22707 S 30th Ave - Apartments FOR SALE


Des Moines, WA 98198- Pacific Ridge
$1,100,000 USD
360-771-0010
22707 S 30th Ave, Des Moines, WA for Sale
$1,100,000 USD
Apartments - FOR SALE
1/17
null | 5.48% Cap Rate

22707 S 30th Ave
Des Moines, WA 98198
Pacific Ridge


HIGHLIGHTS

  • Located in Des Moines, a strong submarket of Seattle
  • Attractive basis under $190,000 per unit
  • Spacious units averaging 796 SqFt
  • Easy access to future Kent/Des Moines Light Rail -
  • Off street parking lot for tenants
  • Electrical panels upgraded

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$1,100,000 USD

PRICE/SF

$227 USD /SF

# OF UNITS

6

PRICE/UNIT

$183,333

CAP RATE

5.48%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

J & R Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,000 SF

ZONING

PR-C

APN/PARCEL ID

250060-0186

ASK ABOUT THIS PROPERTY

Tanner FogleParagon Real Estate AdvisorsMore Info
360-771-0010

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Tanner FogleParagon Real Estate AdvisorsMore Info
360-771-0010

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