1000 W 5th Ave
Kennewick, WA 99336
Kent Manor · Multifamily Property For Sale · 51 Units

Kent Manor Apartments is a 51-unit affordable housing community located in Kennewick, WA, with convenient access to schools, shopping, restaurants, and main transportation routs serving the Tri-Cities. This property presents an excellent opportunity for a hands-on owner to improve bottom line NOI by reducing expenses, lowering vacancy, and operating more efficiently. The property was built and placed into service in 1998 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place requiring all units to be rented to income qualifying residents earning no more than 60% of Area Median Income (AMI) limits, which are provided by the department of Housing and Urban Development (HUD). The property’s initial compliance period ended on December 31, 2012 and, per the Extended Use Agreement, has an additional low-income housing use period of 22 years. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordability restrictions. Kent Manor is comprised of two, three, and four bedroom apartment homes, which feature full-size washers and dryers, large open kitchens with dishwashers and garbage disposals, and private patio/balcony. Community amenities include a community pool, on-site laundry facility, and well-maintained grounds with picnic areas.