406 George StKent, WA 98031

Property Details for 406 George St

Year built

1965

Property size (Sq ft)

8,656 SF

Property type

Apartment buildings

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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