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416 W Meeker St
Kent, WA 98032

$1,850,000 USD

Apartments For Sale  •  8,376 SF

Property Details

  • Property Type Apartments
  • Total Building Size 8,376 SF
  • Lot Size 0.19 AC
  • Building Class C
  • Year Built 1958
  • Cap Rate 6.75 %
  • Zoning DCE
53 Transit Score
95 Walk Score

Highlights

Current 6.75% CAP rate
Over $165,000 spent on renovations since 2021
Value-add opportunity to renovate the remaining two apartment units and bring all rents to market levels
Opportunity to implement a utility billback system to increase monthly income
10 parking spaces
Highly visibly Downtown Kent location

Property Flyers

Financial Summary (Actual)

Net Operating Income: $124,793 USD (2023)
Cap Rate: 6.75 %
Total Expenses: $48,815 USD

Public Transportation

Commuter RailDriveWalkDistance
Kent Station (Sounder South Line - Central Puget Sound Regional Transit Authority Rail (Link Light Rail/Sounder)) 1 min 9 min 0.4 mi
Auburn Station (Sounder South Line - Central Puget Sound Regional Transit Authority Rail (Link Light Rail/Sounder)) 12 min - 6.4 mi
AirportDriveWalkDistance
Seattle-Tacoma International 18 min - 8.6 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 10
Type: Surface
Included in Rent: Yes
Ben Douglas 206-812-9101 Paragon Real Estate Advisors
Ben Douglas 206-812-9101 Paragon Real Estate Advisors