127 Kensington Ave S - Apartments FOR SALE


Kent, WA 98030- Scenic Hill
$2,650,000 USD
425-623-5616
127 Kensington Ave S, Kent, WA for Sale
$2,650,000 USD
Apartments - FOR SALE
1/23
null | 5.32% Cap Rate

127 Kensington Ave S
Kent, WA 98030
Scenic Hill


HIGHLIGHTS

  • Value Add Opportunity
  • Large, Functional Floor Plans
  • Ample Parking
  • Immediate Access to Public Transport
  • Excellent Proximity to Major Employers
  • Historically Stable Tenancy

OVERVIEW

Originally constructed in 1966, the Scenic Hill Apartments is a fifteen-unit apartment community located in the heart of Kent. Located at 127 Kensington Ave S, the property is just minutes from Kent Station’s restaurants, retail, transit, and lifestyle amenities, providing daily convenience and rental durability. The Scenic Hill Apartments consists of six one-bedroom units, eight two-bedroom units, and one three-bedroom unit, originally built in 1966. Units feature efficient layouts and functional floorplans, with strong potential for modernization through interior renovations. Additionally, the property features 17 on-site parking spaces and on-site laundry – both highly desirable amenities for tenants. At the current pricing, Scenic Hill provides an investor with a 5.32% in-place CAP rate, 8.89% cash-on-cash return, and a 16.77% IRR. With achievable rent increases of 16% through strategic interior upgrades, a buyer can further elevate returns and position the asset competitively alongside renovated neighboring properties.

FOR SALE DETAILS

PRICE

$2,650,000 USD

PRICE/SF

$270 USD /SF

# OF UNITS

15

PRICE/UNIT

$176,667

CAP RATE

5.32%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Scenic Hill Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1966

PARKING SPACES

17

LAND DETAILS

LAND ACRES

0.31 AC

LAND SF

13,617 SF

ZONING

NR-2

APN/PARCEL ID

192205-9191

ASK ABOUT THIS PROPERTY

Ryan DiniusWestlake Associates, Inc.More Info
425-623-5616

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Ryan DiniusWestlake Associates, Inc.More Info
425-623-5616

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.