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Riverside Apartments 1003 N 1st St 13 Unit Apartment Building $1,450,000 ($111,538/Unit) 6.75% Cap Rate Renton, WA 98057
Investment Highlights
- Value-add potential through light interior renovations and operational improvements
- Stable in-place cash flow with clear upside, appealing to both yield-focused and value-add investors
- On-site laundry generates additional income with opportunity for modernization and increased revenue
- Walking distance to Downtown Renton, The Landing, and the Cedar River Trail
- Proven rental demand supported by proximity to major employers including Boeing Renton, Providence, and Downtown Seattle Commuters
- Opportunity to implement utility bill-back strategies such as RUBS to further increase net operating income, subject to buyer verification
Executive Summary
This is a rare opportunity to acquire The Riverside Apartments, a classic building located at 1003 N 1st Street, just blocks from downtown Renton. This 13-Unit property offers investors the opportunity to own a character-rich multifamily property in a tightly held Renton location. The Riverside Apartments feature a mix of studio and one-bedroom units.
Current in-place rents average $1,229 for studios and $1,284 for one-bedroom units, while comparable properties in Renton are achieving $1,350-$1,450 for studios and $1,400-$1,550 for one-bedrooms. This gap presents a clear opportunity for a new owner to capture meaningful rental upside through light interior renovations and operational improvements at an attractive price per unit. Ideally located just minutes from downtown Renton, The Landing, and Boeing’s Renton facility, with immediate access to I-405, Highway 167, and the Cedar River Trail, the Riverside Apartments are strategically positioned in a high-demand rental corridor.
The property offers a compelling combination of strong in-place income and clear rental upside, supported by a deep and stable employment base and continued demand for well-located housing in the area.
Current in-place rents average $1,229 for studios and $1,284 for one-bedroom units, while comparable properties in Renton are achieving $1,350-$1,450 for studios and $1,400-$1,550 for one-bedrooms. This gap presents a clear opportunity for a new owner to capture meaningful rental upside through light interior renovations and operational improvements at an attractive price per unit. Ideally located just minutes from downtown Renton, The Landing, and Boeing’s Renton facility, with immediate access to I-405, Highway 167, and the Cedar River Trail, the Riverside Apartments are strategically positioned in a high-demand rental corridor.
The property offers a compelling combination of strong in-place income and clear rental upside, supported by a deep and stable employment base and continued demand for well-located housing in the area.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$195,660
|
$23.18
|
| Other Income |
$3,292
|
$0.39
|
| Vacancy Loss |
$9,783
|
$1.16
|
| Effective Gross Income |
$189,169
|
$22.42
|
| Taxes |
$29,135
|
$3.45
|
| Operating Expenses |
$62,099
|
$7.36
|
| Total Expenses |
$91,234
|
$10.81
|
| Net Operating Income |
$97,935
|
$11.60
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $195,660 |
| Annual Per SF | $23.18 |
| Other Income | |
|---|---|
| Annual | $3,292 |
| Annual Per SF | $0.39 |
| Vacancy Loss | |
|---|---|
| Annual | $9,783 |
| Annual Per SF | $1.16 |
| Effective Gross Income | |
|---|---|
| Annual | $189,169 |
| Annual Per SF | $22.42 |
| Taxes | |
|---|---|
| Annual | $29,135 |
| Annual Per SF | $3.45 |
| Operating Expenses | |
|---|---|
| Annual | $62,099 |
| Annual Per SF | $7.36 |
| Total Expenses | |
|---|---|
| Annual | $91,234 |
| Annual Per SF | $10.81 |
| Net Operating Income | |
|---|---|
| Annual | $97,935 |
| Annual Per SF | $11.60 |
Property Facts Under Contract
| Price | $1,450,000 | Apartment Style | Low-Rise |
| Price Per Unit | $111,538 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.15 AC |
| Cap Rate | 6.75% | Building Size | 8,439 SF |
| No. Units | 13 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1929 |
| Zoning | MR, Renton | ||
| Price | $1,450,000 |
| Price Per Unit | $111,538 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 8,439 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1929 |
| Zoning | MR, Renton |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | $1,165 | 380 - 415 |
| 1+1 | 5 | $1,312 | 415 - 730 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 722400-0040 | Total Assessment | $2,392,000 |
| Land Assessment | $240,000 | Annual Taxes | $29,135 ($3.45/SF) |
| Improvements Assessment | $2,152,000 | Tax Year | 2025 |
Property Taxes
Parcel Number
722400-0040
Land Assessment
$240,000
Improvements Assessment
$2,152,000
Total Assessment
$2,392,000
Annual Taxes
$29,135 ($3.45/SF)
Tax Year
2025
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