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 Market125
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.
Listed By:
David W Petersen · License #7352
(206) 623-8880
Source:
Seattlepropertysource
Added: Jun 14
Changed: Oct 1
Last Checked: Oct 14 at 11:38PM
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.
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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 / Yr
$84,971
Cap Rate
5.48%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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
