For Sale
$1,850,000

412 Meeker StKent, WA 98032

8-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional mixed-use property in vibrant Downtown Kent, WA offers a compelling investment opportunity. The 8,376 square foot building features three ground-floor retail spaces, all leased through 2026 and 2027 with extension options, and five upper-floor apartment units. Three of the apartments have been extensively renovated since 2021, boasting LVP flooring, updated kitchens and bathrooms, and fresh paint. The remaining two units present a value-add opportunity to increase rental income. Over $165,000 has already been invested in renovations. The building benefits from a 100% occupancy rate, generating a strong net operating income (NOI) of $124,792 and a 6.71% cap rate. The asking price is $1,850,000 ($221/sq ft and $185,000/unit). Ten parking spaces are available. Individual water shutoffs in each apartment unit simplify renovations. All apartment leases include 45-day termination clauses upon sale (buyer to verify). The property is zoned DCE and enjoys high visibility in a thriving downtown location. The potential to implement a utility billback system further enhances the income potential. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use asset with significant upside.

Highlights

  • $1,850,000 asking price for an 8-unit apartment building in Downtown Kent, WA.
  • 6.71% cap rate with a $124,792 NOI.
  • 8,376 square feet on a 2-story building, 100% occupied.
  • $221 per square foot and $185,000 per unit.
  • Significant recent renovations (75% completed), with value-add potential for remaining units.

Property Details for 412 Meeker St

Property type
Retail properties, Office properties
Square Feet
8,376 SF
Buildings
1
Stories
2
Units
8

Location Insight

City
Kent
County
King
State
Washington
Latitude
47.3814453
Longitude
-122.2365451
412 Meeker St, Kent, Washington

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412 Meeker St
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