285 22Nd AveLongview, WA 98632

Property Details for 285 22Nd Ave

Year built

2023

Property size (Sq ft)

18,400 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of four newly constructed (2023) fourplex apartment buildings located in Longview, Washington. The property comprises 16 units, each a spacious three-bedroom, 1.5-bathroom townhouse-style apartment totaling 18,400 square feet on a 19,200 square foot lot. Currently operating at 100% occupancy since November 1, 2023, the property boasts a stabilized net operating income (NOI) of $272,317, yielding a 6.48% cap rate. A pro-forma NOI of $323,852 projects a 7.71% cap rate, indicating significant growth potential. The property is classified as Class B and features 16 parking spaces (one per unit). Each unit offers approximately 1,150 square feet of living space and is currently under the builder's warranty. The asking price is $4,200,000, translating to $262,500 per unit and $228.26 per square foot. The property is zoned R04 and sits on four individual parcels. The buildings are two stories each. This turnkey investment offers a compelling opportunity for passive income generation, with a strong tenant base including both market-rate and Section 8 tenants. The property is privately owned and is not subject to a ground lease. Further expansion is possible with the option to acquire one or two additional fourplexes currently under development. This presents a flexible exit strategy, allowing for the sale of the entire portfolio, individual fourplexes, or even conversion to townhome condominiums.

Location Insight

City

Longview

County

Cowlitz

State

Washington

Latitude

46.1229

Longitude

-122.957

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