31624 W Rutherford St - Apartments FOR SALE


Carnation, WA 98014
$1,375,000 USD
206-931-6036
31624 W Rutherford St, Carnation, WA for Sale
$1,375,000 USD
Apartments - FOR SALE
1/6
null | 5.48% Cap Rate

31624 W Rutherford St
Carnation, WA 98014


HIGHLIGHTS

  • Seller financing offered with ~35% down and interest-only payments during the first year
  • Current rents are approximately 40% below projected market rents following renovations, creating exceptional value-add potential
  • Situated on a 15,152 SF corner lot with R-24 zoning, the property offers future expansion or redevelopment potential

OVERVIEW

Rare opportunity to acquire a six-unit apartment building in Carnation. Seller financing offered with ~35% down and interest-only payments during the first year, allowing the new owner to maximize cash flow while renovating units, increasing rents, and stabilizing the property before principal payments begin. Situated on a 15,152 SF corner lot with R-24 zoning, the property offers future expansion or redevelopment potential (buyer to verify), adding long-term value beyond the existing improvements. Unit mix consists of (3) 2-bedroom and (3) 1-bedroom units. Long-term month-to-month tenants provide flexibility for future improvements and repositioning. Current rents are approximately 40% below projected market rents following renovations, creating exceptional value-add potential. Additional income is generated through the on-site common laundry, and current tenants reimburse the owner for utilities, helping offset operating expenses. Additional features include ample parking, a roof with substantial remaining useful life, and recently replaced upper decks. Ideally located in downtown Carnation, just minutes from Snoqualmie, with convenient access to SR 520, Microsoft, Redmond, and Bellevue. A compelling opportunity to acquire a value-add multifamily asset with flexible financing, strong upside, and long-term appreciation potential in one of King County's most supply-constrained rental markets.

FOR SALE DETAILS

PRICE

$1,375,000 USD

PRICE/SF

$349 USD /SF

# OF UNITS

6

PRICE/UNIT

$229,167

CAP RATE

5.48%

% LEASED

97%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Rutherford Manor

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.35 AC

LAND SF

15,159 SF

ZONING

R7.2, Carnation

APN/PARCEL ID

865830-2975

ASK ABOUT THIS PROPERTY

Charles BurnettSound Property Group / KW CommercialMore Info
206-931-6036

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Charles BurnettSound Property Group / KW CommercialMore Info
206-931-6036

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