Lake Burien Townhomes 620 SW 155th St 7 Unit Apartment Building $2,500,000 ($357,143/Unit) 4.25% Cap Rate Seattle, WA 98166

Built in 1999, the Lake Burien Townhomes consists of four duplex struc¬tures with a total of eight townhouse-style units. Each duplex is three stories of wood-framed construction, with horizontal wood siding and a pitched composition shingle roof. The buildings offer a desirable mix of large two-bedroom and three-bedroom units that all have two-and-a-half bathrooms. All units are well-appointed and include a large private two-car garage, balconies, ample storage and walk-in closets, spacious and modern floorplans and kitchens with full appliance packages and breakfast bars. The finishes are typical of late 90’s construction with carpet and laminate flooring, and laminate countertops. The townhomes have energy efficient double-paned vinyl windows and sliding doors, and heating is provided by a forced-air gas furnace system. The buildings are situated on a single 15,000 square foot parcel with two buildings on the east side and two on the west facing inwards towards a central common driveway.
Recent surveys of the Burien rental market show a very low vacancy rate and strong demand for large, modern units with 2+ bedrooms like those in the subject property. The current rent levels at the subject property are far below similar properties and offer an investor immediate upside in income of almost 50% with significant room to increase rents further through a complete renovation and repositioning plan. Additionally, the type of units and flexibility of separate duplex buildings offers the opportunity of condo¬miniumizing or sub-dividing the property as an alternative exit strategy.