leased units at $10,296 rent
VALUE ADD OPPORTUNITY- This 49 unit complex consisting of 44 studios and 5 one bedroom units used to be a Travelodge that was converted to the current use. There is currently a master lease in place with Yakima Neighborhood Health for 24 units on an annual renewal term of $10,296 guaranteed rents. The other 25 units the Seller (Triumph Treatment Services) is willing to do a similar sale with an annual leaseback. 20-25% below market rents along with the potential to implement the RUBS programs for utility reimbursement all make this an attractive buy. Building is fully sprinkled (helps lower insurance costs), has two coin operated laundry rooms as well as a common area rec room and kitchen with a stove with a wet suppression system.
Building has had many upgrades done in the last 5 years including: New roof in 2015 and well as LVP flooring in all the units in 2015. 3 new metal staircases installed in 2017 parking lot fully redone with new pavement in 2016. All units have hvac window units that heat and cool. New private and secured mailboxes and brand new 100 gal furnace installed in 2020.