This 11-unit building presents the opportunity to acquire an in-place 5.8% current cap rate with operational up-side to reach a 6.7% market cap rate. The Buyer will further have the opportunity to assume the existing loan with an approximate balance of $1,170,000 at a 5% interest rate fixed until January 2031. The Vashon Vue consists of four classic and four renovated 1-bedroom/1-bathroom units, each 620 square feet, along with three 2-bedroom/1-bathroom units, each 780 square feet. The renovated units feature LVP flooring, formica countertops, stainless steel appliances, and a tasteful vanity package for the bathrooms.
Des Moines is located in Washington. Des Moines, Washington has a population of 31,080. Des Moines is less family-centric than the surrounding county with 29.43% of the households containing married families with children. The county average for households married with children is 35.76%.
The median household income in Des Moines, Washington is $60,814. The median household income for the surrounding county is $83,571 compared to the national median of $57,652. The median age of people living in Des Moines is 40.5 years.
The average high temperature in July is 77.7 degrees, with an average low temperature in January of 36.3 degrees. The average rainfall is approximately 42.7 inches per year, with 6.8 inches of snow per year.