FULL MARKETING PACKAGE IN SUPPLEMENTS. 500 Hillkress combines renovated apartments, a convenient Centralia location, and several avenues for income growth. The two-story building features brick veneer, four approximately 750-square-foot apartments, a basement, shared on-site laundry, off-street parking, and a separately rented garage. Improvements include a comprehensive 2016 remodel with updated kitchens and bathrooms, full electrical rewiring and new panels, approximately 98% new plumbing, a replacement membrane roof, thermal double-pane windows, and two gas water heaters installed in 2020. Residents benefit from a very walkable setting with access to downtown shops and dining, Centralia College, parks, and the Amtrak station, while nearby I-5 connects the property to regional employment centers. Healthcare, education, manufacturing, and distribution employers provide a broad potential renter base. An investor will benefit from opportunities from lease-timed rent increases, utility recovery, and additional use of basement or garage space, subject to city approval. Estimated to return 10.5% cash-on-cash under the Year 1 pro forma, giving investors a compelling reason to explore the financial analysis and income-growth strategy.
| MLS # | 2591597 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1935 |
| Days On Site | 23 |
| Listing Provided By | Kidder Mathews | Brian Richardson |
| SQ Feet | 3,827 |
|---|---|
| Garage | 1 |
| Story(s) | 2 |
| Units | 4 |
| Acreage | 0.12 |
| Property | 5703 |
|---|
| State | WA |
|---|---|
| County | Lewis |
| City | Centralia |
| Zip Code | 98531 |
| Area | 426 Centralia |
| Community Name | Edison |
| Listing VS Median (in Edison) | |
Price: $715,000 low | high Med: $495,000 sqft: 3,827 low | high Med: 1,996 $ / sqft: $187 low | high Med: $251 On site: 23 low | high Med: 129 | |
| State | WA |
|---|---|
| County | Lewis |
| City | Centralia |
| Zip Code | 98531 |
| Area | 426 Centralia |
| Community Name | Edison |
| Listing VS Median (in Edison) | |
Price: $715,000 low | high Med: $495,000 sqft: 3,827 low | high Med: 1,996 $ / sqft: $187 low | high Med: $251 On site: 23 low | high Med: 129 | |