Property Description

Suncrest Apartments presents a rare opportunity to acquire a 45-unit apartment community in the highly desired Walla Walla market. Located at 1800 Evergreen Street, the property sits on 1.72 acres across 6 buildings and features an attractive unit mix with 39 two-bedroom units, 4 one-bedroom units, 1 studio, and 1 four-bedroom unit. The property has been well maintained and includes 64 parking stalls, owned coin-operated laundry, air conditioning in all units, and a parking lot repaved in 2025. Offered for the first time in 44 years, Suncrest provides strong in-place cash flow with meaningful value-add upside through continued rent growth, interior renovations, and exterior/common-area improvements. Current operations reflect a 6.42% in-place cap rate, with projected upside to a 6.80% market cap rate and 9.31% renovated cap rate. The property is centrally located near Whitman College, Walla Walla Community College, Downtown Walla Walla, Eastgate Shopping Center, Pioneer Park, Providence Hospital, and the Walla Walla Regional Airport. Suncrest is one of the few apartment communities of scale available in Eastern Washington, offering investors a well-located asset with stable operations, a favorable unit mix, and a clear path to increased income through modernization and rent repositioning.