731 5Th Ave Kent, WA 98032

Property Details for 731 5Th Ave

Year built

1965

Lot size

1.43 lot acres

Property type

Commercial real estate

APN

9197100051

Description

This exceptional 24-unit apartment building presents a compelling value-add investment opportunity in Kent, WA. The property, comprised of three two-story buildings totaling 22,050 net rentable square feet, sits on a 1.43-acre lot and boasts 59 parking spaces. Built in 1965, the property currently generates a NOI of $337,429, with a pro-forma NOI of $384,285 reflecting significant upside potential. The asking price is $5,000,000, representing a 6.75% cap rate. The property features a desirable mix of oversized one- and two-bedroom units, averaging 919 square feet each, all equipped with in-unit washers and dryers and wood-style laminate flooring. Recent upgrades include stainless-steel refrigerators in several units. Further value-add opportunities exist through renovations such as quartz countertops, updated appliances and cabinetry, and modern fixtures, potentially increasing monthly rents by an average of $150 per unit. Additionally, there's potential to add a three-bedroom unit, generating an estimated $27,600 in additional annual rent. The property's prime location, less than a mile from Kent Station (Sounder train service) and four miles from the planned Kent-Des Moines Link light rail station, provides convenient access to major employers like Boeing and Blue Origin, as well as Highways 516 and 167. The strong submarket fundamentals, including high projected apartment demand and a 49% renter occupancy rate within a three-mile radius, further enhance the investment appeal. The property is zoned MR-M. The King County APN is 9197100051. Seller is offering a 1.3% Seller's Offering Costs (SOC).

Location Insight

City

Kent

County

King

State

Washington

Longitude

-122.2400123

Latitude

47.3745972