Paragon Real Estate Advisors is pleased to present the J & R Apartments, a 6-unit multifamily investment located at 22707 30th Ave S in Des Moines, Washington. Just minutes from I-5, Pacific Highway, and the soon-to-open Kent-Des Moines Light Rail Station, the property is ideally positioned to benefit from growing transit infrastructure and continued renter demand across South King County.
Built in 1962, J & R Apartments features a desirable mix of large two-bedroom units, offering residents spacious living areas, full kitchens, and functional layouts. Several units have been updated over the past four years with refreshed flooring, kitchen upgrades, and appliance replacements. Others remain in more classic condition, creating a clear opportunity for value through continued interior renovations.
A key value-add component is the opportunity to implement a RUBS (Ratio Utility Billing System) to recover utility expenses and improve net operating income. Additionally, charging for storage use for onsite storage lockers presents another source of income growth. With current rents below market for similarly sized two-bedroom apartments in the area, new ownership can increase revenue by combining unit renovations with strategic implementation of RUBS and storage fees.
The property includes off-street parking, sits in a quiet residential setting, and is well-located near job centers, Sea-Tac Airport, Highline College, parks, and shopping. With larger-than-average unit sizes, strong commuter appeal, and multiple paths to income enhancement, J & R Apartments offers a compelling opportunity to acquire a well-maintained asset with both operational upside and long-term value in a high-demand submarket.