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304 Barker 304 E Barker St 10 Unit Apartment Building $1,495,450 CAD ($149,545 CAD/Unit) 7.35% Cap Rate Medical Lake, WA 99022
Investment Highlights
- Ideal Repositioning Opportunity
- Located in Strong Rental Submarket
- Landlord-Friendly City
- Minutes from Major Employers
Executive Summary
Introducing 304 Barker, a prime investment opportunity with 10 units in the thriving Eastern Washington submarket, exclusively presented by Berkadia Seattle. This value-add property has been partially upgraded in recent years and offers significant potential in a rapidly growing area just 20 minutes from downtown Spokane. Featuring a mix of one- and two-bedroom units, each averaging 900 square feet and equipped with covered parking and on-site laundry facilities, this charming community is situated in the landlord-friendly city of Medical Lake. Located in a robust rental submarket expecting 1,245 net move-ins by year-end, this property is poised for success with a projected 3% rent growth through 2025. Boasting proximity to major employers such as Fairchild Air Force Base, Providence Health Care, and Amazon fulfillment centers, 304 Barker presents a lucrative opportunity for investors seeking a high-performing asset in a desirable location. Don't miss out on this potential gem in the Pacific Northwest!
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Property Facts Under Contract
| Price | $1,495,450 CAD | Building Class | C |
| Price Per Unit | $149,545 CAD | Lot Size | 0.30 AC |
| Sale Type | Investment | Building Size | 9,000 SF |
| Cap Rate | 7.35% | Average Occupancy | 80% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.11/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3 | ||
| Price | $1,495,450 CAD |
| Price Per Unit | $149,545 CAD |
| Sale Type | Investment |
| Cap Rate | 7.35% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 9,000 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.11/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Family Room
- Freezer
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 750 |
| 2+1 | 6 | - | 1,000 |
1 1
Somewhat walkable
30/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 14181.4106 | Improvements Assessment | $1,031,039 CAD |
| Land Assessment | $179,768 CAD | Total Assessment | $1,210,807 CAD |
Property Taxes
Parcel Number
14181.4106
Land Assessment
$179,768 CAD
Improvements Assessment
$1,031,039 CAD
Total Assessment
$1,210,807 CAD
Contacts
-
Chad Blenz -
Beau Krueger -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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304 Barker | 304 E Barker St
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