White Peaks Townhomes is a beautiful, well-cared-for property which sits on one tax lot in an excellent location. The property was constructed in 1991 with a wood frame. New HardiPlank siding and pitched composite shingle roof were both replaced between 2015 and 2016. The property consists of thirty 2 bed/1.5 bath townhomes with bonus room/office (1218 sf), two 2 bed/1 bath flats (800 sf) and two 1 bed/1 bath flats (645 sf). All the two bedrooms have private attached garages and private fenced backyards. There are 2.36 spaces per unit with limited landscaping to care for. The well-appointed units have washer/dryer hookups, walk-in closets, ample storage, vaulted ceilings, wood-burning fireplaces, double vanities, decks and patios and thoughtful floor plans.
The asset is ideally and conveniently located in the Cascade Park neighborhood of East Vancouver in Clark County, Oregon. It is situated 16 miles northeast of downtown Portland, 8.5 miles from PDX International Airport, and 7.7 miles east of downtown Vancouver. The property is within walking distance to Regal Cinemas, Big Als Bowling & Sports Bar, New Seasons Market, Whole Foods, Fred Meyer, Walgreens, Ross, Michaels, BevMo, Target, Chipotle, Makoto Japanese Buffet, Cascade Athletic Club, Big 5 Sports, Mountain View High School, Mill Plain Elementary and employers such HP and PeaceHealth to name just a few. Costco, Home Depot and Walmart are 2.5 miles east in the city of Camas, which is the most affluent area of Vancouver MSA and headquarters to several tech companies.
Because these are spacious units with garages, private yards, ample storage and vaulted ceilings, they feel more like homes than apartments. Tenants who are not able to afford a home, where there is a median price of $291K, or do not wish to or cannot afford to buy a home, would be eager to lease a unit at this property
Current rents have been recently increased. This would create a high Current Cap Rate, which is much more favorable than the sales comp average making this a very desirable cash flowing investment. For the investor looking to hold it long term, the property has very little major capital expense requirements and can be easily improved with purely cosmetic upgrades such as light fixtures, counter-tops, and stainless-steel kitchens, which would lead to significant rent increases. There is a $4.42MM assumable loan at 4.27% loan, 5-year term, first year interest only, then 15 years variable after that, with 30 yr amortization.
With very low cap rates and stricter rent control policies in the Portland MSA, as well as in California, the White Peaks Townhomes is a great opportunity for both regional and out of state investors to purchase a sizable, low-maintenance investment, in an excellent location, with great cash flow. Due to the number of units, an investor can reasonably utilize professional property management to create ease of ownership, and local investors can easily self-manage the property and realize that extra revenue. Currently, there is very little on the market in this region for this type of asset.
