Overview

Kidder Mathews is pleased to present Brandon Place apartments for sale. A 28-unit opportunity, Brandon Place holds spacious 3-bedroom units, heavy value-add potential, and a extremely centralized Maple Valley location.

Built in 2009, this trophy property is being offered to investors for the first time in 9 years. Comprised of 28 1300sf 3-bedroom 2-bedroom units, Brandon Place offers rental upside of approximately 28+ percent. Resting on just over 2.4 acres, this low-density community has five residential buildings, separated garages units, in-unit washer/dryers, community BBQ area and playground. The uniquely sized buildings allow for effective professional management as well as a transit-oriented location – conveniently located near major highways, local amenities and a rapid growing Maple Valley community.

Brandon Place interiors are ripe for renovation – all units hold carpet flooring throughout common areas, black appliances, and laminate counter tops. Potential to increase rents $600+ through interior renovation package. With zero units renovated, Brandon Place offers the opportunity to capitalize on positive leasing trends, continued rent growth, stabilized cash-flow and proposed renovation plan.

LISTING DETAILS

Price Market pricing
Bid Date Reviewing upon receipt with final review date TBD
Terms Loan assumption or conventional financing

OFFER REQUIREMENTS

The purchaser of Brandon Place is responsible for presenting seller with proposed terms and conditions for transfer of ownership. All offers must be submitted to listing brokers and must include the following terms and information:

  • Purchase Price
  • Earnest money deposits, including nonrefundable portion and timing of deposits
  • Timing for due diligence and post-diligence closing period
  • Source of funds for acquisitions

PROPERTY SUMMARY

Address 24331 228th Ave SE, Maple Valley
APN 212206-9091
Number of Units 28
Unit Finishes Newer construction/original finishes
Number of Garages 28
Land Size 105,180 SF / 2.42 AC
Approx NRSF 36,400 SF
Average Unit Size 1,300 SF
Foundation Slab on grade
Roof Composition shingle
Plumbing PVC
Electrical Copper

INVESTMENT HIGHLIGHTS

  • TWENTY EIGHT apartment homes in desirable Maple Valley location
  • ATTRACTIVE LOAN ASSUMPTION at 3.94% interest 7 years remaining
  • HEAVY VALUE-ADD over $600 rental upside per unit through interior upgrade package
  • CONDO QUALITY HOMES Brandon Place was originally designed as condo complex
  • CLASSIC units are seeing rent increases up to 16% on turns
  • 2009 BUILT Two story garden style low unit density community
  • SPACIOUS 3-BEDROOM 2-BATHROOM averaging 1300 SF holding original interiors
  • COMMUNITY AMENITIES include personal garages, a picnic area and play area for children
  • TRANSIT ORIENTED COMMUNITY excellent proximity to highway 18 allowing easy access to all major employees and retail
Kitchen
Bathroom
Living Room
Bedroom
Dining
Laundry

Renovated units are projected to achieve rent premiums up to 28% over in-place rents

CURRENT APARTMENT HOME FINISHES

  • Original cabinets
  • Laminate countertops
  • Black appliances
  • Carpet flooring - living and bedrooms

RECOMMENDED APARTMENT HOMES UPGRADES

  • All new shaker cabinets two-tone
  • Stainless steel appliances with glass stove tops
  • New hard surface quartz counter-tops
  • Updated bathroom fixtures
  • New carpeting in bedrooms
  • New LVT flooring throughout living areas

Location

Maple Valley is one of the fastest growing market areas in Washington State. From 2000 - 2010 the City grew nearly 63% - the 17th fastest growing city in the State during that period.

The population according to the 2020 US Census is 28, 013, with a estimated trade area population of 65,000-94,000. The City currently ranks #41 out of 281 municipalities in the State for population.

A high percentage of residents are college educated, approximately 75% of adults have post-secondary education. In addition, the median income in Maple Valley is $117,706 (2020 US Census) per household. High household earnings and comparatively low cost of housing provide Maple Valley residents, on average, with more disposable income.

Within easy driving distance from Maple Valley, higher education opportunities are found at Green River Community College, Renton Technical College, and the University of Washington, to name a few.

Maple Valley is a thriving and growing community that embraces education and community and the opportunities that they bring.

22,663

MAPLE VALLEY POPULATION (2010)

28,013

MAPLE VALLEY POPULATION (2020)

24.6%

PERCENT INCREASE

Due Diligence

Please register to gain access to the due diligence documents. If you have already registered, you may log in here.

Register