2102-2104 62nd Ave E
Fife, WA 98424
Fife Village Apartments · Immeuble residentiel Propriété À vendre · 16 Unités

Marcus & Millichap is pleased to exclusively present for sale Fife Village Apartments, a 16-unit multifamily community located in Fife, Washington. Constructed in 1984, the property consists of two two-story, wood-frame buildings situated on slab-on-grade foundations with T-1 11 siding and pitched composition roofing. The asset benefits from copper plumbing and largely copper electrical wiring, with nearly all interior unit electrical panels having been updated over time.
The property has been family-owned and operated for two generations, with ownership consistently maintaining the asset throughout its hold period. Recent capital improvements include the replacement of siding around the chimney stacks on both buildings. While select interior upgrades have been completed as units have turned, the majority of units remain in classic condition, providing a buyer with a clear opportunity to implement a comprehensive renovation program and materially increase rental income.
Fife Village Apartments presents a compelling value-add investment opportunity in today’s market. The property has been owned and operated by the same family for two generations and, while ownership has consistently maintained the asset, in-place rents remain well below current market levels due to a long-term tenant base. This dynamic provides an investor with immediate and clearly identifiable upside through unit repositioning.
Comprised of 75% two-bedroom units, the property is being offered at an attractive going-in basis of approximately $131,250 per unit, creating meaningful room to deploy additional capital through a targeted interior renovation program. Upon completion, renovated units are projected to achieve rents an average of $650 over current in-place levels. Additionally, the property currently has four vacant units, allowing a new owner to begin renovations immediately and accelerate rent growth relative to competing value-add opportunities.
Further upside is available through the implementation of a utility bill-back program and monetization of carport parking, both of which are currently unutilized. Once fully stabilized and all value-add initiatives are executed, a buyer has the opportunity to achieve a pro forma cap rate of approximately 10.61%, resulting in significant cash flow and substantial long-term equity creation.