My husband and I came across this unique opportunity to own 80 residential units cooperative in Washington State in Pierce County.
There are two parcels with a total of 80 residential units. The cooperative takes care of all property-related expenses, including property taxes and insurance. The net revenue, NOI if you will, in the form of the ground lease paid to the land and building owner at $82,000 in 2020. The income is adjusted upward through CPI through 2064 & 2067 year.
The ground lease is long term and expires in 2064 and 2067. This is an incredibly safe investment.
According to the Pierce County Assessors website, the taxed value of the asset is $6.6M.
I am short of $450,000. Will entertain all offers and possible short-term or long-term partnerships.
Please reach out to Nicole at 206-678-5322
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