Under Contract: Prosser 13-Unit
Kinney Way Apartments | 1210 S Kinney Way, Prosser, WA 99350
You will have a difficult time finding a better cash flow deal in Eastern Washington in today’s market! This opportunity features under-market rents of $261 per unit per month. Market rent has been proven in recently leased Unit C of $1,025 without any additional upgrades to the exterior or interiors.
This sale also includes a development opportunity on a vacant lot and the manufactured home lot, totaling 0.367 acres which would allow for 7 units under current Prosser zoning: Residential, High Density.
Day 1 Cashflow
- Day 1 estimated 7.1% cash-on-cash return
- Consistently full apartments in the past 8 years
- Supply constrained market with strong employment fundamentals and recent growth
- Flexible financing either as 4 residential loans or 1 commercial loan for all parcels and buildings
- Increase rents +$216 average to market rent
- Proven market rent in 1210-C of $1,025
- 7-unit development opportunity on the vacant lot
- Minimal CapEx to achieve market rents
- Beautiful property amenities with green space, ample parking, and scenic view of rolling hillside
- Prosser features growing agricultural employment and Benton County jobs