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Vashon Vue Apartments Opportunity

22805 30th Ave S, Des Moines, WA 98198

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For Sale

$1,725,000

11-unit apartment building with in-place 6.5% cap rate.

Property size:

7,300 SF

Price / SF:

$236/SF

HighLights

Opportunity to assume existing loan with ~$1,155,000 balance at 5% interest fixed until January 2031.
In‑place 6.5% current cap rate with operational upside to reach 6.8% proforma cap rate.
Mix of unit types: four classic and four renovated 1‑bedroom/1‑bathroom units (620 sq ft), plus two classic and one renovated 2‑bedroom/1‑bathroom units (780 sq ft).
Renovated units feature LVP flooring, formica countertops, stainless steel appliances, and updated bathroom vanities.
Eleven‑unit apartment building.
Built in 1968.

We can help!

Listing Contact

BRIAN PLATT

For Sale

$1,725,000

11-unit apartment building with in-place 6.5% cap rate.

Property size:

7,300 SF

Price / SF:

$236/SF

Added:: May 9, 2025
Days on Market:: 410
Last Refresh:: Mar 16 at 9:08 am

Property Features for 22805 30th Ave S

General Information

Standard status: Active
Size: 7,300 SF

Building Details

Year Built: 1968

We can help!

Listing Contact

BRIAN PLATT

Listing agent BRIAN PLATT

Listing office PARAGON REAL ESTATE ADVISORS

Listing date May 9, 2025

Source Corcoran

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

HighLights

Opportunity to assume existing loan with ~$1,155,000 balance at 5% interest fixed until January 2031.
In‑place 6.5% current cap rate with operational upside to reach 6.8% proforma cap rate.
Mix of unit types: four classic and four renovated 1‑bedroom/1‑bathroom units (620 sq ft), plus two classic and one renovated 2‑bedroom/1‑bathroom units (780 sq ft).
Renovated units feature LVP flooring, formica countertops, stainless steel appliances, and updated bathroom vanities.
Eleven‑unit apartment building.
Built in 1968.

Overview

The Vashon Vue Apartments, an 11-unit building, offers the opportunity to acquire an in-place 6.5% current cap rate with operational upside to reach a 6.8% proforma cap rate. The property includes the opportunity to assume the existing loan with an approximate balance of $1,155,000 at a 5% interest rate fixed until January 2031. The Vashon Vue consists of four classic and four renovated 1-bedroom/1-bathroom units, each 620 square feet, along with two classic and one renovated 2-bedroom/1-bathroom units, each 780 square feet. The renovated units feature LVP flooring, formica countertops, stainless steel appliances, and a tasteful vanity package for the bathrooms. The location of the Vashon Vue offers proximity to several well-r.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$232.1k	$31.80
− Vacancy	−$8.1k	−$1.11
EGI	$224.0k	$30.69
− OpEx	−$100.8k	−$13.81
NOI	$123.2k	$16.88

7,300 SF · lease $31.80/SF/yr · vacancy 3.50% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.76M

$1.54M – $2.05M (±1% cap)

NOI $123,208 @ 7.0% cap · market cap 7.14%

Second Best

—

no second resolved use

Theoretical Best

Office A

$2.20M

$1.92M – $2.56M (±1% cap)

NOI $153,736 @ 7.0% cap · market cap 8.91%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

Suggested Use

Location Insight

Map
Local Demand

City: Des Moines
County: King
State: Washington
Longitude: -122.295
Latitude: 47.3976

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For sale
Apartment buildings
WA
Seattle
98198
22805 30th Ave S

What type of property is this?

Apartment building - 11-unit apartment building with in-place 6.5% cap rate.

Where is this apartment building located?

The property is located at 22805 30th Ave S Des Moines, WA.

What is the asking price?

The asking price for this property is $1,725,000.

What are key features of this property?

This property features: Opportunity to assume existing loan with ~$1,155,000 balance at 5% interest fixed until January 2031.; In‑place 6.5% current cap rate with operational upside to reach 6.8% proforma cap rate.; Mix of unit types: four classic and four renovated 1‑bedroom/1‑bathroom units (620 sq ft), plus two classic and one renovated 2‑bedroom/1‑bathroom units (780 sq ft).

22805 30th Ave S, Des Moines, WA 98198

11-unit apartment building with in-place 6.5% cap rate.

Property Features for 22805 30th Ave S

General Information

Building Details

We can help!

HighLights

Overview

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Leased Retail Asset Opportunity

Des Moines Office Building For Sale

Two Buildings in Des Moines

Des Moines Commercial Buildings For Sale

Professional Office Building Suite Available

Des Moines Multifamily Investment Opportunity

Des Moines Retail Opportunity

Mixed-Use Development Opportunity Near Waterfront

Lakewood Church Building For Sale

Commercial

Des Moines Commercial Buildings For Sale

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