15428 40 Ave Tukwila, WA 98188

This exceptional investment opportunity presents an eight-unit apartment building situated in Tukwila, Washington. Comprising two, two-story buildings on separate tax parcels (APN: 0043000255, 0043000252), the property boasts a total of 7,308 square feet on a 26,340 square foot lot. Each of the eight units offers a desirable two-bedroom, one-bathroom layout, complete with in-unit washers and dryers and a detached garage, providing ample parking (12 spaces total). Six of the eight units have undergone recent renovations (2022-2024), presenting a significant value-add opportunity for a new owner to increase rental income to market rates. The property's prime location offers convenient access to public transportation, with the Tukwila-International Light Rail Station just blocks away. Major highways, including Highway 99, I-5, I-405, and SR 509, are also easily accessible. The property is zoned MDR and sits at the end of a cul-de-sac overlooking a green space with a creek, enhancing its appeal. The current Net Operating Income (NOI) is $119,617, with a pro-forma NOI of $141,118, reflecting a 5.76% cap rate and a pro-forma cap rate of 6.80%. The asking price is $2,075,000, translating to $283.94 per square foot and $259,375 per unit. This property offers the flexibility to finance each building individually with residential loans or as a single commercial loan. The combination of renovated units, attractive features, and prime location makes this a compelling investment prospect with substantial upside potential. The property is located at 15428 & 15430 40th Ave S, Tukwila, WA 98188.