WAVEVIEW HOMES

16-UNIT 3-BEDROOM

2023 TOWNHOMES

EXECUTIVE SUMMARY

Jonathan Nicoli of ZEPTORE Commercial Real Estate

HAS BEEN SELECTED TO EXCLUSIVELY MARKET FOR SALE SIXTEEN (16) UNITS OF NEWLY-BUILT TOWNHOMES IN THE RESIDENTIAL AREA JUST OUTSIDE THE DOWNTOWN RETAIL AREA OF LONGVIEW, WASHINGTON

This portfolio of four (4) fourplex buildings were completed in 2023 and still under the builder's warranty. Available as an option are two (2) more fourplex buildings under development for a potential portfolio with a total of twenty-four (24) three-bedroom dwellings.

The properties are fully occupied with waiting list of prospective tenants that have applied at the asking rent prices. The submarket vacancy rates for three-bedroom units have been between 1% & 2.5% in he last couple of years.

This investment property is stabilized and in turnkey condition with building warraties in force, property management in place, and flexibility in acquiring more area buildings or disposition as fourplexes or as townhouses.

285 22ND AVENUE LONGVIEW WA 98632

 

Subject Property nestled & blends well with the surrounding residential neighborhood homes.

PROPERTY HIGHLIGHTS

Location is quick access to both downtown area retail amenities, nearby feeder Hwy 432 to Interstate 5 (I-5) leading to Vancouver WA & Hwy 433 to cross the Columbia River into the Oregon state side that leads to Astoria.

Brand new construction buildings still under builder warranty through most of 2024. Also features sprinkler systems.

The units are nestled within a neighborhood of residential houses and a steet away from each other. Buildings 257, 259 & 263 20th Ave are built in contiguous yet separate lots. 285 22nd Ave blends well with neighboring houses.

In the event of future disposition, flexibility to be positioned as portfolio sale or fourplexes may be sold individually, even at different times.

If a larger portfolio is desired, there are 4-8 additional units one street over that may be available within a few months.

Asking Price​: $4,400,000​

Rentable Building Area​: 18,400 SF total

1st Floor: 1,344 SF

2nd Floor: 1,268 SF

Price per SF​: $239

Lot Size​: 19,200 SF | 0.44 Acres​

Year Built​: 2023

Vehicle Parking:​ 16 Spaces​

Parcel Numbers: 04246, 04205, 04204, 042040100 Cowlitz County

Zoning: R04

FINANCIAL HIGHLIGHTS

Stabilized full occupancy with direct rental comps of at least $1,850 per month. Tenant applications on waiting list for $1,950 per month.

Property and design is Section 8 approved for $1,850 rent subsidized in 2023 and future increases based on Area Median Income (AMI) calculations. Most units already rented out at market rates prior to approval.

Long-term lease: 285 22nd Ave is leased for five (5) years to a medical provider contracted by the City of Longview to provide care to clients dealing with a disability by live-in caregivers. The contracted rent is 23% more than market rates. The buildings at 257, 259 & 263 20th Ave are leased directly to individual tenants.

Potential savings of approx. 24,000 per year with the installation of smart/submetering solutions that enable a third-party to measure water/sewer use and bill the tenants.

Property management is in place to make it turnkey and suitable for a passive investment.

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from zeptoRE LLC & Century 21 Real Estate Center (“Brokers”) and should not be made available to any other persons or entity without the written consent of zeptoRE LLC. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. The Brokers have not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, the Brokers have not verified, and will not verify, any of the information contained herein, nor has the Brokers conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.  ​

NON-ENDORSEMENT NOTICE

zeptoRE LLC & Century 21 Real Estate Center is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of zeptoRE LLC, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of the Brokers and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.​

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. ZeptoRE LLC & Century 21 Real Estate Center had not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. zeptoRE LLC’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. zeptoRE LLC and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

By accepting this Offering Memorandum, you agree to release zeptoRE LLC & Century 21 Real Estate Center and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.