22805 30Th Ave S Seattle, WA 98198
- Commercial real estate
- 7,300 SF
Current Use by Public Records
- Commercial real estate
Property Details for 22805 30Th Ave S
- Year built
- 1968
- Property size
- 7,300 SF
- Property type
- Commercial real estate
Description
This Des Moines, WA multifamily investment presents a compelling opportunity. The 11-unit, two-story apartment building, built in 1968 and renovated in 2001, boasts 7,300 square feet of net rentable space situated on a 16,810 square foot lot. The property features a mix of unit sizes: four classic and four renovated one-bedroom/one-bathroom units (620 sq ft each), and three two-bedroom/one-bathroom units (780 sq ft each). Renovated units include LVP flooring, formica countertops, stainless steel appliances, and updated bathroom vanities. The building offers 13 parking spaces and is zoned PR-C. Currently achieving a 5.84% cap rate with a NOI of $116,498, pro-forma projections indicate a 6.67% cap rate and a NOI of $133,026, showcasing significant upside potential. The asking price is $1,995,000 ($181,364 per unit and $273.29 per square foot). An existing loan with an approximate balance of $1,170,000 at a 5% interest rate (fixed until January 2031) is assumable. This value-add opportunity is located at 22805 30th Ave S, Des Moines, WA 98198.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Des Moines
- County
- King
- State
- Washington
- Longitude
- -122.2945893
- Latitude
- 47.3975572
