855 4Th AveKent, WA 98032

Property Details for 855 4Th Ave

Year built

1986

Lot size

1.20 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 13-unit apartment building, located at 855 4th Ave N, Kent, WA 98032, presents a compelling value-add investment opportunity. The property, built in 1986 and renovated in 2005, boasts 14,200 square feet of net rentable space situated on a 1.2-acre lot. All 13 units are two-bedroom, two-bathroom apartments, each averaging over 1,000 square feet and featuring modern amenities including in-unit washer/dryer, private balconies, and dedicated garage parking (12 spaces total). Currently operating at 100% occupancy (as of October 1, 2024), the property offers significant rental upside due to below-market rents. The property's strong pro-forma NOI of $208,231 translates to a 6.48% pro-forma cap rate on the $3,055,000 asking price. Its strategic location near Kent Station and the future Kent-Des Moines Link Light Rail Station, coupled with proximity to Kent Valley's thriving industrial market, ensures strong tenant demand and future appreciation. The property is zoned MR-G and features stainless steel appliances and vinyl plank flooring in nearly all units. This well-maintained, owner-operated building presents a turnkey investment with substantial potential for increased returns. The King County Assessor's Parcel Numbers are 132204-9231 and 132204-9176.

Location Insight

City

Kent

County

King

State

Washington

Latitude

47.39

Longitude

-122.239

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