Roseburg, OR · Member since 2015 · 22 posts · 2 votes
Hello BP community,
I'm putting out some feelers in the Seattle area, wondering what opportunities exist within an hour of the city for apartments 12-16 units.
My goal is to invest in 1 apartment building per year, and I'm trying to zero in on a specific region where I could achieve that for approx. $400-$600,000/property.
Thoughts on this?
Top priority is to meet some great BP'ers here & learn as much as possible from people who know and love the area.
I have 3 properties that might fit your criteria. One is $349,900 for an 8 unit apartment complex in decent shape. Gross rents are $3,900. The 2nd is $375,000 for an 11 unit property that needs a lot of work. Gross rents are $5,445. Last is $575,997 for a tri-plex, built in 2007, in excellent shape in a good neighborhood. Gross rents are $3,330.
All located in Yakima where I manage over 600 units. Feel free to reach out to me if any are of interest.
Hi @Tim James! Can you tell us a little more about your short and long-term goals for the properties - i.e. immediate cash flow, appreciation, something you can apply the BRRR method to? Different neighborhoods can provide different opportunities...
Your purchase price and unit goals equal about a $33k per door deal. Not sure you will be able to find that one hour from Seattle. I think Seattle is a great are for MF investing though but you are probably looking at 100k + per door as a purchase price. Good luck!
I believe you should be able to achieve those kinds of numbers in Eastern WA, specifically the Yakima area, but it isn't something I've looked into too much myself. I know for sure that anything priced at $50k/unit within an hour of Seattle will have some kind of massive renovations/rehab needed to bring it into working order.
If you're not afraid of those caveats and can find some partners, I've seen a couple of ~30 unit complexes on the MLS with an initial ask around $1mm-$1.5mm. Might be worth checking out.
Tim, it's going to be very difficult to find anything like that within 1 mile radius of Seattle, especially in that unit count. If it's on the market for that price, your looking at some serious deferred maintenance.
I have 3 properties that might fit your criteria. One is $349,900 for an 8 unit apartment complex in decent shape. Gross rents are $3,900. The 2nd is $375,000 for an 11 unit property that needs a lot of work. Gross rents are $5,445. Last is $575,997 for a tri-plex, built in 2007, in excellent shape in a good neighborhood. Gross rents are $3,330.
All located in Yakima where I manage over 600 units. Feel free to reach out to me if any are of interest.
If you adjust your cost per unit, as Dan suggested, you can find some multifamily residential (triplex, fourplex) in Everett and Tacoma. And you may get better financing.
Yakima offers good values, Enrique is the guy to see there. I think Spokane has many good values but I have no good contacts there.
Your profile says you're from Roseburg. Have you considered investing closer to home? I have found several good values in the Willamette Valley (Eugene to Corvallis and Salem).
I would be glad to talk with you about any of those markets.
There are areas around 2 hours away from Seattle along the I-5 corridor that may yield properties that interest you. In between Seattle and Portland, and also to the west of that.
That's a bit low even for Spokane, but not impossible. On the positive side, Spokane is within a 1-hour plane radius of Seattle. Let me know if you are interested in the Spokane market.