Effective 11/1, NEW Cap Rate of 5.3%. Amazing opportunity to own this tenant-occupied 4-plex in University Place! Ideally located in the highly desired UP School District & walkable to shopping & transit. Each 3-bed, 1.75 bath unit has an identical layout & includes an open kitchen w/ eating space, separate dining area, spacious living room w/ fireplace, laundry area, a covered deck w/ storage, plus all appliances are included. Tenants love the unique layout that offers extra privacy via a separate hall to the master suite w/ attached bath. Outside find plenty of parking including 4 covered spots & large common area. Units have been fully occupied for 8 years, all tenants current & no vacancies. Rents increase to $2,030/month on 11/1/2021.
IDX Wrapper
3118 Morrison Rd WA-D
University Place,
WA $1,440,500
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Listing ID1789722
Sold For$1,440,500
StatusClosed
Sold Date2/03/2022
SqFt
4,704
Acres
0.380
CountyPierce
SubdivisionUniversity Place
Year Built1988
Property TypeResidential Income
Property Sub TypeMulti-Family
County
Pierce
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
University Place
Year Built
1988
Building Area Units
Square Feet
Flooring
Laminate, Vinyl, Carpet
Furnished
Unfurnished
Heating Cooling Type
Wall
Interior Features
Laminate, Wall to Wall Carpet
Living Area Units
Square Feet
Stories Total
2
Carport Spaces
4
Elevation Units
Feet
Exterior Features
Wood, Wood Products
Foundation Details
Poured Concrete
Lot Features
Paved
Lot Size Dimensions
101' x 164' x 99' x 164'
Lot Size Square Feet
16553
Lot Size Units
Square Feet
MLS Lot Size Source
Realist
Number Of Units Total
4
Open Parking Spaces
3
Parking Total
7
Parking Uncovered Spaces
3
Roof
Composition
Sewer
Sewer Connected
Sewer Company
Pierce County Sewer
Structure Type
Quadruplex
Style Code
54 - 4-Plex
Units Below Grade
false
Units In Building Total
4
Utilities
Cable Connected, Sewer Connected, Electricity Available, Wood
Water Company
TPU
Water Sewer Garbage
7720
Water Source
Public
Building Area Total
4704
Country
US
Elementary School
Buyer To Verify
High School
Buyer To Verify
High School District
University Place
Middle Or Junior School
Buyer To Verify
MLS Area Major
34 - University Place
View
Territorial
Waterfront
no
Zoning Class
Multi-Family
Amenities
See Remarks,Storage
Effective Year Built Source
Public Records
First Right Of Refusal
no
Mls Status
Sold
Offers
Seller intends to review offers upon receipt
Possible Use
Multi-Family
Power Company
TPU
Power Production Type
Electric, Wood
Preliminary Title Ordered
yes
Property Condition
Good
Show Map Link
yes
Site Features
Cable TV, Deck, Fenced-Partially
Year Built Effective
1992
Buyer Financing
Conventional
Cap Rate
5.3
Gross Adjusted Income
97440
Gross Rent Multiplier
15
Gross Scheduled Income
97440
Insurance Expense
1788
Leasable Area
4704
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
76712
Possession
Closing
Sale Type
MLS
Seller Disclosure
Provided
Special Listing Conditions
None
Tax Annual Amount
11220
Tax Year
2021
Total Expenses
20728
Total Monthly Income
8120
Based on information submitted to the MLS GRID as of Thursday, April 18th, 2024 03:53:09 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Data services provided by IDX Broker