For Sale
$1,935,000

406 George StKent, WA 98031

8-Unit Apartment Building, Downtown Kent

Overview

Added:
Dec 11, 2024
Days on market:
117
Skylite Court, a prime multifamily investment opportunity, presents an exceptional 8-unit apartment building located at 406 E George St, Kent, WA 98031. This turnkey property, situated on a 14,300 sq ft corner lot, boasts 8,656 square feet of net rentable space, offering eight spacious two-bedroom units. Each unit features updated interiors including new kitchen countertops, updated bath vanities, LVP and carpeted flooring, and in-unit washer/dryer hookups. Residents enjoy the convenience of nine off-street parking spaces. Built in 1965, this two-story building is zoned MR-M and benefits from a highly walkable location (83 Walk Score), less than a 15-minute walk from Kent Station and approximately 20 miles south of Seattle. The property offers a compelling investment profile with an asking price of $1,935,000 ($241,875 per unit), a current NOI of $99,906 (5.16% cap rate), and a pro-forma NOI of $110,530 (5.71% pro-forma cap rate). Many units include additional features such as decks or patios, dishwashers, and ample closet space. The property's attractive mid-century modern aesthetic, combined with its strong financial performance and convenient location, makes it an ideal acquisition for a multifamily investor seeking a profitable, low-maintenance operation. This is the first time this property has been on the market in 20 years. The property's features include mostly dual-pane vinyl windows. All washer/dryer machines are currently resident-owned.

Highlights

  • 8-unit multifamily property in Kent, WA, on a 14,300 sq ft corner lot.
  • Turnkey condition with renovated interiors, including new countertops, updated vanities, and LVP/carpet flooring.
  • Nine off-street parking spaces.
  • Attractive mid-century modern aesthetic.
  • Washer/dryer hookups (appliances resident-owned).
  • Many units feature decks/patios, dishwashers, and ample closet space.

Property Details for 406 George St

Property type
Apartment buildings
Square Feet
8,656 SF
Year Built
1965
Buildings
1
Stories
2
Units
8

Location Insight

City
Kent
County
King
State
Washington
Latitude
47.387891053023
Longitude
-122.22948894276
406 George St, Kent, Washington

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406 George St
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