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Parkview Apartments 108 Kensington Ave S 10 Unit Apartment Building $2,125,000 ($212,500/Unit) 6% Cap Rate Kent, WA 98030
Investment Highlights
- Offered at a 6% cap rate with stable day-one cash flow
- Low maintenance asset built in 1986 featuring copper plumbing, Square D Panels, and an 8 yearr old roof
- Certain units have been updated with LVP flooring, quartz countertops and updated fixtures
- Easy to maintain unit layouts and unit mix
- Ample parking on-site for tenants to use, with two dedicated spots for each unit
- Attractive basis well below replacement cost
Executive Summary
Kos Apartments is a five unit multifamily property located in the Ballard neighborhood of Seattle. All five units are two bedroom, two bathroom residences averaging 990 square feet, positioned on a 5,100 square foot LR3 RC (M1) zoned lot. The property was constructed in 1978 and features wood frame construction, double pane vinyl windows, copper plumbing, and five dedicated parking stalls including four carport stalls. Two of the five units have been renovated and are leased at rents approaching market. The remaining three units are in original condition and leased month to month, with two tenants in place since 2011. This tenant structure presents a clean path for a renovation value-add play: as legacy tenants turn, a new owner can renovate the units to the same finish level as the two renovated units, supporting a renovated rent target of $2,550 per unit and a 6.4% proforma cap rate. Ballard continues to see strong rental demand driven by proximity to downtown Seattle, Fremont, and the broader South Lake Union employment corridor, as well as walkable retail, waterfront access, and established transit connectivity.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$209,352
|
$22.73
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,468
|
$1.14
|
| Effective Gross Income |
$198,884
|
$21.59
|
| Taxes |
$24,188
|
$2.63
|
| Operating Expenses |
$48,358
|
$5.25
|
| Total Expenses |
$72,546
|
$7.88
|
| Net Operating Income |
$126,338
|
$13.72
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $209,352 |
| Annual Per SF | $22.73 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,468 |
| Annual Per SF | $1.14 |
| Effective Gross Income | |
|---|---|
| Annual | $198,884 |
| Annual Per SF | $21.59 |
| Taxes | |
|---|---|
| Annual | $24,188 |
| Annual Per SF | $2.63 |
| Operating Expenses | |
|---|---|
| Annual | $48,358 |
| Annual Per SF | $5.25 |
| Total Expenses | |
|---|---|
| Annual | $72,546 |
| Annual Per SF | $7.88 |
| Net Operating Income | |
|---|---|
| Annual | $126,338 |
| Annual Per SF | $13.72 |
Property Facts
| Price | $2,125,000 | Apartment Style | Low-Rise |
| Price Per Unit | $212,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.62 AC |
| Cap Rate | 6% | Building Size | 9,210 SF |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1986 |
| Property Subtype | Apartment | Parking Ratio | 2.17/1,000 SF |
| Zoning | NR-2 | ||
| Price | $2,125,000 |
| Price Per Unit | $212,500 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 9,210 SF |
| No. Stories | 2 |
| Year Built | 1986 |
| Parking Ratio | 2.17/1,000 SF |
| Zoning | NR-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $1,650 | 800 |
| 2+1 | 5 | $1,850 | 875 - 900 |
| 2+2 | 1 | $1,920 | 950 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 192205-9322 | Total Assessment | $2,124,000 |
| Land Assessment | $364,500 | Annual Taxes | $24,188 ($2.63/SF) |
| Improvements Assessment | $1,759,500 | Tax Year | 2025 |
Property Taxes
Parcel Number
192205-9322
Land Assessment
$364,500
Improvements Assessment
$1,759,500
Total Assessment
$2,124,000
Annual Taxes
$24,188 ($2.63/SF)
Tax Year
2025
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Parkview Apartments | 108 Kensington Ave S
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