Legacy Ridge 901 E 72nd St 40 Unit Apartment Building $8,800,000 ($220,000/Unit) 6.03% Cap Rate Tacoma, WA 98404

Legacy Ridge is a three-story, 40-unit apartment community originally constructed in 2015 with most of the unit interiors renovated from 2022 to present. The property offers an attractive unit mix of (16) One Bedroom/One Bath units and (24) Two Bedroom/Two Bath units measuring approximately 580 square feet and 951 square feet respectively. To date, approximately 81% of the One Bed units and 91% of the Two Bed units have received interior renovations under the current ownership, at an average cost of $8K - $10K per unit. With over 87% of units renovated, modern in-unit amenities, and a unique tenant partnership with Planet Fitness, the property attracts quality residents and achieves premium rents. Investors benefit from strong in-place cash flow, operational efficiencies, and continued upside in cash flow.
All units at Legacy Ridge come equipped with full size washers & dryers, dishwashers, ranges, refrigerators, granite counters, luxury vinyl plank flooring and refinished cabinetry/hardware. Renovated units at Legacy Ridge offer Stainless Steel Appliance packages, Luxury Vinyl Plank flooring throughout, and modern Door/Lighting packages. Standard units come with black appliance packages, more classic Vinyl Plank flooring in main areas with Carpet in bedrooms, and classic door/ lighting packages. Top floor units at Legacy Ridge are unique in offering vaulted ceilings, as well.