Hudson Court provides an opportunity to acquire a fully renovated building in a growing developing community just blocks away from Pacific Lutheran University. At the asking price of $5,995,000, the underwriting poses an in-place 5.11% cap rate with a market cap rate of 5.68% on current asking rents. The average 1x1 is in-place at $1084, however most recent 1x1 have rented for $1225. The average 2x1 sits at $1280 with the most recent rent being $1395. This provides 10% rental upside on the proven most recent leasing activity. There is also the opportunity to further pursue the feasibility of adding laundry to the units. Adding laundry demonstrates possible upside of 25%-40% rental upside!
Current Location
