412 Meeker St Kent, WA 98032-5857

This exceptional mixed-use property in vibrant Downtown Kent, WA offers a compelling investment opportunity. The 8,376 square foot building features three ground-floor retail spaces, all leased through 2026 and 2027 with extension options, and five upper-floor apartment units. Three of the apartments have been extensively renovated since 2021, boasting LVP flooring, updated kitchens and bathrooms, and fresh paint. The remaining two units present a value-add opportunity to increase rental income. Over $165,000 has already been invested in renovations. The building benefits from a 100% occupancy rate, generating a strong net operating income (NOI) of $124,792 and a 6.71% cap rate. The asking price is $1,850,000 ($221/sq ft and $185,000/unit). Ten parking spaces are available. Individual water shutoffs in each apartment unit simplify renovations. All apartment leases include 45-day termination clauses upon sale (buyer to verify). The property is zoned DCE and enjoys high visibility in a thriving downtown location. The potential to implement a utility billback system further enhances the income potential. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use asset with significant upside.