1001 4Th Ave, Kennewick, WA 99336
155 Unit Apartment Building | $9,000,000 ($58,065/Unit) | 7.35% Cap Rate | Kennewick, WA 99336
For Sale
Active
Asking Price $9,000,000
- Property Type
-
Multifamily
- Square Feet
- 119,176 SF
Listing Contacts
Mason Fiascone
Property Overview
155-unit Low Income Housing Tax Credit asset ideally located in Kennewick, WA.
Originally built in 1985, Meadow Park was placed into the LIHTC program after substantial renovation in 2008 and consists of 1-bed and 3-bed units at 30-60% AMI limits, which average to 42% AMI.
Originally built in 1985, Meadow Park was placed into the LIHTC program after substantial renovation in 2008 and consists of 1-bed and 3-bed units at 30-60% AMI limits, which average to 42% AMI.
Property Details
- Class
- C
- Year Built/Renovated
- 1976/2008
- Stories
- 2
- Lot Size (sq. ft)
- 214,315 SF
- Units
- 155
Highlights
- Close to local schools, shopping, major employers, and situated along Benton Franklin Transit’s Bus Route 42, which runs through Kennewick every 30 mi
- With 100% of the units dedicated to Affordable Housing, and through a partnership with Hearthstone Housing Foundation, the property realizes significa
- The property has a long track record of high occupancy and quickly eliminates loss-to-lease each year when AMI increases are released.
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