6020 20th Street E

Multi-Family
Pending

6020 20th St E, FifeWA 98424

Property Details

Location

Address
6020 20th St E, FifeWA 98424
County
Pierce
Submarket
CBA Port of Tacoma/Fife
Parcels
0420072108

Building Size

Building Size
2,768 SF

Building Details

Type
 Multi-Family  
 Pending
Number of Buildings
2
Occupancy Type
Multi-tenant
Percent Occupied
100%
Building Class
Building Status
Existing
Floors
2
Year Built
1979
Sprinklers
Parking Ratio

Land & Utilities

Land (Acres)
0.54 Acres
Land (SF)
23,522 SF
Zoning
NEIGHBORHO
Lot Depth
Lot Width

Contacts

Current Listings

Sherwood Villa Apartments

$3,075,000
Cap Rate: 4.35%

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.

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.

View Details
View Details

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.

BROKER

Source: CBA

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