720 Washington Ave Kent, WA 98032
- Commercial real estate
- 7,380 SF
- 0.47 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 720 Washington Ave
- Year built
- 1968
- Lot size
- 0.47 lot acres
- Property size
- 7,380 SF
- Property type
- Commercial real estate
Description
Green Tree Court Apartments presents a compelling investment opportunity in Kent, Washington. This two-story, garden-style multifamily property comprises 17 units – 15 one-bedroom/one-bathroom and 2 two-bedroom/one-bathroom units. Situated on a 0.47-acre lot at 720 Washington Ave N, 98032, it benefits from a convenient location less than a mile from Kent Station retail mall and commuter rail, providing easy access to I-5, SR-167, and Sounder commuter rail. Built in 1968 and renovated in 1992, the property boasts recent improvements including a new mansard roof (2024), new doors and windows (2022), and fresh exterior paint (2024). Nine units have undergone recent renovations featuring new kitchen cabinets and quartz countertops, new solid surface flooring, upgraded appliances, and updated bathroom vanities and tub surrounds. The remaining eight units offer a value-add opportunity for increased returns through further renovations. The property totals 7,380 square feet, with a current asking price of $3,150,000, representing a price per unit of $185,294.12 and a price per square foot of $426.83. The property is zoned MR-M and offers a current cap rate of 6.01%. This presents a strong investment opportunity with potential for significant upside through market rent increases and further unit renovations.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Kent
- County
- King
- State
- Washington
- Longitude
- -122.2467006
- Latitude
- 47.3873251
