8-Unit Brick Apartment
For Sale
$1,550,000
412 Mill Ave S, Renton, WA 98057
Corner residences, shared laundry, and individual washer-dryer installations support straightforward apartment operations.
Property Size5,196 SF
Price / SF$298.31
Days on Market26
Property Features for 412 Mill Ave S
General Information
Standard status
Active
Size
5,196 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Asking Price
$1,550,000
Highway Access
Yes
Amenities
common laundry
in-unit washer/dryer
Building Details
Year Built
1966
Construction
brick
Listing Agency:
Westlake Associates, Inc.
(206) 623-8880
Listed By:
David W Petersen · License #109793
Source:
Seattlepropertysource
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
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 Westlake Associates, Inc.
Investment Insights
Based on property information with market context.
Mill Avenue Apartments is an 8-unit apartment property with eight 1-bedroom, 1-bath corner residences, each measuring approximately 649 square feet. Four units have in-unit washer and dryer appliances, while shared laundry facilities serve the property. The 5,196-square-foot building dates to 1966 and features a brick exterior with an EPDM roof replaced in 2017.
The property is located at 412 Mill Ave S in Renton, with access to downtown Renton, downtown Seattle, freeways, Sea-Tac Airport, parks, and everyday amenities. Its hilltop setting includes territorial views. Employment context includes Boeing’s approximately 12,600-person Renton workforce, Blue Origin’s Kent operations, and more than 230,000 jobs across the Kent Valley.
The property is located at 412 Mill Ave S in Renton, with access to downtown Renton, downtown Seattle, freeways, Sea-Tac Airport, parks, and everyday amenities. Its hilltop setting includes territorial views. Employment context includes Boeing’s approximately 12,600-person Renton workforce, Blue Origin’s Kent operations, and more than 230,000 jobs across the Kent Valley.
Key Highlights
- 8‑unit apartment property with eight 1‑bedroom, 1‑bath corner units
- Approximately 649 SF per residence; total property size is 5,196 SF
- Four units include in‑unit washer and dryer appliances
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
$84,971
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
5.48%
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%
$1,699,420
$1.7M
Cap Rate 7%
$1,213,871
$1.2M
Cap Rate 9%
$944,122
$944.1K
Market Conditions
NOI Build-Up for 5,196 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
$165.2K $31.80/SF
− Vacancy
−$10.7K −$2.07/SF
EGI
$154.5K $29.73/SF
− OpEx
−$69.5K −$13.38/SF
NOI
$85.0K $16.35/SF
Area
Renton, WA
Vacancy
6.50%
Lease Rate
$31.80 /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%
$1,699,420
Cap Rate 7%
$1,213,871
Cap Rate 9%
$944,122
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $84,971 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,506 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,627
Businesses Nearby
Explore this area
Business Placement
Demographics for 98057, WA
13,493
Population
6,656
Households
2
Avg Household Size
38
Median Age
34%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
2,176
Density / Sq Mi
$68,097
Median Household Income
$53,994
Median Earnings
$1,767
Median Rent
$606,500
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 - Corner residences, shared laundry, and individual washer-dryer installations support straightforward apartment operations.
Where is this apartment building located?
The property is located at 412 Mill Ave S Renton, WA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: 8‑unit apartment property with eight 1‑bedroom, 1‑bath corner units; Approximately 649 SF per residence; total property size is 5,196 SF; Four units include in‑unit washer and dryer appliances
