Project Description

Lacey, Washington

The 6th Ave Place Apartments is a newly constructed 2007 asset in a desirable location within Lacey. The location is highly desirable to a diversified tenant profile who work locally as well as in Tacoma and Olympia. The location is less than 5 minutes from Interstate 5 and which offers off ramps for both North and Southbound via Sleater Kinney Rd.

Major Retailers and well as South Sound Community College and Saint Martin’s University are all within walking distance to 6th Ave Place. JBLM is about 12 Miles away, although only a small percentage of existing tenants are in the military or employed by the military.

The unit mix is a desirable sample of 1, 2 and 3 Bedrooms units, offering an average of 853 square feet. There is some covered parking, but the majority of surface along with street parking. A well maintained asset, growing demographics and operational upside bode well for future growth and appreciation.

An additional upside to the property is the existing 5,380 square feet of commercial space. Presently, there is one space that has a fully executed lease in place and occupancy should begin by mid August. The current owner has not been marketing the retail space which creates long term additional value. The city of Lacey has also lifted the commercial restriction on this space, so the ability to reconfigure and turn this space back to residential is easy and not very time consuming. Estimated time to begin construction would be less than 6 months.

Transaction Details

CLOSING PRICE

$13,200,000

CAP RATE

5.8%

BUYER

Private Investor

SELLER

The Molnar Group

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