7409 Hill Ave
Gig Harbor,
WA $1,100,000
Extremely rare 4 plex with views of the bay and Marinas. 4 blocks to Harborview Drive for shopping, dining and waterfront access. Bottom units are daylight basement style. Top units have a separate entrance acting like ground floor access but with private decks and gorgeous views of the bay and marinas. Community laundry on main floor with heat and private locking storage rooms for each unit. Roof is 2 years old and building has been meticulously maintained. Rents are seriously under priced and all units are on month to month rental agreements. Foundation wall was professionally dug out and waterproofed to prevent moisture leakage. Refresh the kitchens and baths and you are set for outstanding rental returns with this one.
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Listing ID1865935
Sold For$1,100,000
StatusClosed
Sold Date12/21/2021
SqFt
3,300
Acres
0.230
CountyPierce
SubdivisionGig Harbor
Year Built1968
Property TypeResidential Income
Property Sub TypeMulti-Family
County
Pierce
Property Sub Type
Multi-Family
Property Type
Residential Income
Subdivision
Gig Harbor
Year Built
1968
Building Area Units
Square Feet
Flooring
Laminate, Carpet
Furnished
Unfurnished
Heating Cooling Type
Baseboard
Interior Features
Laminate Tile, Wall to Wall Carpet
Living Area Units
Square Feet
Stories Total
2
Carport Spaces
4
Elevation Units
Feet
Exterior Features
Brick, Wood Products
Foundation Details
Poured Concrete
Lot Features
Paved
Lot Size Square Feet
10000
Lot Size Units
Square Feet
MLS Lot Size Source
County Records
Number Of Units Total
4
Open Parking Spaces
4
Parking Total
8
Parking Uncovered Spaces
4
Roof
Flat
Sewer
Sewer Connected
Sewer Company
Gig Harbor
Structure Type
Quadruplex
Style Code
54 - 4-Plex
Units Below Grade
true
Units In Building Total
4
Utilities
Sewer Connected, Electricity Available
Water Company
Gig Harbor
Water Sewer Garbage
5196
Water Source
Public
Building Area Total
3300
Country
US
High School District
Peninsula
MLS Area Major
1 - Gig Harbor
View
Bay
Waterfront
no
Zoning Class
Residential
Zoning Jurisdiction
City
Amenities
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
Residential
Power Company
Peninsula
Power Production Type
Electric
Preliminary Title Ordered
yes
Property Condition
Very Good
Show Map Link
yes
Site Features
Deck, Fenced-Partially, Patio, Sprinkler System
Year Built Effective
1988
Buyer Financing
Conventional
Cap Rate
3.5
Electric Expense
456
Gross Adjusted Income
34822
Gross Rent Multiplier
21
Gross Scheduled Income
48420
Insurance Expense
1523
Leasable Area
3300
Leasable Area Units
Square Feet
Leased Items
None
Net Operating Income
34822
Possession
Closing, Tenant's Rights
Sale Type
MLS
Seller Disclosure
Provided
Special Listing Conditions
None
Tax Annual Amount
6423
Tax Year
2021
Total Expenses
13598
Total Monthly Income
4035
Vacancy Rate
25
Schedule a Showing - Listing ID 1865935
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Schedule a Showing - Listing ID 1865935
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