406 George StKent, WA 98031

Property Details for 406 George St

Year built

1965

Property size (Sq ft)

8,656 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Skylite Court, a prime multifamily investment opportunity, presents an exceptional 8-unit apartment building located at 406 E George St, Kent, WA 98031. This turnkey property, situated on a 14,300 sq ft corner lot, boasts 8,656 square feet of net rentable space, offering eight spacious two-bedroom units. Each unit features updated interiors including new kitchen countertops, updated bath vanities, LVP and carpeted flooring, and in-unit washer/dryer hookups. Residents enjoy the convenience of nine off-street parking spaces. Built in 1965, this two-story building is zoned MR-M and benefits from a highly walkable location (83 Walk Score), less than a 15-minute walk from Kent Station and approximately 20 miles south of Seattle. The property offers a compelling investment profile with an asking price of $1,935,000 ($241,875 per unit), a current NOI of $99,906 (5.16% cap rate), and a pro-forma NOI of $110,530 (5.71% pro-forma cap rate). Many units include additional features such as decks or patios, dishwashers, and ample closet space. The property's attractive mid-century modern aesthetic, combined with its strong financial performance and convenient location, makes it an ideal acquisition for a multifamily investor seeking a profitable, low-maintenance operation. This is the first time this property has been on the market in 20 years. The property's features include mostly dual-pane vinyl windows. All washer/dryer machines are currently resident-owned.

Location Insight

City

Kent

County

King

State

Washington

Latitude

47.3879

Longitude

-122.229

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