SOLD // 1316 Cedar Ave, Marysville, WA

Hidden Firs Apartments

Sold for $2,637,500

Completed in 1985, Hidden Firs is a three-building and sixteen unit apartment complex in the fast-growing city of Marysville. Tenants enjoy a quiet community tucked off Cedar Avenue, and a majority of tenants choose to stay longer than 5 years. An incoming investor will find numerous major capital improvement projects already completed over the past ten years, including replaced roofs, new windows and sliding glass doors, a resurfaced and restriped parking lot, and new fencing.

Hidden Firs consists of six one-bedroom, one-bathroom units averaging ±520 square feet and ten two-bedroom, one-bathroom units averaging ±756 square feet.

Property Overview

ADDRESS

1316 Cedar Ave,

Marysville, WA 98270

RESIDENTIAL NRSF

±10,680

NEIGHBORHOOD

Pinewood

PARKING

25 Surface Spots

YEAR BUILT

1985

USE CODE

133 Multiple Family 16 - 20 Units

UNITS

16 Units

SITE AREA

± 46,174 SF (1.06 ACRES)

Executive Highlights

Value Add Opportunity

Ability to capture 25% rental upside through interior renovations
Long-term Development Potential

High Density Multiple-Family (R-28) supports 28 – 36 units/acre
Excellent Economic Drivers

Cascade Industrial Center poised to add 20,000 family-wage jobs
1985 Year of Construction

No major systems upgrades needed
Extensive Capex Completed

Roofs – 2016-2018
Windows & Sliding Doors – 2019
Parking Lot - 2021
Fences – 2023
Plentiful Parking

25 surface stalls