429 1St AveAlgona, WA 98001

Property Details for 429 1St Ave

Year built

1981

Property size (Sq ft)

3,008 SF

Property type

Apartment buildings

Description

This exceptional value-add multifamily investment property, located at 429 1st Ave N in Algona, WA, presents a compelling opportunity. The 1981-built, two-story apartment building comprises four units, each boasting two bedrooms and one bathroom. With a total square footage of 3,008, the property sits on a sizable 12,720 square foot lot, offering ample parking. Currently operating at 100% occupancy, generating a NOI of $43,573 and a 3.63% cap rate, this property offers a strong return on investment. The asking price is $1,200,000, or $300,000 per unit. Units feature updated carpeting, appliances, and vinyl windows and flooring in most units. Washer/dryer hookups and large deck areas are included in each unit. The property's convenient location near Boeing and easy access to I-167 further enhance its appeal. This well-maintained building presents a solid foundation for future growth and increased profitability. The property is classified as a Class C multifamily investment, offering significant potential for value enhancement. Its location in King County, WA, zip code 98001, provides access to a thriving market. This is a fully rented property with a strong history of occupancy. The large lot size provides additional development potential.

Location Insight

City

Algona

County

King

State

Washington

Latitude

47.2791

Longitude

-122.247

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