Courtesy: Kidder Mathews
360-705-2800
Brian Richardson
This Grand Terrace community fourplex features oversized 894 SF 2BR/1BA units with the kind of unit profile renters fight over. Each apartment includes in-unit washer/dryer, a dedicated single-car garage, and a storage locker. Location is a win being minutes to Hwy 16 & I-5, Tacoma Mall, and Village at Chambers Bay, plus walkable access to a major bus route and daily-need amenities. In-place rents average $1,725/mo with clear mark-to-market upside supported by nearby 2BR/1BA rent comps averaging $2,115. In-place 6.95% cap and 8.41% pro forma cap.
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University Place is located in Washington. University Place, Washington has a population of 34,565. University Place is more family-centric than the surrounding county with 35.06% of the households containing married families with children. The county average for households married with children is 32.93%.
The median household income in University Place, Washington is $84,673. The median household income for the surrounding county is $82,574 compared to the national median of $69,021. The median age of people living in University Place is 37.5 years.
The average high temperature in July is 77 degrees, with an average low temperature in January of 36.5 degrees. The average rainfall is approximately 41 inches per year, with 2.9 inches of snow per year.
