$1,348,200
Yakima, WA 98901
MLS# 22-550
Status: Closed
9987 sqft
1 / 23
Property Description
THIS OFFERING is for the opportunity to acquire the Hillcrest Arms, a well positioned 12-unit apartment complex with atypical amenities in a desirable Terrace Heights location. While currently underperforming by design (for ease of management purposes), the upside is easily accessible by simple administrative value add methods. Each unit is rented at significantly below market rents with month-to-month terms. The property has three freestanding buildings, including a 10-unit building, a studio apartment building, a detached 2 bed/1.5 bath building, plus includes atypical amenities such as a pool, some covered parking with secured storage rooms with each stall, large yard areas, a gazebo style exterior gathering area, a storage shed and a great view. Roofs need to be replaced and a retaining wall needs to be repaired, for which the seller will reasonably negotiate a credit against the purchase price.
Details
Maps
Documents
Contract Information
Seller Disclosure: Yes
Current Price: $1,348,200
MLS Service Begin Date: 2022-03-21
Status: Closed
Sold Price: $1,348,200
Sub Type: Apartment
General Property Description
# Units: 12
Gross Mo Income: 116424
Acreage M/L: 1.04
Garage Capacity: None
Realtor.COM Type: Multi-Family
Year Built: 1974
Total Apx SF: 9987
Location, Tax & Legal
Taxes: 11709
Tax Year: 2022
Spec Tax Designation: None
Parcel Number: 191315-13402
Area (with SubArea): 10 - Terrace Hts
House Number: 4507
Street Name: Hillcrest
Street Suffix: Dr
State/Province: WA
Zip Code: 98901
Remarks & Misc
Public Remarks: THIS OFFERING is for the opportunity to acquire the Hillcrest Arms, a well positioned 12-unit apartment complex with atypical amenities in a desirable Terrace Heights location.
While currently underperforming by design (for ease of management purposes), the upside is easily accessible by simple administrative value add methods. Each unit is rented at significantly below market rents with month-to-month terms.
The property has three freestanding buildings, including a 10-unit building, a studio apartment building, a detached 2 bed/1.5 bath building, plus includes atypical amenities such as a pool, some covered parking with secured storage rooms with each stall, large yard areas, a gazebo style exterior gathering area, a storage shed and a great view.
Roofs need to be replaced and a retaining wall needs to be repaired, for which the seller will reasonably negotiate a credit against the purchase price.
Directions: From Terrace Heights Dr, turn N on 41st St, then E on Hillcrest Dr.
Status Change Info
Financing: OTHER
Sold Date: 2022-04-13
Under Contract Date: 2022-04-01
Status Change Date: 2022-04-13
Sold Price: $1,348,200
Domestic Water
Public Water: 1
Heat
Electric: 1
Sewage System
Connected: 1
Zoning
R1 - Single Fam Res: 1
Roof
Built-Up: 1
Showing Instructions
Do Not Show: 1
Siding
Brick: 1
Wood: 1
Terms
Cash: 1
Property Features
Domestic Water: Public Water
Heat: Electric
Roof: Built-Up
Sewage System: Connected
Showing Instructions: Do Not Show
Siding: Brick; Wood
Terms: Cash
Zoning: R1 - Single Fam Res
Lead Paint 
Listing Office: Almon Commercial-Residential Real Estate
Last Updated: September - 05 - 2024
Property profiling information contained herein is believed to be accurate, but may contain approximations or estimates where appropriate. The information contained herein is not guaranteed. This information is provided for the sole use and benefit of those authorized to access Yakima Association of Realtors® ('YAR') Multiple Listing Service ('MLS') information, and may not be reproducerepresened to third parties as information produced, warranted, or represented by YAR or MLS to be guaranteed.