Panorama Manor Apartments

Multi-Family

805 E 5th St, Port AngelesWA 98362

Property Details

Location

Address
805 E 5th St, Port AngelesWA 98362
County
Clallam
Submarket
CBA Clallam County
Parcels
063000017570
Cross Street
Francis

Building Size

Building Size
14,808 SF
Residential Space
14,808 SF
Rentable Space
14,808 SF

Building Details

Type
 Multi-Family
Number of Buildings
1
Number of Units
23
Occupancy Type
Number of Tenants
23
Percent Occupied
Building Class
Building Status
Existing
Floors
2
Elevators
1
Year Built
1963
Sprinklers
No
Uncovered Parking
7
Parking Ratio
Security System
No

Land & Utilities

Land (Acres)
0.32 Acres
Land (SF)
13,939 SF
Rail Service
No
Zoning
Lot Depth
Lot Width

Contacts

Current Listings

Property for Sale

$1,750,000
Cap Rate: 5.92%

The Panorama Manor Apartments is a 23-unit value add play located near downtown Port Angeles. The Panora-ma is offered for sale with an in-place 6% Cap Rate. The five most recent 1x1 units have been renting at $795 plus $40 in utility bill back, and the highest in-place 2x1 is priced at $995. The loss to lease on current rents amounts to a stabilized Cap Rate of 8.55%. Market surveys suggest that the market rents for partially remodeled 1x1 range between $895 and $950. We project a buyer would have to spend roughly $7,000 per interior turnover to achieve those rents. Furthermore, an investor affords the opportunity to beautify the exterior of the common ar-eas - including paint, landscaping, signage, foyer and window upgrades. Great renovation or conventional debt options are available. Tax iD #: 0630000175700000

The Panorama Manor Apartments is a 23-unit value add play located near downtown Port Angeles. The Panora-ma is offered for sale with an in-place 6% Cap Rate. The five most recent 1x1 units have been renting at $795 plus $40 in utility bill back, and the highest in-place 2x1 is priced at $995. The loss to lease on current rents amounts to a stabilized Cap Rate of 8.55%. Market surveys suggest that the market rents for partially remodeled 1x1 range between $895 and $950. We project a buyer would have to spend roughly $7,000 per interior turnover to achieve those rents. Furthermore, an investor affords the opportunity to beautify the exterior of the common ar-eas - including paint, landscaping, signage, foyer and window upgrades. Great renovation or conventional debt options are available. Tax iD #: 0630000175700000

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Commercial Location Score (CLS) is a scoring system developed by Moody's Analytics to help commercial real estate professionals gain a quick understanding of the major factors that affect the value of a location. It's designed as a means to consistently evaluate a location's suitability/desirability for a particular use based on a number of factors.

CBA

Source: Commercial Brokers Association (CBA)

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