Tucker Friday Harbor | 518 Tucker Ave
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Tucker Friday Harbor 518 Tucker Ave
12 Unit Block of Flats £2,797,259 (£233,105/Unit) 5% Net Initial Yield Friday Harbor, WA 98250
Investment Highlights
- Opportunity to acquire a turnkey community with consistent rental waitlist, 100% occupancy since construction, and zero delinquency
- Ability to boost income immediately by raising non-contract rents to market rate and implementing utility collections
- Proven need for rentals with skyrocketing single family home prices and just a few areas of land suitable for multifamily development remain on island
- Six leases are in the early stages of a 5-year contract with the government, achieving market rents with 3% annual increases
- Friday Harbor is a high-growth but predictable market with 34% of housing units occupied by renters
Executive Summary
Introducing a prime investment opportunity at 518 Tucker Avenue in Friday Harbor, WA - a 12-unit turnkey property exclusively offered by Berkadia Seattle. This property boasts a solid 5.0% current cap rate and presents an ideal chance to tap into the persistent rental demand in the area. With a market cap rate of 5.67%, this residential property offers a strong value proposition. Situated in a high-growth market with limited multifamily development opportunities, this community has maintained full occupancy since construction and presents a reliable rental income stream. Featuring a mix of one and two-bedroom units, this property offers a lucrative rental upside with the opportunity to optimize leasing strategies and capitalize on market rents. The location is just a stone's throw away from essential amenities and attractions, making it a sought-after rental destination. Don't miss out on this rare chance to invest in a turnkey property with immense growth potential in the thriving Friday Harbor market.
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Property Facts
| Price | £2,797,259 | Apartment Style | Garden |
| Price Per Unit | £233,105 | Lot Size | 0.80 AC |
| Sale Type | Investment | Building Size | 8,556 SF |
| Net Initial Yield | 5% | Average Occupancy | 100% |
| No. Units | 12 | Number of Floors | 1 |
| Property Type | Residential | Year Built | 2020 |
| Property Subtype | Apartment |
| Price | £2,797,259 |
| Price Per Unit | £233,105 |
| Sale Type | Investment |
| Net Initial Yield | 5% |
| No. Units | 12 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Lot Size | 0.80 AC |
| Building Size | 8,556 SF |
| Average Occupancy | 100% |
| Number of Floors | 1 |
| Year Built | 2020 |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 540 |
| 2+1 | 2 | - | 750 |
| 2+2 | 6 | - | 816 |
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PROPERTY TAXES
| Parcel Number | 351154-012-000 | Improvements Assessment | £841,251 |
| Land Assessment | £214,391 | Total Assessment | £1,055,642 |
PROPERTY TAXES
Parcel Number
351154-012-000
Land Assessment
£214,391
Improvements Assessment
£841,251
Total Assessment
£1,055,642
zoning
| Zoning Code | Residential (Residential Use) |
| Residential (Residential Use) |
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Tucker Friday Harbor | 518 Tucker Ave
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