Park Lane Apartments

1612 Park Ln, Yakima, WA 98902

  • For Sale $610,000
  • Property Type Multi-Family
  • Property Size 5,076 SF
  • Units 5
  • Lot Size 0.14 Acre
  • Additional Rent Contact for pricing
  • Year Built 1920
  • Date Updated Sep 3, 2024
West on Yakima Avenue, Right on 16th Ave, Left on Park Ln.THIS OFFERING is for the opportunity to purchase a high-quality apartment building in one of Yakima's most prominent mid-city submarkets within the Barge/Chestnut corridor. Located centrally, this property has dedicated off-street parking and provides easy access to Freeways, Parks, Yakima's CBD, and East/West Yakima's Retail Shopping Centers, Restaurants, and Amenities. This classic craftsman charmer has timeless architecture, mature landscaping, and large, bright, well-laid-out floor plans. All units include new appliances and have been renovated upon turnover. The property has separately metered gas, an updated electrical system with separately metered units, and most of the plumbing has been redone. Rents are approximately 22% below market rate, offering an investor an excellent opportunity to take advantage of a well-maintained, low-risk, established investment within a prime market area. Upside can be achieved by implementing a more aggressive management strategy, adding storage to the basement, and elevating rents to market rate.

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Highlights

  • Excellent location in the Barge/Chestnut submarket area of Central Yakima
  • All units have been updated with new flooring, paint and appliances within the last two years
  • The Building contains mostly newer plumbing and updated electrical throughout
  • Heightened cash flow/equity can be achieved by way of elevating rents to market rate and adding storage to the basement

Contacts

broker

Nick Mayer

Almon Commercial Real Estate

Location

Getting Around

  • Walk Score ®

    73/100 Very Walkable

  • Transit Score ®

    34/100 Some Transit

  • Bike Score ®

    52/100 Bikeable
Powered by Walk Score ®
  • City Yakima, WA
  • Neighborhood Yakima
  • Zip Code 98902
  • Market Tri Cities

Points of Interest

  • Safeway Fuel Station

    0.34 miles

  • Safeway Fuel Station

    0.77 miles

  • Safeway Fuel Station

    0.93 miles

  • Conoco

    1.29 miles

  • Conoco

    1.37 miles

  • Arco

    2.08 miles

  • Fred Meyer Fuel Center

    2.10 miles

  • Arco

    2.12 miles

  • Safeway Fuel Station

    2.35 miles

  • 76

    2.74 miles

  • Lot P

    0.62 miles

  • Lot A

    0.74 miles

  • Lot B

    0.75 miles

  • Lot C - Visitor Parking

    0.78 miles

  • Lot D - Admin Parking

    0.79 miles

  • Lot E

    0.80 miles

  • Lot F

    0.83 miles

  • Lot G - Faculty/Staff

    0.86 miles

  • Lot H - Student Parking

    0.89 miles

  • Lot O

    0.90 miles

  • Home2 Suites

    1.08 miles

  • Western Motel

    1.09 miles

  • Red Apple Motel

    1.29 miles

  • Econo Lodge

    1.30 miles

  • Bali Hai Motel

    1.38 miles

  • Yakima Valley Inn

    1.44 miles

  • The Hotel Maison

    1.47 miles

  • Hilton Garden Inn Yakima

    1.51 miles

  • Yakima Inn

    1.54 miles

  • Budget Inn Yakima

    1.55 miles

  • Cheese Junkies

    0.17 miles

  • Papa Murphy's

    0.19 miles

  • Ron's Tacos and Burgers

    0.41 miles

  • Major's

    0.41 miles

  • Museum Soda Fountain

    0.42 miles

  • Subway

    0.42 miles

  • McDonald's

    0.42 miles

  • Mercedes & Family

    0.51 miles

  • Taco Time

    0.62 miles

  • The Lariat

    0.65 miles

  • Roosevelt Elementary School

    0.08 miles

  • Saint Pauls Cathedral School

    0.27 miles

  • Franklin Middle School

    0.33 miles

  • McKinley Elementary School

    0.52 miles

  • A. C. Davis High School

    0.74 miles

  • Yakima Valley Community College - Main Campus

    0.80 miles

  • Garfield Elementary School

    0.88 miles

  • Robertson Elementary School

    0.88 miles

  • Yakima Valley Technical

    0.96 miles

  • Brookside Academy

    1.04 miles

  • KinderCare

    2.16 miles

Frequently Asked Questions

How much does Park Lane Apartments cost?

The space currently listed for sale at Park Lane Apartments asks for $610,000.

What is the total square footage of Park Lane Apartments?

Park Lane Apartments totals 5,076 square feet.

When was this property built?

Park Lane Apartments was built in 1920.

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Contact Listing Broker

broker

Nick Mayer

Almon Commercial Real Estate