Vacant 10-Unit Apartment
739 3rd Avenue S Kent, WA 98032
For Sale
$1,995,000
10-unit apartment building offered vacant at close near Kent Station and SR-516.
Property Size7,808 SF
Price / SF$255.51
Days on Market135
Property Features for 739 3rd Avenue S
General Information
- Standard status
- Active
- Size
- 7,808 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1969
Listing Agency:
Berkshire Hathaway HS SSP
(541) 829-8227
Listed By:
Erik Atkinson · License #201211209
(541) 829-8227
Source:
Premierepropertygroup
Added: Mar 12
Changed: Jul 23
Last Checked: Jul 23 at 6:16PM
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 Berkshire Hathaway HS SSP
Investment Insights
Based on property information with market context.
Watson Manor Apartments is a 10-unit apartment building being offered for sale as a 100% vacant asset, with delivery vacant at close. The property is positioned for an owner to implement their plan immediately after acquisition.
The building is located in the heart of Kent, just south of Kent Station and minutes from SR-516, providing convenient access to major employment centers throughout the region. The offering materials note the asset’s configuration includes a laundry area, and potential exists to convert that laundry space into an additional unit and to redesign select layouts to create larger units.
The building is located in the heart of Kent, just south of Kent Station and minutes from SR-516, providing convenient access to major employment centers throughout the region. The offering materials note the asset’s configuration includes a laundry area, and potential exists to convert that laundry space into an additional unit and to redesign select layouts to create larger units.
Key Highlights
- 10‑unit apartment building to be delivered 100% vacant at close
- Located in Kent, just south of Kent Station with quick access to SR‑516
- 2‑story building with 7,808 total building area and 1969 construction
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 | $259.5k | $33.24 |
| − Vacancy | −$13.5k | −$1.73 |
| EGI | $246.0k | $31.51 |
| − OpEx | −$110.7k | −$14.18 |
| NOI | $135.3k | $17.33 |
7,808 SF · lease $33.24/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.26M
NOI $135,323 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.41M
NOI $204,822 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - 10-unit apartment building offered vacant at close near Kent Station and SR-516.
Where is this apartment building located?
The property is located at 739 3rd Avenue S Kent, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 10‑unit apartment building to be delivered 100% vacant at close; Located in Kent, just south of Kent Station with quick access to SR‑516; 2‑story building with 7,808 total building area and 1969 construction
