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Listing provided courtesy of Mason Fiascone, The Paragon Group.
Source NWMLS.

415 N 2nd Ave, Pasco, WA 99301

9
beds
6
baths
6263
ft2
· 28000
ft2 lot

$860,000

$137 / ft2

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Value-add 13-unit in East Pasco. Amazing price per unit and proforma cap rate with a clear path to achieving market rents. This is a fantastic investment opportunity for any multifamily investor to create forced appreciation. Proforma rental rates come from neighboring properties, proving the ability to achieve market rent on this block. Property has been self-managed since 2008, creating an opportunity for immediate value with efficient and professional management. New management can reduce operating expenses, decrease vacancy from 25% to below 8%, and implement utility billback programs to capture immediate value.

HOA

$0/month

On market

3 months

Year built

1945

Property type

56 10+ Units,Multi Family

Parking

20

MLS

1809396

Price / Sq.Ft.

$137 / ft2

Status

Contingent

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Home details for 415 N 2nd Ave

Interior Features & Layout
Appliances
•   
Oven Unit 1
•   
Oven Unit 2
•   
Refrigerator Unit 1
•   
Refrigerator Unit 2
Heating & Cooling
•   
Heating Details: Wall
Flooring
•   
Flooring: Laminate Hardwood
Bedrooms Info
•   
Unit 6 Beds: 1
•   
Unit 5 Beds: 1
•   
Unit 4 Beds: 1
•   
Unit 3 Beds: 2
•   
Unit 2 Beds: 2
•   
Unit 1 Beds: 2
Bathrooms Info
•   
Unit 1 Baths: 1.00
•   
Unit 2 Baths: 1.00
•   
Unit 3 Baths: 1.00
•   
Unit 4 Baths: 1.00
•   
Unit 5 Baths: 1.00
•   
Unit 6 Baths: 1.00
Property, Lot, Community & Exterior Features
Community Info
•   
Total Units In Building: 13
•   
Vacancy Rate: 26
Lot Info
•   
Zoning: Multi-Family
•   
Lot Size Source: Public Records
•   
Zoning Type: City
Building Info
•   
Mls Prop Type: 56 - 10+ Units, Multi-Family
•   
Unit 6 Sqft: 475
•   
Unit 5 Sqft: 475
•   
Style: 56 - 10+ Units
•   
Unit 4 Sqft: 570
•   
Unit 3 Sqft: 700
•   
Roof: Composition
•   
Effective Year Built: 1945
•   
Unit 2 Sqft: 850
•   
Unit 1 Sqft: 680
•   
Number Stories: 1
•   
Year Built Source: PR
Exterior Features
•   
Building Exterior Details: See Remarks
Parking Info
•   
Uncovered Spaces: 20
Property Type
•   
Mls Property Type: Multi-Family
Property Features
•   
Unit 1 Details: 415-1
•   
Unit 2 Details: 415-2
•   
Unit 3 Details: 415-3
•   
Unit 4 Details: 415-4
•   
Unit 5 Details: 415-5
•   
Unit 6 Details: 415-6
Utilities & Other Information
Water & Sewer Info
•   
Water / Sewer / Garbage: 11652
•   
Water Source: Public
•   
Sewer Company: City of Pasco
•   
Sewer: Sewer Connected
•   
Water Company: City of Pasco
Utilities
•   
Power Company: Franklin PUD
•   
Energy Source: Electric
•   
Electric Expenses: 9940
Listing Details, Costs & Financing Information
Financial Info
•   
Insurance Expenses: 1192
•   
Other Expenses: 9223
•   
Gross Scheduled Income: 108780
•   
Operating Expense: 36638, 36638
Listing Details
•   
Form 17: Provided
•   
Sale Type: MLS
•   
Offers: RECEIPT
Terms
•   
Possession: Closing
•   
Terms: Conventional, Rehab Loan
Buyer's Agent Commission
•   
Buyer's Agent Commission: 2.5
Lease Info
•   
Net Operating Income: 42135
•   
Monthly Rent Unit 1: 857
•   
Monthly Rent: 9025
•   
Monthly Rent Unit 2: 900
•   
Gross Rent Multiplier: 8
•   
Monthly Rent Unit 3: 875
•   
Cap Rate: 4.90
•   
Monthly Rent Unit 5: 695
•   
Monthly Rent Unit 6: 695
•   
Gross Adjusted Income: 82023
Tax/Assessment Info
•   
Tax Year: 2020
•   
Taxes: 4631
•   
Apn: 112032345
Listing Info
•   
Status: Contingent
School Neighborhood & Directions
Location
•   
Directions: Head East on Lewis St, turn right on 2nd Ave, property is on your left

Neighborhood snapshot

7
Properties for sale
4
Median days on market
$197.41
Median sold price/sqft
108.41%
Sold/List %
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Property History for 415 N 2nd Ave

07/16/2021
07/16/2021
NWMLS #1809396
active
NWMLS #1809396
$860,000

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