Apartment Building with In-Unit
For Sale
$2,125,000
108 Kensington, Kent, WA 98030
Apartment building offering one- and two-bedroom units, each with in-unit washer and dryer.
Property Size8,628 SF
Price / SF$246.29
Days on Market200
Property Features for 108 Kensington
General Information
Standard status
Active
Size
8,628 SF
Property subtype
Multi-family
Building Details
Year Built
1986
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Tanner Fogle
(253) 564-6211
Source:
Century21northhomes
Added: Feb 18
Changed: Sep 4
Last Checked: Sep 5 at 8:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Paragon Real Estate Advisors
Investment Insights
Based on property information with market context.
108 Kensington S is an apartment building with a functional unit mix of one-bedroom and two-bedroom apartments. A key amenity is in-unit washer and dryer in every unit.
The property provides immediate access to State Routes 167 and 516, with connectivity to Interstate 5 and the greater Puget Sound region. Residents are also described as being near Kent Station, the Sounder Train Station, and the ShoWare Center, with additional nearby parks and recreational amenities.
For prospective tenants or buyers, the combination of in-unit laundry and a mix of one- and two-bedroom layouts supports everyday livability and flexibility within the property’s rental offerings.
The property provides immediate access to State Routes 167 and 516, with connectivity to Interstate 5 and the greater Puget Sound region. Residents are also described as being near Kent Station, the Sounder Train Station, and the ShoWare Center, with additional nearby parks and recreational amenities.
For prospective tenants or buyers, the combination of in-unit laundry and a mix of one- and two-bedroom layouts supports everyday livability and flexibility within the property’s rental offerings.
Key Highlights
- 1986‑built apartment building offering one- and two‑bedroom units
- In‑unit washer and dryer in every unit
- Functional unit mix includes one‑bedroom and two‑bedroom apartments
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$149,535
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,990,700
$3.0M
Cap Rate 7%
$2,136,214
$2.1M
Cap Rate 9%
$1,661,500
$1.7M
Market Conditions
NOI Build-Up for 8,628 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$286.8K $33.24/SF
− Vacancy
−$14.9K −$1.73/SF
EGI
$271.9K $31.51/SF
− OpEx
−$122.3K −$14.18/SF
NOI
$149.5K $17.33/SF
Area
Kent, WA
Vacancy
5.20%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,990,700
Cap Rate 7%
$2,136,214
Cap Rate 9%
$1,661,500
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,535 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,333 @ 7.0% cap · market cap 10.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
954
Businesses Nearby
Explore this area
Business Placement
Demographics for 98030, WA
38,933
Population
13,519
Households
2.9
Avg Household Size
35
Median Age
28%
College-Educated
86%
High-School Grad
7.2 sq mi
ZIP Area
5,407
Density / Sq Mi
$91,218
Median Household Income
$46,681
Median Earnings
$1,797
Median Rent
$540,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building offering one- and two-bedroom units, each with in-unit washer and dryer.
Where is this apartment building located?
The property is located at 108 Kensington Kent, WA.
What is the asking price?
The asking price for this property is $2,125,000.
What are key features of this property?
This property features: 1986‑built apartment building offering one- and two‑bedroom units; In‑unit washer and dryer in every unit; Functional unit mix includes one‑bedroom and two‑bedroom apartments
