SOLD! The 8 unit apartment building, located at 2127 E. 6th Street in Vancouver, Washington, sold for $981,100. The property was owned by a long-term owner, with a quality tenant base with below market rents.
The property has one bedroom units, with a great location near Fort Vancouver, and great views looking south towards Portland. The property has covered parking with a laundry facility.
Sold Price: $981,100
Price Per Unit: $122,637.50
Price Per Square Foot: $231.39
Estimated Cap Rate (current): 3.67%
Estimated Cap Rate (flyer): 6.44%
Overall, the property was in good condition, with a newer roof and paint. The interiors were “Average”, with a quality tenant base. The major item of note with this transaction is the seller purposefully kept the rents dramatically below market to limit turnover and maintain the quality tenant base.
Covered, off-street parking is a feature of many buildings in the neighborhood.
The property is located on a quiet, residential street near Fort Vancouver.
The property was listed by Rick Haddock and Travis Glendenning of FBR Realty. Bernard Gehret of Joseph Bernard Investment Real Estate represented the buyer. For more information about properties for sale in Vancouver, Washington, call Bernard at 503.546.9390.