For Sale
$5,400,000
702 5Th AveKent, WA 98032
- Added:
- Dec 11, 2024
- Days on market:
- 115
Highlights
- Value-add opportunity: 25-unit multifamily property offering potential for rent increases and the addition of a three-bedroom unit.
- Ideal unit mix: 25 townhome-style units averaging 966 sq ft, including one-, two-, and three-bedroom layouts; renovated units feature in-unit washer/dryer.
- Prime location: Less than one mile from Kent Station (Sounder Train service) and four miles from the planned Kent Des Moines Link light rail station.
- Proximity to major employers: Within four miles of Boeing and Blue Origin, with easy access to Highways 516 and 167.
- Strong submarket fundamentals: High projected apartment demand, a large blue-collar workforce, and rising single-family home prices support multifamily demand; 49% renter occupancy within a three-mile radius.
- 1.3% Seller's Offering Cap Rate.
Property Details for 702 5Th Ave
- Property type
- Apartment buildings
- Year Built
- 1966
- Buildings
- 4
- Stories
- 2
- Lot Size (sq. ft)
- 39,204 SF
- Units
- 25
Location Insight
- City
- Kent
- County
- King
- State
- Washington
- Latitude
- 47.375184083701
- Longitude
- -122.23865060031
702 5Th Ave, Kent, Washington
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