Renovated Apartment Building
New
For Sale
Contact for pricing
416 W Meeker St, Kent, WA 98032
Two income-producing properties combine renovated residences with leased ground-floor retail and shared laundry facilities.
Property Size10,700 SF
Price / SF$317.76
Days on Market4
Property Features for 416 W Meeker St
General Information
Standard status
Active
Size
10,700 SF
Property subtype
MULTIFAMILY
Listing Agency:
Berkadia Real Estate Advisors, LLC
(206) 484-8114
Listed By:
Brandon Lawler
(206) 484-8114
Source:
Moodyscre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 4:52AM
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 Berkadia Real Estate Advisors, LLC
Investment Insights
Based on property information with market context.
This two-property portfolio includes 13 apartment units and three ground-floor retail spaces across Brickwood in Auburn and Melbourne in Kent. The 10,700-square-foot portfolio includes an eight-unit multifamily property at 1202 Harvey Rd NE with seven 2-bed/1-bath residences and one 3-bed/1.5-bath residence. Seven Brickwood units have renovated interiors with LVP flooring, quartz countertops, updated lighting, kitchen cabinetry, bathroom finishes, and stainless-steel appliances. A communal laundry facility serves the property.
At 416 W Meeker St, Melbourne combines five apartments with three leased retail spaces. The residential component includes two 1-bed/1-bath units and three 2-bed/1-bath units. Improvements completed since 2021 include LVP flooring, paint, storefront windows, bathrooms, light fixtures, kitchen cabinets, and appliances across residential and commercial areas. Two Melbourne apartments and one Brickwood apartment remain in classic condition, while the portfolio has a trailing 12-month cap rate of 8.20%.
At 416 W Meeker St, Melbourne combines five apartments with three leased retail spaces. The residential component includes two 1-bed/1-bath units and three 2-bed/1-bath units. Improvements completed since 2021 include LVP flooring, paint, storefront windows, bathrooms, light fixtures, kitchen cabinets, and appliances across residential and commercial areas. Two Melbourne apartments and one Brickwood apartment remain in classic condition, while the portfolio has a trailing 12-month cap rate of 8.20%.
Key Highlights
- 13 apartment units and three ground‑floor retail spaces across two properties
- 10,700 square feet combined portfolio size
- Brickwood: eight units with seven 2‑bed/1‑bath units and one 3‑bed/1.5‑bath unit
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
$185,445
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
5.45%
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%
$3,708,900
$3.7M
Cap Rate 7%
$2,649,214
$2.6M
Cap Rate 9%
$2,060,500
$2.1M
Market Conditions
NOI Build-Up for 10,700 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
$355.7K $33.24/SF
− Vacancy
−$18.5K −$1.73/SF
EGI
$337.2K $31.51/SF
− OpEx
−$151.7K −$14.18/SF
NOI
$185.4K $17.33/SF
Area
Kent, WA
Vacancy
5.20%
Lease Rate
$33.24 /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%
$3,708,900
Cap Rate 7%
$2,649,214
Cap Rate 9%
$2,060,500
Alternative Uses
Best Use
Apartment 5plus
$2.65M
$2.32M – $3.09M
NOI $185,445 @ 7.0% cap · market cap 5.45%
Second Best
Mixed Use
$2.37M
$2.08M – $2.77M
NOI $166,118 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$4.01M
$3.51M – $4.68M
NOI $280,687 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,811
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
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 - Two income-producing properties combine renovated residences with leased ground-floor retail and shared laundry facilities.
Where is this apartment building located?
The property is located at 416 W Meeker St Kent, WA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 13 apartment units and three ground‑floor retail spaces across two properties; 10,700 square feet combined portfolio size; Brickwood: eight units with seven 2‑bed/1‑bath units and one 3‑bed/1.5‑bath unit
