Kent Mixed-Use Commercial
For Sale
Contact for pricing
408 Central Ave N, Kent, WA 98032
24,246 Sq Ft lot with 2,438 Sq Ft building.
Property Size24,240 SF
Lot Size0.56 Acres
Price / SF$226.90
Days on Market1260
Property Features for 408 Central Ave N
General Information
Standard status
Active
Size
24,240 SF
Lot size
0.56 Acres
Property subtype
Mixed Use
Listing Agency:
KW Commercial Keller Williams Puget Sound - Federal Way
Listed By:
Austin Scarsella · License #WA 115168
(253) 835-4500
Source:
Crexi
Added: May 9, 2023
Changed: Oct 15
Last Checked: Oct 16 at 7:51AM
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 KW Commercial Keller Williams Puget Sound - Federal Way
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Investment Insights
Based on property information with market context.
This property features a 24,246 sq ft lot with a 2,438 sq ft building located in downtown Kent. The building is equipped with single-phase 110 and 220 V power and includes three bay doors ranging from 9 ft to 11 ft 7 in. Situated in a well-established commercial district, the property offers significant potential. The zoning allows for a wide variety of GCMU commercial, industrial, and retail uses.
Key Highlights
- Large 24,246 sq ft lot in Downtown Kent
- Versatile GCMU zoning allows for commercial, industrial, and retail uses
- 2,438 sq ft building included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$376,326
Cap Rate
6.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,526,520
$7.5M
Cap Rate 7%
$5,376,086
$5.4M
Cap Rate 9%
$4,181,400
$4.2M
Market Conditions
NOI Build-Up for 24,240 SF
Gross rent
$654.5K $27.00/SF
− Vacancy
−$52.4K −$2.16/SF
EGI
$602.1K $24.84/SF
− OpEx
−$225.8K −$9.32/SF
NOI
$376.3K $15.53/SF
Area
Kent, WA
Vacancy
8.00%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,526,520
Cap Rate 7%
$5,376,086
Cap Rate 9%
$4,181,400
Alternative Uses
Best Use
Mixed Use
$5.38M
$4.70M – $6.27M
NOI $376,326 @ 7.0% cap · market cap 6.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.08M
$7.95M – $10.60M
NOI $635,873 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Explore this area
Business Placement
Demographics for 98032, WA
38,744
Population
15,639
Households
2.5
Avg Household Size
35
Median Age
28%
College-Educated
84%
High-School Grad
17.0 sq mi
ZIP Area
2,279
Density / Sq Mi
$77,413
Median Household Income
$46,105
Median Earnings
$1,782
Median Rent
$473,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 24,246 Sq Ft lot with 2,438 Sq Ft building.
Where is this mixed-use property located?
The property is located at 408 Central Ave N Kent, WA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Large 24,246 sq ft lot in Downtown Kent; Versatile GCMU zoning allows for commercial, industrial, and retail uses; 2,438 sq ft building included
