Renovated Multifamily Asset in
524 Terrace St Monroe, WA 98272
524 Terrace St, Monroe, WA, 98272
$6,210,000
For Sale
$6,210,000
High-quality, fully renovated multifamily property with immediate cash flow.
Property Size20,320 SF
Price / SF$305.61
Days on Market454
Property Features for 524 Terrace St
General Information
- Standard status
- Active
- Size
- 20,320 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1991
Listing Agency
COLLIERS INTERNATIONAL WA, LLC
Listed by
CHRISTOPHER HARDMAN
Source
Corcoran
Added: Apr 24, 2025 Updated: Jul 6 at 7:41 am Checked: Jul 20 at 3:48 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of COLLIERS INTERNATIONAL WA, LLC
Investment Insights
Based on property information with market context.
A fully renovated multifamily asset is available for sale in Monroe. The property is located in a high-demand commuter submarket. It was extensively upgraded in 2023-2024 with modern finishes and appliances. The property size is 20320 square feet. The property offers immediate cash flow and has zero deferred maintenance.
Key Highlights
- Fully renovated in 2023‑2024 with modern finishes and appliances.
- Immediate cash flow.
- Zero deferred maintenance.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $597.4k | $29.40 |
| − Vacancy | −$44.8k | −$2.21 |
| EGI | $552.6k | $27.20 |
| − OpEx | −$248.7k | −$12.24 |
| NOI | $303.9k | $14.96 |
20,320 SF · lease $29.40/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.34M
$3.80M – $5.07M
NOI $303,931 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.67M
$4.96M – $6.61M
NOI $396,683 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - High-quality, fully renovated multifamily property with immediate cash flow.
Where is this apartment building located?
The property is located at 524 Terrace St Monroe, WA.
What is the asking price?
The asking price for this property is $6,210,000.
What are key features of this property?
This property features: Fully renovated in 2023‑2024 with modern finishes and appliances.; Immediate cash flow.; Zero deferred maintenance.
