Originally constructed in 1976, The Centennial West Apartments is a sixty-two unit apartment community located in the heart of Walla Walla.  Just blocks from Whitman College and the bustling downtown, tenants have much desire to rent at the property. Walla Walla is a wonderful small town known for their production of wine. It has become one of the most coveted newer wine markets in the world.  With the cost of homes in the area doubling the last 5 years (average home value close to $500,000) , the affordability factor of the city caters to renters, as the barrier to entry to afford a home has become too great for the demographic.  With the thriving industry and stable nature of the universities and hospital systems, an incoming investor can rest assured knowing that the demand for tenants will remain strong.  

The Centennial West Apartments consist of mostly studios and one-bedroom homes.  On average, units at the property are ±483-square feet, which allows for light turnover costs and quick renting, given the affordability factor is much greater with small units.  With the ability for an incoming investor to attain north of a 7% cap rate on their investment, Centennial West offers an investor a compelling case to own in a stable, insulated market.  Larger cities in the region like Portland, Spokane, Tacoma, and Seattle see large swings of population growth due to heavy-tech jobs that drive their markets.  The issue can become the advent of remote work.  With the university, hospitals, and farming being the main drivers of industry, they rely on in-person jobs creating a shelter for long-term tenants with a stable and growing population.  Not to mention, ownership has done a wonderful interior and exterior renovation to the property, achieving the proforma rents with ease. This offering presents an excellent opportunity to purchase a multifamily building with strong appeal while being able to take advantage of significant rental upside.

At a purchase price of $7,500,000, the Centennial West Apartments offers an advantageous price per pound metric of $120,968/unit. An incoming investor can thus justify spending time to raise rents on lease trade-outs and operate the property with peace of mind.