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Silverwood Park Apartments 23006 30th Ave S 64 Unit Apartment Building $11,000,000 ($171,875/Unit) 6.60% Cap Rate Des Moines, WA 98198
INVESTMENT HIGHLIGHTS
- Prime Location & Connectivity
- Desirable Amenities
- Optimized Unit Mix
- Recently Renovated Exterior
- Exceptional Site Characteristics
EXECUTIVE SUMMARY
Introducing Silverwood Park, located at 23006 30th Ave S, Des Moines, WA 98198. This prime 64-unit value-add asset boasts recent exterior improvements totaling $1.1M, providing a fresh look and increased curb appeal. Built in 1979, the property has a renovated cap rate of 6.73% and offers an immediate upside opportunity for new owners. Situated steps away from the Kent Light Rail Station, Silverwood Park features a mix of studios and one-bedroom apartments covering 626 square feet on average. Following the extensive exterior renovation in 2021 which included Hardie siding, roof upgrades, and a new dog park, the focus now turns to high-return interior renovations. With rent restrictions expiring by 2025, new ownership stands to benefit from rent increases and utility reimbursement implementation, leading to enhanced NOI without additional capital investment. Ideal for buyers seeking both short-term income growth and long-term value appreciation, Silverwood Park presents a promising investment opportunity in a robust rental market of south King County.
- Less than half a mile from the Kent-Des Moines Light Rail Station with direct access to Seattle, Everett, and Tacoma. Surrounded by major employers including Amazon, UPS, Boeing, and Blue Origin, plus Highline College (14,000+ students) just one mile away.
- Over $1.1M in comprehensive exterior upgrades delivers a turnkey exterior, allowing focus on interior value-add with minimal deferred maintenance.
- Community pool, hot tub, dog park, and communal laundry enhance resident appeal in a submarket with limited new construction (average building age: 1989).
- Large 3.72-acre single parcel with PR-R zoning and generous 2.5:1 parking ratio, providing potential future density opportunities.
- Recent conversion from three-bedroom to two one-bedroom units (now 64 total) aligns with strong market demand, particularly among the key 18-35 renter demographic (24% of local residents vs. 22% metro-wide).
- Less than half a mile from the Kent-Des Moines Light Rail Station with direct access to Seattle, Everett, and Tacoma. Surrounded by major employers including Amazon, UPS, Boeing, and Blue Origin, plus Highline College (14,000+ students) just one mile away.
- Over $1.1M in comprehensive exterior upgrades delivers a turnkey exterior, allowing focus on interior value-add with minimal deferred maintenance.
- Community pool, hot tub, dog park, and communal laundry enhance resident appeal in a submarket with limited new construction (average building age: 1989).
- Large 3.72-acre single parcel with PR-R zoning and generous 2.5:1 parking ratio, providing potential future density opportunities.
- Recent conversion from three-bedroom to two one-bedroom units (now 64 total) aligns with strong market demand, particularly among the key 18-35 renter demographic (24% of local residents vs. 22% metro-wide).
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $11,000,000 | Building Class | C |
| Price Per Unit | $171,875 | Lot Size | 3.72 AC |
| Sale Type | Investment | Building Size | 40,070 SF |
| Cap Rate | 6.60% | Average Occupancy | 92% |
| No. Units | 64 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1979/1996 |
| Property Subtype | Apartment | Parking Ratio | 3.99/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | PR-R | ||
| Price | $11,000,000 |
| Price Per Unit | $171,875 |
| Sale Type | Investment |
| Cap Rate | 6.60% |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.72 AC |
| Building Size | 40,070 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/1996 |
| Parking Ratio | 3.99/1,000 SF |
| Zoning | PR-R |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Disposal
- Storage Space
- Heating
- Ceiling Fans
- Tub/Shower
- Walk-In Closets
SITE AMENITIES
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Spa
- Pet Play Area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 15 | - | 474 |
| 1+1 | 49 | - | 588 - 710 |
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Walk Score®
Very Walkable (70)
PROPERTY TAXES
| Parcel Number | 250060-0335 | Improvements Assessment | $5,044,500 |
| Land Assessment | $4,538,300 | Total Assessment | $9,582,800 |
PROPERTY TAXES
Parcel Number
250060-0335
Land Assessment
$4,538,300
Improvements Assessment
$5,044,500
Total Assessment
$9,582,800
CONTACTS
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Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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Silverwood Park Apartments | 23006 30th Ave S
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