Colony House Apartments 1500 N Glen Dr Immeuble residentiel 17 lots 1 486 276 € (87 428 €/Lot) Taux de capitalisation 5,37 % Ellensburg, WA 98926

Marcus & Millichap is pleased to exclusively present for sale the Colony House Apartments, a 17-unit complex, located in Ellensburg, Washington. The Property consists of 16 one-bedroom/one-bathroom units approximately 535 square feet each and one studio approximately 400 square feet. The apartments were built in 1967 on a total lot size of .25 acres.
Amenities include A/C, dishwashers, coin-operated laundry room, and off-street parking. The property has been well kept with upgrades including windows replaced, most of the cabinets refinished, and the majority of the units have updated LVP flooring. One-bedroom units are in high demand in Ellensburg with students’ preferences shifting to living alone. The Property is conveniently located across the street from Central Washington University which further appeals to tenants. Ellensburg is located an hour and a half east of Seattle and two and a half hours west of Spokane directly off I-90.
The Colony House Apartments is an ideal opportunity for an investor looking for an exquisitely located property with significant rental upside in Ellensburg. Comparable properties in the immediate area are achieving rental rates roughly $200 higher on one-bedroom units. An investor could achieve a 7% cash-on-cash return upon moving rents to market. Priced at $100,000 per unit, it is being offered well below replacement cost and for the first time on the market in 20 years. The property benefits from a convenient location adjacent to campus and highly desirable one-bedroom units. These attributes keep the Colony House Apartments in consistent high demand.