285 22Nd Ave Longview, WA 98632

This exceptional investment opportunity presents a portfolio of four newly constructed (2023) fourplex apartment buildings located in Longview, Washington. The property comprises 16 units, each a spacious three-bedroom, 1.5-bathroom townhouse-style apartment totaling 18,400 square feet on a 19,200 square foot lot. Currently operating at 100% occupancy since November 1, 2023, the property boasts a stabilized net operating income (NOI) of $272,317, yielding a 6.48% cap rate. A pro-forma NOI of $323,852 projects a 7.71% cap rate, indicating significant growth potential. The property is classified as Class B and features 16 parking spaces (one per unit). Each unit offers approximately 1,150 square feet of living space and is currently under the builder's warranty. The asking price is $4,200,000, translating to $262,500 per unit and $228.26 per square foot. The property is zoned R04 and sits on four individual parcels. The buildings are two stories each. This turnkey investment offers a compelling opportunity for passive income generation, with a strong tenant base including both market-rate and Section 8 tenants. The property is privately owned and is not subject to a ground lease. Further expansion is possible with the option to acquire one or two additional fourplexes currently under development. This presents a flexible exit strategy, allowing for the sale of the entire portfolio, individual fourplexes, or even conversion to townhome condominiums.