6020 20th Street E

6020 20th St E, FifeWA 98424

$3,075,000

Listing Details

List Price
$3,075,000
Listing Price Per SF
$1,111
Total Income
$251,400
Total Expenses
$105,164
NOI
$133,666
Cap Rate
4.35%
List Date
5/19/2022
Available Date
6/09/2022
Listing ID
30966305

Sherwood Villa Apartments

The property consists of four individually parceled 4plexes that were built in 1979 and are comprised of wood framed construction, HardiePlank siding, which was repainted in 2009, and pitch composition roofs that were replaced in approximately 2000 with 30-year shingles. In 2015 the current owner replaced all the windows and sliding glass doors with double vinyl pane, as well as replaced the vapor barriers and insulation in all four crawlspaces, as well as attics. The plumbing is comprised of copper and PVC, and the electrical wiring also consist of copper. The property also has well maintained landscaping throughout, with an irrigation system, and each 4plex has 4 carport parking stalls, which are currently not being charged for use.

The unit mix consists of 12 one bedroom/one-bath units, that are approximately 695 SF, and 4 two bedroom/one-bath units, that are approximately 831 SF. The unit features include stove/range, refrigerator, dishwasher, woodburning fireplace, individual hot water tanks, electric baseboard heat, washer/dryers, and decks that were rebuilt in 2010-2012.

Sherwood Villa is well positioned for a new owner to performing interior renovations and raising rents to levels that are still well below what is being achieved by the larger complexes in the area. Furthermore, the property also offers operational value add by implementing a utility bill-back system and charging for the usage of the carport stalls. Once an investor has completed the items above, they will benefit from the opportunity to increase the Net Operating Income by an estimated 51.4%, achieving a pro forma cap of approximately 6.58%.

See listing agents for OM.

Space Details

Primary Use
Multi-Family
Investment
Yes
Vacancy Factor
5%
Real Estate Taxes
$17,820 in 2022
Annual Taxes
$17,820 in 2022

Unit Information

12 units
1 Bed/1 Bath
695 SF (Avg)
$1,262 $/Month (Avg)
4 units
2 Bed/1 Bath
831 SF (Avg)
$1,450 $/Month (Avg)

Property Highlights

Type
 Multi-Family  
 Pending
Size
2,768 SF, 0.54 Acres
Occupancy Type
Multi-tenant
Number of Buildings, Floors
2 , 2
Submarket
CBA Port of Tacoma/Fife

Contact

Kellan Moll

Marcus & Millichap, Inc.

Scott Morasch

Marcus & Millichap, Inc.

BROKER

Source: CBA

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