LEASABLE SQ FT
429 164th St SW, 16309 2nd Place W, 16221 North Rd., Lynnwood , WA 98087
Martha Lake Townhomes
Martha Lake Townhomes provides a proven, value-add opportunity in the Mill Creek area, one of the most attractive submarkets of the Puget Sound. Built in two phases in 2002 and 2004 as a long-term hold by the current owner, the property is comprised of 23 buildings across 5.25 acres totaling 79 units. The units are broken down into 74 two bedroom-two-and-a-half-bathroom townhouse units and five two bedroom-two-bathroom cottage-style units. The current ownership has proven the value-add upside by remodeling 20 of 79 units, leaving 75% of the property available for new ownership to add their own touch. Renovated units include painted cabinets, quartz counters, new laminated vinyl flooring, new electric and plumbing fixtures, and new stainless-steel appliances. The 59 classic units are first-generation, original interiors. The most recently renovated townhouse units are leasing between $2,600 to $2,700 for an average premium of $600 to $700 over the current average for unrenovated units. By completing the remaining renovations to classic units and charging premiums already achieved at the community, new ownership can increase rental income by more than $500,000 annually.
Managing Partner (Multi family)View Profile
Jason Konoview profile