MLS# 24254219 – 285 22nd Ave, Longview, WA 98632 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of Keller Williams Realty.

Property Description

Description

16 Units

Status: Active

Year Built: 2023

Days on Website: 66

Incredible turnkey multifamily investment! Professionally managed, newly-built townhouse-style rental units are a passive investor’s dream. Built in 2023 these 16 units, all boasting 3 bedrooms and 1.5 bathrooms 2-story & under builder’s warranty in 2024. Fire sprinklers! Offers a remarkable 6.5% Cap Rate on Year 1 stabilized, 11.5 GRM & 24% Expense Ratio. 100% occupancy w/ tenant wait list. Mostly market rate tenants but also Section 8 approved, for consistent income. Option for 1-3 more fourplex under devt, if larger portfolio is desired. Offering is for portfolio of 4 fourplexes but open to offers for individual 4plex(es). Addresses: 285 22nd Ave, 263 20th Ave, 259 20th Ave, 257 20th Ave. All separate parcels.

Property Details and Features

Property Access

Road Surface Type:

Paved

Building

Building Area Total:

18400

Built in 2023

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3

Cooling

Cooling:

None

Expenses

Operating Expense:

$89,558

Exterior Features

Exterior Description:

WoodComposite

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating:

WallHeater

Income

CAP Rate:

6.48

Gross Income:

$363,528

Gross Rent Multiplier:

11.55

Net Operating Income:

$272,317

Listing

Contract Status Change Date:

2024-10-16

Days On Market:

Last Transaction Date:

2024-11-15 11:29:47

List Price:

$4,200,000

Listing Contract Date:

2024-10-16

Listing Id:

24254219

Mls Status:

Active

Modification Timestamp:

2024-12-21 01:50:09

On Market Date:

2024-10-16

Rent Includes:

None

Standard Status:

Active

Location

MLS Area Major:

_82

County Or Parish:

Cowlitz

Lot

Size Range:

SqFt15000to19999

Size:

15,000 to 19,999 SqFt

Parking

Features:

Paved

16 total parking spots

Possession

Possession:

CloseOfEscrow

Property

Number Of Units Total:

Property Condition:

Existing

Zoning:

4 plex

Roof

Roof:

Composition

Schools

High School:

RA Long

Middle Or Junior School:

Monticello

Elementary School:

Kessler

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$26,925

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,750

Area:

1150

Features:

Dishwasher,Range,Refrigerator

Units Total:

2 total bathrooms

3 total bedroom

Unit Two

Actual Rent:

$1,850

Area:

1150

Features:

Dishwasher,Range,Refrigerator

Units Total:

2 total bathrooms

3 total bedroom

Unit Three

Actual Rent:

$1,950

Area:

1150

Features:

Dishwasher,Range,Refrigerator

Units Total:

2 total bathrooms

3 total bedroom

Utilities

Fuel Description:

Electricity

Hot Water Description:

Electricity

Water Source:

PublicWater

[+] Read More

Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$4,200,000 -

285 22nd Ave Longview , WA 98632

MLS Area Major: _82

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on December 20, 2024 11:49PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.