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Brickwood & Melbourne 2 Multifamily Properties Offered at $3,400,000 in Multiple Locations
Investment Highlights
- Flexible Portfolio Offering
- Capital Improvements Already in Place
- Strong Submarket Fundamentals
- True 8-Cap Mixed-Use Assets
- Additional Upside Through Unit Renovations
- Nearby Lifestyle & Entertainment Offerings
Executive Summary
Brickwood and Melbourne offer investors the chance to acquire a two-property portfolio for $3.4 million. The portfolio, located in both Auburn and Kent, includes a total of 13 apartment units and three ground-floor retail spaces. Together they deliver a combined trailing 12-month cap rate of 8.20%, providing immediate cash flow with additional upside through continued unit renovations, rent growth, and operational improvements.
Since 2021, ownership has invested more than $165,000 in capital improvements across the portfolio, reducing near-term capital needs while preserving future value-add potential. The combination of strong in-place income, renovated interiors, and remaining upside means this opportunity appeals to investors seeking both current yield and continued growth.
Located at 1202 Harvey Rd NE in Auburn, Brickwood is an eight-unit multifamily asset with a spacious mix of seven 2-bed/1-bath units and one 3-bed/1.5-bath unit. Seven of the eight units have been fully renovated, with upgraded interiors featuring LVP flooring, quartz countertops, updated lighting, new kitchen cabinets, updated bathroom finishes, and stainless steel appliances. Brickwood has a communal laundry facility and only one unit in classic condition, allowing new ownership to complete the final unit renovation and achieve even more value from the property.
Located at 416 W Meeker St in Kent, Melbourne is a mixed-use asset consisting of five apartment units and three leased retail spaces. The residential unit mix includes two 1-bed/1-bath units and three 2-bed/1-bath units, while the leased retail component provides stable, diversified income. Since 2021, ownership has invested more than $165,000 in capital improvements to both residential and the three commercial spaces, bringing them up to date with new LVP flooring, paint, storefront windows, and bathrooms. Residential units feature LVP flooring, upgraded light fixtures, new kitchen cabinets and appliances, and updated bathroom finishes. New ownership can capitalize on additional upside through renovation of the two classic units, aligning rents to market, and implementing a utility billback program.
Since 2021, ownership has invested more than $165,000 in capital improvements across the portfolio, reducing near-term capital needs while preserving future value-add potential. The combination of strong in-place income, renovated interiors, and remaining upside means this opportunity appeals to investors seeking both current yield and continued growth.
Located at 1202 Harvey Rd NE in Auburn, Brickwood is an eight-unit multifamily asset with a spacious mix of seven 2-bed/1-bath units and one 3-bed/1.5-bath unit. Seven of the eight units have been fully renovated, with upgraded interiors featuring LVP flooring, quartz countertops, updated lighting, new kitchen cabinets, updated bathroom finishes, and stainless steel appliances. Brickwood has a communal laundry facility and only one unit in classic condition, allowing new ownership to complete the final unit renovation and achieve even more value from the property.
Located at 416 W Meeker St in Kent, Melbourne is a mixed-use asset consisting of five apartment units and three leased retail spaces. The residential unit mix includes two 1-bed/1-bath units and three 2-bed/1-bath units, while the leased retail component provides stable, diversified income. Since 2021, ownership has invested more than $165,000 in capital improvements to both residential and the three commercial spaces, bringing them up to date with new LVP flooring, paint, storefront windows, and bathrooms. Residential units feature LVP flooring, upgraded light fixtures, new kitchen cabinets and appliances, and updated bathroom finishes. New ownership can capitalize on additional upside through renovation of the two classic units, aligning rents to market, and implementing a utility billback program.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $3,400,000 | Number of Properties | 2 |
| Price / SF | $206.89 / SF | Individually For Sale | 0 |
| Cap Rate | 8.20% | Total Building Size | 16,434 SF |
| Sale Type | Investment | Total Land Area | 0.44 AC |
| Status | Active |
| Price | $3,400,000 |
| Price / SF | $206.89 / SF |
| Cap Rate | 8.20% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 16,434 SF |
| Total Land Area | 0.44 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Brickwood Apartments
1202 Harvey Rd NE, Auburn, WA 98002 |
Multifamily | 8,058 SF | 1967 | - |
| 416 W Meeker St, Kent, WA 98032 | Multifamily | 8,376 SF | 1958 | - |
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