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429 1 Ave Algona, WA 98001

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For Sale
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4-Unit Value-Add Opportunity in Algona, WA

Property size:
3,008 SF

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

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Listing Contact
Tom O'Brien

Listing Agency: Pacific Commercial Brokers Listing Agent: Tom O'Brien

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

Overview

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 Profile Insight Report Location Intelligence

Current Use by Public Records

Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

Suggested Use

Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

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.
(253) 988-0080 Call to check price and availability
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