Sumner Park Apartments 5303 Parker Rd E Immeuble residentiel 16 lots 3 044 272 € (190 267 €/Lot) Taux de capitalisation 6,05 % Sumner, WA 98390

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Blake Investment Advisors is pleased to announce the exclusive listing of Sumner Park. Sumner Park offers investors a prime opportunity to capitalize on the Sumner sub-market's robust rental market, projected to experience steady growth in 2025 and beyond, with minimal capital expenditure required. This 12,680-square-foot, 16-unit multifamily property is newly renovated, ensuring low immediate maintenance costs and strong tenant appeal. With an average market rent in Sumner of $1,841 as of May 2025, reflecting a 23.8% increase since 2020, the property is well-positioned to deliver consistent cash flow and long-term appreciation. Sumner’s rental demand is driven by a constrained supply of new multifamily units and strong economic fundamentals. A national slowdown in apartment development, triggered by high interest rates and construction costs, has reduced Sumner's construction pipeline to zero, with no new current apartment construction projects to speak of. This supply constraint, combined with Pierce County’s population growth and job market strength, creates a favorable environment for rent increases. Pierce County has seen steady population growth over the past decade, with an unemployment rate of 4.5% supported by expansion in high-wage sectors such as healthcare, technology, and logistics near the Port of Tacoma. The property’s proximity to the Sumner Station offers commuter rail and transit access, enhancing its attractiveness to renters, further boosting occupancy and rental income potential. This property is poised to benefit from Pierce County’s ongoing economic vitality and limited new construction, offering a low-risk, high-reward investment opportunity. There are natural pre-existing locations to add a ventless washer and dryer in each unit. A ventless washer and dryer requires only a 120-volt electrical connection and takes up exactly half the space of a stacked or full-size washer and dryer. The cost to install said ventless washers and dryers is budgeted at $5,000 per unit for 14 of the 16 apartments. Two of the apartments were not renovated and to bring the finish quality of these two units up to the standard of the rest of the property, it is proposed that a budget of $35,000 per unit be implemented to add the washers and dryers and level up the finish quality to garner the market rents. These improvements will deliver market operations yielding $100,203 cash flow annually for an 8.08% cash on cash return, with an end-of-year 5 levered yield of 20.85%. The suggested improvements will allow the property to be more competitive at the leasing table with a complete and modern amenity package.