412 Meeker StKent, WA 98032

Property Details for 412 Meeker St

Year built

1958

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.19 AC

Property size (Sq ft)

8,376 SF

Zone code

DCE

Property type

Investment properties

Property subtype

Live-work space

APN

982570-0355

APU

9825700355

Description

This exceptional mixed-use property in vibrant Downtown Kent, WA offers a compelling investment opportunity. The 8,376 square foot building features three ground-floor retail spaces, all leased through 2026 and 2027 with extension options, and five upper-floor apartment units. Three of the apartments have been extensively renovated since 2021, boasting LVP flooring, updated kitchens and bathrooms, and fresh paint. The remaining two units present a value-add opportunity to increase rental income. Over $165,000 has already been invested in renovations. The building benefits from a 100% occupancy rate, generating a strong net operating income (NOI) of $124,792 and a 6.71% cap rate. The asking price is $1,850,000 ($221/sq ft and $185,000/unit). Ten parking spaces are available. Individual water shutoffs in each apartment unit simplify renovations. All apartment leases include 45-day termination clauses upon sale (buyer to verify). The property is zoned DCE and enjoys high visibility in a thriving downtown location. The potential to implement a utility billback system further enhances the income potential. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use asset with significant upside.

• CAP approach

  CAP return

  Valuation

  6%

  $2,266,566

  6.5%

  $2,092,215

  7%

  $1,942,771

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,246,141

  Geo Method

  $1,613,050

• Alternative Use

  Use

  Valuation

  Residential

  $2,594,346

  Hospitality

  $2,376,408

  Educational

  $1,977,143

  Medical

  $2,045,140

  Retail

  $3,075,556

Location Insight

City

Kent

County

King

State

Washington

Latitude

47.3813

Longitude

-122.237

CBSA code

42660

CBSA name

SEATTLE-TACOMA-BELLEVUE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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