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(253) 209-4200
Real Estate Company
500 Hillkress Street, Centralia, WA 98531
- $715,000
Listing Broker: Kidder Mathews; Brian Richardson; 206-276-6811; brianr@kiddermathews.com
- List Price
- $715,000
- Status
- ACTIVE
- MLS#
- 2591597
- Days on Market
- 4
- Style
- 54 - 4-Plex
- Annual Tax Ammount
- 5703
- Lot Size (sq ft)
- 5,227
- Sewer
- Sewer Connected
Property Description
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.
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Additional Information
- List Date
- 2026-10-06 20:33:14
- Community
- Edison
- Net Operating Income
- $53,619
- Gross Adjusted Income
- $73,619
- Gross Scheduled Income
- $72,504
- Total Monthly Income
- $6,570
- Insurance Expenses
- $4,600
- Water/Sewer/Garbage Expenses
- $9,800
- Gross Rent Multiplier
- 9.86
- Total Expenses
- $20,103
- Cap Rate
- 7.5
- Vacancy Rate
- 5
- Total Number of Units
- 4
- Unit Name
- 500
- Potential Terms
- Cash, Conventional, Owner Will Carry, VA Loan
- Year Built
- 1935
- Roof
- Flat
- Site Features
- Cable TV, Gas Available
- Energy Source
- Electric
- School District
- Centralia
- Total Monthly Income
- $6,570
- Gross Scheduled Income
- $72,504
- Vacancy Rate
- 5
- Gross Adjusted Income
- $73,619
- Tax Year
- 2026
- Insurance Expense
- $4,600
- W/S/G Expenses
- $9,800
- Total Expenses
- $20,103
- Net Operating Income
- $53,619
- Gross Rent Multiplier
- 9.86
- Cap Rate
- 7.5
Based on information submitted to the MLS GRID as of . 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.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.