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Kirkland 5 Unit 324 6th Ave S 5 Unit Apartment Building $2,588,000 ($517,600/Unit) 3.87% Cap Rate Kirkland, WA 98033
Investment Highlights
- Centrally located in Kirkland’s desirable Moss Bay neighborhood
- Washer/Dryer in all four 2-bedroom units; dedicated washer/dryer for the studio directly adjacent in the storage room
- Blocks from Google’s Kirkland Urban and 6th Street campuses and a short walk to downtown Kirkland’s waterfront, Marina Park, restaurants, and shops
- Four 2-bedroom, 1-bath (850 SF) units and one studio (450 SF) unit
- Storage lockers for every unit, currently provided at no charge - additional income opportunity
- Extensive unit upgrades over the past 10 years including LVP flooring, upgraded countertops, contemporary cabinetry, and full bathroom renovations
Executive Summary
Small apartment buildings of this quality rarely come to market in Kirkland, where constrained supply and strong renter demand continue to support long-term appreciation.
Originally constructed in 1962, the property sits on a 10,000 square foot lot zoned PLA 6E and consists of four two-bedroom, one-bathroom units at 850 square feet each and one 450 square foot studio. Each unit has been extensively upgraded over the past 10 years, with improvements including LVP flooring, upgraded countertops, contemporary cabinetry, and full bathroom renovations, while the studio underwent a complete renovation in 2025. These updated interiors continue to drive strong tenant demand.
All four two-bedroom units feature in-unit washers and dryers, and the studio has a dedicated washer and dryer directly adjacent in the storage room. Each unit also has its own storage locker, currently provided at no charge, presenting an additional income stream for a new owner. The four two-bedroom units also include their own balconies. Parking includes four covered stalls, which are currently offered free to tenants, offering further upside.
The property presents a compelling investment opportunity, currently generating $11,875 per month in gross rental income and delivering strong in-place cash flow from day one, with long-term stability anchored by recent upgrades and a highly sought-after rental location. Situated in Kirkland’s Moss Bay neighborhood, the property sits just blocks from Google’s Kirkland Urban and 6th Street campuses and within a short walk of downtown Kirkland’s waterfront, Marina Park, and its established mix of restaurants and shops. The adjacent Cross Kirkland Corridor provides six miles of walking and biking trails, while quick access to I-405 puts Bellevue and Seattle within an easy commute. This combination of nearby employment, walkability, and amenities continues to support strong tenant demand and long-term rental growth.
Originally constructed in 1962, the property sits on a 10,000 square foot lot zoned PLA 6E and consists of four two-bedroom, one-bathroom units at 850 square feet each and one 450 square foot studio. Each unit has been extensively upgraded over the past 10 years, with improvements including LVP flooring, upgraded countertops, contemporary cabinetry, and full bathroom renovations, while the studio underwent a complete renovation in 2025. These updated interiors continue to drive strong tenant demand.
All four two-bedroom units feature in-unit washers and dryers, and the studio has a dedicated washer and dryer directly adjacent in the storage room. Each unit also has its own storage locker, currently provided at no charge, presenting an additional income stream for a new owner. The four two-bedroom units also include their own balconies. Parking includes four covered stalls, which are currently offered free to tenants, offering further upside.
The property presents a compelling investment opportunity, currently generating $11,875 per month in gross rental income and delivering strong in-place cash flow from day one, with long-term stability anchored by recent upgrades and a highly sought-after rental location. Situated in Kirkland’s Moss Bay neighborhood, the property sits just blocks from Google’s Kirkland Urban and 6th Street campuses and within a short walk of downtown Kirkland’s waterfront, Marina Park, and its established mix of restaurants and shops. The adjacent Cross Kirkland Corridor provides six miles of walking and biking trails, while quick access to I-405 puts Bellevue and Seattle within an easy commute. This combination of nearby employment, walkability, and amenities continues to support strong tenant demand and long-term rental growth.
Financial Summary (Actual - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,588,000 | Apartment Style | Low-Rise |
| Price Per Unit | $517,600 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.23 AC |
| Cap Rate | 3.87% | Building Size | 3,740 SF |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.07/1,000 SF |
| Zoning | PLA 6E | ||
| Price | $2,588,000 |
| Price Per Unit | $517,600 |
| Sale Type | Investment |
| Cap Rate | 3.87% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 3,740 SF |
| No. Stories | 3 |
| Year Built | 1962 |
| Parking Ratio | 1.07/1,000 SF |
| Zoning | PLA 6E |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,800 | 400 |
| 2+1 | 4 | $2,525 | 850 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 180790-0365 | Total Assessment | $1,792,000 (2025) |
| Land Assessment | $1,750,000 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $42,000 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
180790-0365
Land Assessment
$1,750,000 (2025)
Improvements Assessment
$42,000 (2025)
Total Assessment
$1,792,000 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
Contacts
-
Rowan Davis -
Michael Urquhart -
Brian Platt -
Ben Douglas -
Paragon Real Estate Advisors
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