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110 W Yakima Ave 16 Units • Selah, Washington

For More Information Please Contact

Erich Bubbel206.774.5426 erich@tfgre.com

Isaac Chamberlin206.774.5422 isaac@tfgre.com

2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com

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02Investment Overview

04 Submarket Information

06 Financial Summary

08 Sales Comparables

10 Photo Gallery

12 Regional Information

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Investment OverviewThe Foundation Group is pleased to exclusively offer for sale the

Colonial House Apartments, a 16 unit apartment house in Selah, WA.

This property provides an opportunity to purchase a unique fully

stabilized and exquisitely maintained asset in a tight market which will

continue to appreciate for years to come.

Originally built in 1966, the Colonial House is wood-frame construc-

tion, with a poured concrete foundation. Colonial House is comprised

of one 3bed/1 bath unit, 10 2bed/1 bath units and 5 1bed/1bath units.

The 16 units line an open courtyard, each with their own separate

entrance.

The building has copper plumbing, single plane aluminum windows,

and a pitched composite shingle roof with a majority of lifespan

remaining.

For ease of access there are two on-site laundry rooms on the North

and South side of the building. Each laundry room is equipped with

a coin operated Washer and Dryer Set. Each apartment unit has their

own storage locker, 8 per laundry room.

Selah and the Wenas Valley increasingly serve as a ‘bedroom community’ of the larger city of Yakima to the South

Price $1,550,000

Units 16

Price Per Unit $96,875

Rentable Sq.Ft. 12,200

Price Per Sq.Ft. $127

Current Cap Rate 6.21%

Market Cap Rate 6.68%

Year Built 1966

Parking 18 off street

Land SF 33,799

Zoning R3

Construction Type Wood Frame

Quick Facts

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Selah Area Description

Also known as the ‘Apple Juice Capital of the World’, Selah, WA was

incorporated in March of 1919, and lies just North of Yakima across

Highway 82.

Selah is a quaint and charming city with a small and vibrant popula-

tion. According to the census bureau, Selah’s population is 7,100.

Due to its central location, excellent climate and the proximity of

recreational and other opportunities nearby, Selah has a great deal of

attraction as a place to visit and enjoy.

In mid 2010, a tourism plan was designed to promote opportunities in

the surrounding area. The plan highlighted the three strong markets

Selah has. The markets include Agricultural, Outdoor Recreation, and

Sports Tourism.

Selah is home to 6 nationally known fruit companies including the world-famous Tree Top Juice. Agriculture in Selah also includes

lavender and wine.

On a driver through Selah, an observer will notice careful attention to

detail across the spectrum of housing structures, retail amenities, and

public works.

“As the Yakima Valley’s viticulture has matured over the last three decades, our winemakers are some of the most respected in the Northwest”

VIEW OF SELAH

SELAH SHOPS

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Unit Type Units Approx Sq Ft

Current Rent

Current / Sq Ft

Market Rent

Market / Sqft

3 Bed / 1Bath 1 1,200 $1,200 $1.00 $1,200 $1.00

2 Bed / 1 Bath 10 800 $850 $1.06 $925 $1.16

1 Bed / 1 Bath 5 600 $708 $1.18 $765 $1.28

Average 12,200 $1.09 $1.17

Total 16 $13,240 $14,275

Other Income

Laundry (Proforma) $200 $200

Total $13,440 $14,475

Property Notes & Assumptions

• Leases are a mix of year long and month-to-month

• Parking area large enough for tandum parking

Scheduled Income

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Current Market

Gross Scheduled Income $161,280 $173,700

Vacancy ($4,838) 3% ($5,211) 3%

Gross Operating Income $156,442 $168,489

Expenses

Property Taxes - 2020 $11,000 $15,000

Insurance $7,320 $7,320

Utilities $14,249 $14,249

Maint. / Repairs (Proforma) $13,000 $13,000

Landscaping (Proforma) $1,200 $1,200

Pro Management (6%) $9,386 $10,109

Reserves ($250/u) $4,000 $4,000

Total Expenses $60,155 37% $64,878 37%

Net Operating Income $96,286 $103,611

Financials

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Property Address # Units Sale Date Year Built Sale Price Price/Unit Price/SF

13 S 9th Ave 8 8/23/19 1963 $725,000 $90,625 $131

3910 Meadow Ln 5 12/9/19 1966 $453,609 $90,721 $168

202 S 9th Ave 16 12/12/19 1935 $1,349,000 $84,312 $185

Averages $88,553 $161

Colonial House 16 1966 $1,550,000 $96,875 $127

13 S 9th Ave

Sales Comparables

3910 Meadow Ln 202 S 9th Ave

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Sales Comparables

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3910 Meadow Ln 2

13 S 9th Ave

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202 S 9th Ave

Yakima

Selah

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Colonial House

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The information included in this document has been obtained from

sources we believe to be reliable. While we do not doubt its accuracy,

we have not verified it and cannot make any guarantee, warranty or

representation about it. It is your responsibility to independently confirm

its accuracy and completeness. Any projections, opinions, assumptions,

or estimates used are for example only and may not accurately represent

the current or future performance of the property. The value of any

proposed transaction to you depends on tax and other factors which

should be evaluated by your tax, financial and legal advisors. You and

your advisors should conduct a careful, independent investigation of the

property to determine to your satisfaction the suitability of the property

for your needs.

For More Information Please Contact

Erich Bubbel206.774.5426 erich@tfgre.com

Isaac Chamberlin206.774.5422 erich@tfgre.com

2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com