237 Leavenworth RdLeavenworth, WA 98826

This exceptional investment opportunity presents a 23-unit apartment building located at 237 Leavenworth Street, Leavenworth, WA 98826. The property, a four-story building constructed in 1922 and renovated in 2020, boasts 11,960 square feet of net rentable space situated on a 3,781 square foot lot. Currently operating at 87% occupancy, the building generates a Net Operating Income (NOI) of $244,387, representing a 6.52% cap rate. Pro-forma projections indicate a NOI of $297,949 and a 7.95% cap rate, showcasing significant value-add potential. The property features 23 studio units, each individually metered for gas and electric. The building is equipped with two new commercial-grade water heaters and offers additional basement storage space. The roof, a flat tar and gravel, was installed within the last ten years. The property is zoned RC4 and is offered as a fee-simple ownership. The asking price is $3,750,000, translating to $163,043.48 per unit. This represents a rare opportunity to acquire a well-maintained, highly-occupied multifamily asset with substantial upside potential in a desirable location.