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For Sale

 Princeton Heights Apartments

  • $2,850,000

Salient Details

  • Units 12
  • Suite Mix 11-2 Bedroom, 1-3 Bedroom
  • Lot Size 23,958 sf
  • Net Rentable sf 13,400 sf
  • Year Built 1993
  • Net Income $142,970
  • Cap Rate 5.02%

 Princeton Heights Apartments

A well-maintained, fully occupied 12-suite apartment building offering strong in-place cash flow, a stable tenant base, and significant mark-to-market rental upside in a low-management investment asset.
260 Turner Street - Brochure
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McEvay Blair Multifamily Group -  Princeton Heights Apartments - 260 Turner Street Hope 80

Investment Highlights

25% Projected Mark-to-Market Rental Upside on Current Rents. 30%-40% After Renovation Program
Long-term tenant retention has resulted in several suites renting below prevailing market levels. Upon turnover of the below market units, investors can achieve approximately 25% rental income growth with the units as is, or implement a renovation program to capture top-end market rents for maximum revenue potential.
Strong In-Place Cash Flow
Princeton Heights Apartments is fully occupied and benefits from a stable, long-term tenant base with no history of rental arrears. The Property provides predictable cash flow, with future upside through rental growth.
Low-Management Investment Opportunity
A live-in caretaker, third-party cleaning services, established maintenance procedures, and strong tenant relationships create a straightforward ownership opportunity with limited day-to-day management requirements.
Spacious, Highly Desirable Suites
All units benefit from sprawling floor plans and offer laundry hookups, gas fireplaces, dishwashers, and large covered balconies.
Well-Maintained Asset
Ownership has maintained the Property through consistent upgrade work and capital improvements. Current ownership has owned the property since it was built, reflecting longterm stewardship and continuity of management.
Flexible Storage & Ancillary Space
Three large storage rooms, including one tenant area and two owner-use spaces, provide valuable operational flexibility.

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Contact us

James Blair

Managing Director

Personal Real Estate Corporation

(604) 790 7089

James.Blair@marcusmillichap.com

Email James

Patrick McEvay

Managing Director

Personal Real Estate Corporation

(604) 789 0720

Patrick.McEvay@marcusmillichap.com

Email Patrick

Adam Herman

Director

Personal Real Estate Corporation

(604) 652 3016

Adam.Herman@marcusmillichap.com

Email Adam

Suvarna Sunil

Associate Director

(778) 772 5133
Sunil.Suvarna@marcusmillichap.com

Email Sunil

Patrick Ferrie

Associate

(250) 793 3498
Patrick.ferrie@marcusmillichap.com
Email Patrick