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527 E 1st St
Port Angeles, WA 98362
Multifamily Property For Sale
·
12 Units
Executive Summary
The Morning Apartments is a twelve-unit community located in Downtown Port Angeles. Originally built in 1953, significant improvements have been made on the property in order for it to perform as well as it does. Units have all been freshly renovated while preserving the historic charm of wood cabinetry and hardwood floors.
Morning Glory consists of nine one-bedroom, one-bathroom units averaging 711 square feet, and two two-bedroom, one-bathroom units averaging 988 square feet, and one three-bedroom, one-bathroom unit of approximately 968 square feet. The apartment has two shared washers and two shared dryers. At a purchase price of $1,525,000, Morning Glory offers great value to a buyer at $127,083 per unit, $163 per foot, with solid operations. An incoming investor to undergo could come in and achieve over a 13% total return on day one.
Morning Glory consists of nine one-bedroom, one-bathroom units averaging 711 square feet, and two two-bedroom, one-bathroom units averaging 988 square feet, and one three-bedroom, one-bathroom unit of approximately 968 square feet. The apartment has two shared washers and two shared dryers. At a purchase price of $1,525,000, Morning Glory offers great value to a buyer at $127,083 per unit, $163 per foot, with solid operations. An incoming investor to undergo could come in and achieve over a 13% total return on day one.
Property Facts
| Price Per Unit | $176,720 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 7.38% | Building Size | 10,456 SF |
| No. Units | 12 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 0.29/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | P-CA | ||
| Price Per Unit | $176,720 CAD |
| Sale Type | Investment |
| Cap Rate | 7.38% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 10,456 SF |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 0.29/1,000 SF |
| Zoning | P-CA |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | 474 - 875 |
| 2+1 | 2 | - | 900 - 1,075 |
| 3+1 | 1 | - | 968 |
Property Taxes
| Parcel Number | 61458 | Improvements Assessment | $428,172 CAD |
| Land Assessment | $116,021 CAD | Total Assessment | $544,193 CAD |
Property Taxes
Parcel Number
61458
Land Assessment
$116,021 CAD
Improvements Assessment
$428,172 CAD
Total Assessment
$544,193 CAD
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