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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702 5Th Ave
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