Six-Unit Corner Apartment
31624 Rutherford Carnation, WA 98014
For Sale
$1,375,000
Six-unit multifamily on a corner lot with three one-bedroom and three two-bedroom units.
Property Size3,936 SF
Lot Size0.35 Acres
Price / SF$349.34
Days on Market67
Property Features for 31624 Rutherford
General Information
Standard status
Active
Size
3,936 SF
Lot size
0.35 Acres
Property subtype
Multi-family
Building Details
Year Built
1964
Listing Agency:
Real Broker LLC
Listed By:
Charles Burnett
(425) 455-2065
Source:
Skylineproperties
Added: May 25
Changed: Jul 28
Last Checked: Jul 29 at 5:00PM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This six-unit apartment building sits on a 15,152 SF corner lot and is zoned R-24. The unit mix includes (3) 1-bedroom units and (3) 2-bedroom units. Income is supported by on-site common laundry, and current tenants reimburse the owner for utilities. Tenants are on long-term month-to-month terms, providing flexibility for future improvements.
The property includes ample parking, a roof with substantial remaining useful life, and recently replaced upper decks. Current rents are approximately 40% below projected market rents following renovations. The seller is offering financing with an estimated 35% down payment and interest-only payments during the first year before principal payments begin.
Located downtown Carnation, the property is minutes from Snoqualmie and has convenient access to SR 520, Microsoft, Redmond, and Bellevue. The R-24 zoning and corner-lot positioning may also support future expansion or redevelopment, with the buyer to verify.
The property includes ample parking, a roof with substantial remaining useful life, and recently replaced upper decks. Current rents are approximately 40% below projected market rents following renovations. The seller is offering financing with an estimated 35% down payment and interest-only payments during the first year before principal payments begin.
Located downtown Carnation, the property is minutes from Snoqualmie and has convenient access to SR 520, Microsoft, Redmond, and Bellevue. The R-24 zoning and corner-lot positioning may also support future expansion or redevelopment, with the buyer to verify.
Key Highlights
- Six‑unit apartment building (built 1964) with (3) 1‑bedroom and (3) 2‑bedroom units.
- Located on a 15,152 SF corner lot with R‑24 zoning.
- Current rents are approximately 40% below projected market rents after renovations, with value‑add upside.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.1k | $30.00 |
| − Vacancy | −$6.8k | −$1.74 |
| EGI | $111.2k | $28.26 |
| − OpEx | −$50.1k | −$12.72 |
| NOI | $61.2k | $15.54 |
3,936 SF · lease $30.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$874.0K
$764.7K – $1.02M
NOI $61,177 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,353 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily on a corner lot with three one-bedroom and three two-bedroom units.
Where is this apartment building located?
The property is located at 31624 Rutherford Carnation, WA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Six‑unit apartment building (built 1964) with (3) 1‑bedroom and (3) 2‑bedroom units.; Located on a 15,152 SF corner lot with R‑24 zoning.; Current rents are approximately 40% below projected market rents after renovations, with value‑add upside.
