THE LIME
32-Unit Renovated Turnkey Investment Opportunity
in Richland, WA
Immediate 6.0%+ Returns with Exceptional Operating Performance
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Modern Updated Interior:

Majority of the units have been renovated to include luxury vinyl plank flooring throughout, modern lighting fixtures, updated plumbing fixtures, and new
kitchen cabinets.

Turnkey Asset with No Deferred Maintenance: 

The Lime features professional landscaping, new roofing, and a thoughtfully converted pool area that now serves as an attractive outdoor community space with artificial turf, seating areas, and ambient lighting.

Additional Upside Opportunity: 

Renovated storage facilities present immediate potential for additional revenue generation.

Exceptional Operating Performance: 

Near-zero delinquency rate with strong in-place cash flow generating a cap rate of 5.83%.

Modern Amenities: 

On-site laundry facilities feature upgraded app-based cashless payment systems for enhanced tenant convenience and improved cash flow management.

Distinctive Property Features: 

Spacious units with unique character including private outdoor spaces, large sliding glass doors, open-concept layouts, premium finishes, and decommissioned fireplaces that add distinctive ambiance to unit interiors, differentiating from typical rental stock.

Prime Richland Location:

Strategically situated in an established residential neighborhood with convenient access to schools, retail centers, and recreational facilities, appealing to
diverse tenant demographics including professionals and families.

Landlord Friendly Market:

Richland’s regulatory climate is favorable to apartment owners, with continued population and job growth in retail, education, and engineering sectors.

Tenant Demographics:

The Lime attracts a diverse tenant profile of young professionals, engineers, students, and families drawn to major employment centers, local schools, outdoor recreation, and pet-friendly living.

Portfolio Opportunity: 

The Lime is being offered individually or as part of a three-property portfolio including a land development site totaling 57 units priced at $9,300,000.

Unit Mix

Unit Type
Count 
Avg
Unit SF
Total SF
Current Rent
Market
Rent
Reno
Rent
Monthly Rent
Annual
Rent
Rent/SF
% of Total Units
1 Bed / 1 Bath
1
678
678
$997
$1,000
$1,200
$1,200 
$14,400
$1.77
3%
1 Bed / 1 Bath - Renovated
9
678
6,102
$1,036
$1,200
$1,200
$10,800
$129,600
$1.77
28%
2 Bed / 1 Bath - Renovated
20
814
16,272
$1,256
$1,350
$1,350
$27,000
$324,000
$1.66
62%
2 Bed / 1 Bath - Renovated
2
903
1,806
$1,230 
$1,250
$1,350
$2,700
$32,400
$1.50
6%
Total/Average
32
777
24,858
$1,184
$1,291
$1,303
$41,700
$500,400
$1.68

Property Overview

THE LIME

  • ADDRESS1327 Goethals Dr
  • CITY, STATE ZIPRichland, WA 99354
  • UNITS32
  • AVG. UNT SIZE777 SF
  • PRICE$5,550,000
  • YEAR BUILT1963
  • NRSF24,858 SF
  • MARKET CAP RATE6.16%
  • T-12 CAP RATE5.83%
  • RENOVATED PROFORMA CAP RATE6.20%
  • PARKING41
  • PARCEL102983020706022
  • LOT SIZE1.28 AC | 55,757 SF
  • ZONINGC-LB
  • COUNTYBenton

LOCATION

Contact us

Primary Contacts

Steven Chattin
Managing Director
425.269.3826
[email protected]

Beau Krueger
Associate Director
425.765.6780
[email protected]

INVESTMENT SALES

Mitchell Belcher
Managing Director
425.891.9594
[email protected]

Jay Timpani
Managing Director
206.999.3206
[email protected]

Chad Blenz
Senior Director
206.491.2008
[email protected]

Brandon Lawler
Senior Director
206.484.8114
[email protected]

mortgage banking

Robert Doxsee
Managing Director
425.777.0235
[email protected]

Michael Manolides
Senior Director
253.670.2143
[email protected]

Connor Lemley
Associate Director
206.455.1592
[email protected]

offices in bellevue & seattle

bellevue

411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
206.521.7220

seattle

601 Union Street
Suite 3720
Seattle, WA 98101
206.521.7220

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