83% cap rate.
- Prime Richland Location: The Carlyle sits in an established residential neighborhood with convenient access to schools including Liberty Christian School, retail centers, and recreational facilities, attracting both professionals and families.
- Landlord-Friendly Market: Richland offers a favorable regulatory climate for apartment owners, supported by continued population and job growth in retail, education, and engineering sectors.
- Strong Tenant Demographics: The Carlyle attracts young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living.
- Portfolio Opportunity: The Carlyle 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.
- Modern Updated Interiors: Ownership has renovated the majority of units with luxury vinyl plank flooring, new carpets, upgraded plumbing fixtures, hard surface countertops, and contemporary kitchen cabinets.
- Turnkey Asset with No Deferred Maintenance: The Carlyle features professionally landscaped central courtyard, fresh exterior paint and siding, and new ABS drain lines throughout the property's crawl space; ownership has invested over $115,000 in capital improvements to revitalize the property.
- Additional Upside Opportunity: Investors can capture further value by renovating the remaining three units and increasing rents to market rate - a 10.4% increase; additionally, there are 25 units of on-site storage that provide opportunity to generate incremental income in the future.
- Exceptional Operating Performance: The property maintains near-zero delinquency rate and delivers strong in-place cash flow at a 5.83% cap rate.
- Prime Richland Location: The Carlyle sits in an established residential neighborhood with convenient access to schools including Liberty Christian School, retail centers, and recreational facilities, attracting both professionals and families.
- Landlord-Friendly Market: Richland offers a favorable regulatory climate for apartment owners, supported by continued population and job growth in retail, education, and engineering sectors.
- Strong Tenant Demographics: The Carlyle attracts young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living.
- Portfolio Opportunity: The Carlyle 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 | $3,350,000 | Building Class | C |
| Price Per Unit | $134,000 | Lot Size | 0.70 AC |
| Sale Type | Investment | Building Size | 14,672 SF |
| Cap Rate | 5.83% | Average Occupancy | 96% |
| No. Units | 25 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 2.39/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-LB | ||
| Price | $3,350,000 |
| Price Per Unit | $134,000 |
| Sale Type | Investment |
| Cap Rate | 5.83% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.70 AC |
| Building Size | 14,672 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 2.39/1,000 SF |
| Zoning | C-LB |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 9 | - | 450 - 672 |
| 2+1 | 16 | - | 650 |
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PROPERTY TAXES
| Parcel Number | 110982020222005 | Improvements Assessment | $1,115,220 |
| Land Assessment | $384,490 | Total Assessment | $1,499,710 |
PROPERTY TAXES
Parcel Number
110982020222005
Land Assessment
$384,490
Improvements Assessment
$1,115,220
Total Assessment
$1,499,710
CONTACTS
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Chad Blenz -
Steven Chattin -
Beau Krueger -
Mitchell Belcher -
Jay Timpani -
Brandon Lawler -
Berkadia
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The Carlyle | 2105 Pullen St
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