412-418 W Meeker St - Apartments FOR SALE


Kent, WA 98032- Downtown Kent
$1,725,000 USD
206-774-5436
412-418 W Meeker St, Kent, WA for Sale
$1,725,000 USD
Apartments - FOR SALE
1/17
null | 7.39% Cap Rate

412-418 W Meeker St
Kent, WA 98032
Downtown Kent


HIGHLIGHTS

  • Current 7.39% cap rate with upside
  • 100% occupied
  • Central Kent location close to transit

OVERVIEW

Fully occupied 7.39% cap rate + Value-add in downtown Kent location - Mixed-use building with 3 retail units and 5 apartments boasts strong in-place rents and ability to renovate remaining two apartment units. Renovated in 2021 including retail spaces. Aladin Bail Bonds anchors ground floor retail with 7 years remaining on lease and yearly 4% increases. Potential for owner-user in need of office or retail space. Apartment units are bright, spacious, and historically easy to rent. Coin-op laundry and 10 parking spaces in dedicated lot. Building includes renovated non-conforming studio (350SqFt) for additional upside.

FOR SALE DETAILS

PRICE

$1,725,000 USD

PRICE/SF

$206 USD /SF

# OF UNITS

8

PRICE/UNIT

$215,625

CAP RATE

7.39%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Melbourne Building

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,276 SF

ZONING

DCE

APN/PARCEL ID

982570-0355

ASK ABOUT THIS PROPERTY

Aaron LockeThe Foundation GroupMore Info
206-774-5436

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Aaron LockeThe Foundation GroupMore Info
206-774-5436

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