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    429 1 Ave Algona, WA 98001

    Sponsored
    For Sale
    $1,200,000

    4-Unit Value-Add Opportunity in Algona, WA

    Property size:
    3,008 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional value-add multifamily investment property, located at 429 1st Ave N in Algona, WA, presents a compelling opportunity. The 1981-built, two-story apartment building comprises four units, each boasting two bedrooms and one bathroom. With a total square footage of 3,008, the property sits on a sizable 12,720 square foot lot, offering ample parking. Currently operating at 100% occupancy, generating a NOI of $43,573 and a 3.63% cap rate, this property offers a strong return on investment. The asking price is $1,200,000, or $300,000 per unit. Units feature updated carpeting, appliances, and vinyl windows and flooring in most units. Washer/dryer hookups and large deck areas are included in each unit. The property's convenient location near Boeing and easy access to I-167 further enhance its appeal. This well-maintained building presents a solid foundation for future growth and increased profitability. The property is classified as a Class C multifamily investment, offering significant potential for value enhancement. Its location in King County, WA, zip code 98001, provides access to a thriving market. This is a fully rented property with a strong history of occupancy. The large lot size provides additional development potential.

    Property Features for 429 1 Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,008 SF
    Class
    C

    Building Details

    Year Built
    1981
    Buildings
    1
    Stories
    2
    Units
    4

    HighLights

    • $1,200,000 Asking Price for a Value‑Add Multifamily Investment.
    • Four‑unit apartment building in Algona, WA.
    • 3,008 square feet on a 12,720 square foot lot.
    • $300,000 per unit; $398.94 per square foot.
    • 3.63% Cap Rate with a $43,573 Net Operating Income (NOI).
    • 100% Occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Accounting Firm Daycare Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Algona
    County
    King
    State
    Washington
    Longitude
    -122.24738997
    Latitude
    47.27910438

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    FAQs

    What type of property is this?
    Multifamily property - 4-Unit Value-Add Opportunity in Algona, WA
    Where is this multifamily property located?
    The property is located at 429 1 Ave Algona, WA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: $1,200,000 Asking Price for a Value-Add Multifamily Investment.; Four-unit apartment building in Algona, WA.; 3,008 square feet on a 12,720 square foot lot.
    Request Owner's contact information
    429 1 Ave Algona, WA 98001
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    Algona, WA 98001
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    429 1 Ave Algona, WA 98001
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