For Sale
$1,995,000

22805 30 Ave Des Moines, WA 98198

11-Unit Apartment Building, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
137
This Des Moines, WA multifamily investment presents a compelling opportunity. The 11-unit, two-story apartment building, built in 1968 and renovated in 2001, boasts 7,300 square feet of net rentable space situated on a 16,810 square foot lot. The property features a mix of unit sizes: four classic and four renovated one-bedroom/one-bathroom units (620 sq ft each), and three two-bedroom/one-bathroom units (780 sq ft each). Renovated units include LVP flooring, formica countertops, stainless steel appliances, and updated bathroom vanities. The building offers 13 parking spaces and is zoned PR-C. Currently achieving a 5.84% cap rate with a NOI of $116,498, pro-forma projections indicate a 6.67% cap rate and a NOI of $133,026, showcasing significant upside potential. The asking price is $1,995,000 ($181,364 per unit and $273.29 per square foot). An existing loan with an approximate balance of $1,170,000 at a 5% interest rate (fixed until January 2031) is assumable. This value-add opportunity is located at 22805 30th Ave S, Des Moines, WA 98198.

Highlights

  • 11-unit multifamily property in Des Moines, WA.
  • 7,300 square feet on a 16,810 square foot lot, built in 1968, renovated in 2001.
  • Unit mix: four one-bedroom/one-bathroom, four renovated one-bedroom/one-bathroom, and three two-bedroom/one-bathroom units.
  • 13 parking spaces, PR-C zoning.
  • Current 5.84% cap rate, $116,498 NOI; pro-forma 6.67% cap rate, $133,026 NOI.
  • Asking price: $1,995,000 ($181,364 per unit, $273.29 per square foot).

Property Details for 22805 30 Ave

Property type
Apartment buildings
Square Feet
7,300 SF
Class
C
Year Built/Renovated
1968/2001
Buildings
1
Stories
2
Units
11

Location Insight

City
Des Moines
County
King
State
Washington
Latitude
47.3975572
Longitude
-122.2945893

FAQs

What type of property is this?
Apartment building - 11-Unit Apartment Building, Value-Add Opportunity
Where is the apartment building located?
The property is located at 22805 30 Ave Des Moines, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 11-unit multifamily property in Des Moines, WA.; 7,300 square feet on a 16,810 square foot lot, built in 1968, renovated in 2001.; Unit mix: four one-bedroom/one-bathroom, four renovated one-bedroom/one-bathroom, and three two-bedroom/one-bathroom units.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
22805 30 Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message