ON THE MARKET // 527 E First St Port Angeles, WA

Morning Glory

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On the Market

Price:

$1,600,000

The Morning Glory Apartments is a twelve-unit community located in Downtown Port Angeles. Originally built in 1953, significant improvements have been made on the property in order for it to perform as well as it does. Units have all been freshly renovated while preserving the historic charm of wood cabinetry and hardwood floors.

Morning Glory consists of nine one-bedroom, one-bathroom units averaging ±711 square feet, and two two-bedroom, one-bathroom units averaging ±988 square feet, and one three bedroom, one-bathroom unit of approximately 968 square feet. The apartment has two shared washers and two shared dryers. At a purchase price of $1,600,000, Morning Glory offers great value to a buyer at $133,333 per unit, $171 per foot, with solid operations. An incoming investor to undergo could come in and achieve over a 10% Cash-on-Cash return on day one.

Property Overview

 

ADDRESS

527 E First St,

Port Angeles, WA

 

RESIDENTIAL SF

± 9,340

NEIGHBORHOOD

Downtown

 

SITE AREA

7,000 SF (0.16 ACRES)

YEAR BUILT

1953 / 2022

 

ZONING

P-CA

UNITS

12 Units

 

ROOF

Composition

Executive Highlights

  • Strong Yield

    Currently being offered at a 7% cap rate

  • Excellent Location

    Centrally located in the heart of Port Angeles and walking distance from the waterfront

  • Quality Unit Finishes

    Units have been upgraded to the high-end of Port Angeles Standard making them an attractive place to live.

  • Great Local Occupancy Rate

    Port Angeles has one of the lowest vacancy rates in the state of Washington ~4%

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