Active · Residential Income

500 Hillkress Street , Centralia, WA 98531

Centralia, WA 98531

$715,000

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Kidder Mathews · MLS #2591597 · Active

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About this property

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.

Property details

Property type: Multi Family
Year built: 1935
Lot size: 5,227 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $5,703 (2026)
Parking spaces: 3
School district: Centralia

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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