Morning Glory Apartments — Sale in Port Angeles, WA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Port Angeles, WA 98362

Investment Figures

Cap rate
7.28%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

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 $1,600,000, Morning Glory offers great value to a buyer at $133,333 per unit, $171 per foot, with solid operations. An incoming investor to undergo could come in and achieve over a 10% Cash-on-Cash return on day one. Investment Highlights: • Excellent Location - Centrally located in the heart of Port Angeles and walking distance from the waterfront • Great Local Occupancy Rates - Port Angeles has one of the lowest vacancy rates in the state of Washington ~4% • Strong Yield - Currently being offered at a 7% cap rate

Market Context

This multifamily in Port Angeles, WA is listed for sale. It is offered at an approximate 7.3% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 100 days. Compare it against other multifamily listings for sale in Port Angeles, WA — view the full market.

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