The Cliff Apartments 21833 7th Ave S 22 Unit Apartment Building $4,772,695 CAD ($216,941 CAD/Unit) 4.72% Cap Rate Des Moines, WA 98198

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Cliff Apartments; a 23-unit value-add apartment community in the desirable Des Moines Marina District. Built in 1962, the Cliff is located just blocks away from the waterfront and sits proudly on a large 45,800 square foot lot looking out over the Des Moines Creek Trail. Residents enjoy being able to retreat in a peaceful, forest-like setting while being just steps away from all the shops and services in the Marina District and close to major freeways and transit options.
The building is a three-story design with wood frame construction, a pitched composition shingle roof and a blend of brick and wood exterior siding offering resilience in the Northwest. The main, secure access entry is located on the east side of the property with unit balconies located on the west side of the property offering privacy away from the street and tranquil wooded views. The building is comprised of (6) studio, (8) one-bedroom and (9) two-bedroom units with a generous average size of 700 square feet. Livable and cool mid-century layouts with great natural light position the property well for a renovation strategy that enhances tenant appeal and drives income potential. Building features and amenity spaces include a convenient common laundry area on the lower level, large and secure tenant storage lockers and a small office suitable for a property manager or maintenance staff.
Priced at $3,450,000, or just $150,000 per unit, the Cliff Apartments present a compelling opportunity to acquire a quality asset offering significant upside in a desirable and thinly traded waterfront community. With continued investment and growth in Des Moines and rising tenant demand, this asset is well-positioned for both near-term gains and long-term appreciation.