Valley Commons 8340 Rainier Ave S Immeuble residentiel 27 lots 4 448 614 € (164 763 €/Lot) Seattle, WA 98118

Boasting a “Very Walkable” walk score of 81, Valley Commons is positioned in a convenient Rainier Beach location near a variety of community amenities. Several restaurants and multiple grocery markets are within a quarter mile of the property, while Rainier Beach Playfield and the Rainier Beach Community Center and pool are all within a 10-minute walk. Within a 15-minute walk are Be’er Sheva Park and Pritchard Island Beach, with their Lake Washington access, as well as the brand-new Rainier Beach High School. Boeing Field is just 11 minutes away by car. Rainier Beach Station, which serves as a stop for both local bus transit and the regional light rail line that transports riders to the Seattle Tacoma International Airport, the University of Washington, Downtown Seattle, and Lynnwood, is less than a mile away, or 6 minutes by bicycle. Interstate 5 is approximately a mile west of the property and provides residents of Valley Commons easy access to the rest of the Puget Sound region.
Valley Commons was constructed in 1962 and is comprised of 27 two-bedroom/one-bathroom apartments. The units feature dining areas, dishwashers, updated kitchens and baths, and dual-pane windows. The property also offers 35 parking spaces and an on-site laundry facility for tenant use.
Affordably priced at less than $250 per square foot and under $180,000 per unit, Valley Commons is an excellent option for a value-add purchaser. The potential exists to further update and/or add laundry and re-rent the units at pro forma levels, cure deferred maintenance and improve the curb appeal, and to stabilize expenses to achieve an all-in 7%+ cap rate. Further, given the likely income produced, a competent management company and site manager could efficiently and effectively operate the property on behalf of the new ownership.
Valley Commons, with its walkable Rainier Beach location, and potential for an above-market return, is an excellent investment opportunity.
Available for sale individually, or as a portfolio with 8630 Rainier Ave S and/or 10500 51st Ave S. All financials are market figures.