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Colonial Garden Apartments 3465 S 144th St 45 Unit Apartment Building $6,950,000 ($154,444/Unit) 6.20% Cap Rate Tukwila, WA 98168
Investment Highlights
- Beautiful Central Courtyard
- Minutes from SEA Airport and the Kent Valley industrial spine
- 20 Private Garages
- Below replacement cost with virtually no new competing supply
- Quick access to I-5, 405, and Hwy 509
- Within walking distance of Tukwila International Blvd light rail station
Executive Summary
CBRE is pleased to present the exclusive listing of the Colonial Garden Apartments, a 45-unit, garden-style community in Tukwila, Washington. Built in 1966 and offered at $6,950,000, the asset is well-located and provides immediate, durable cash flow with upside potential through mark-to-market rent adjustments. The asset consists of 35 one-bedroom and 10 two-bedroom units, averaging 747 square feet each. In-place rents are roughly 10% below market, offering a clear path to increased revenue. Additionally, the property includes at least 35 unmonetized storage units. Community improvements include 20 private garages, a central courtyard, updated electrical panels, and new pitched composition roofs, which minimize near-term capital expenditures. The community is within walking distance of the Tukwila International Boulevard light rail station, providing direct transit to Seattle. Quick access to I-5, I-405, and SR 509 connects residents to SEA Airport and the Kent Valley industrial corridor. Across the street, the Tukwila
Village revitalization project features restaurants, open space, a library, and a community pool. With a basis below replacement cost and minimal new competing supply, Colonial Garden offers stable income and long-term upside potential.
Village revitalization project features restaurants, open space, a library, and a community pool. With a basis below replacement cost and minimal new competing supply, Colonial Garden offers stable income and long-term upside potential.
Property Facts
| Price | $6,950,000 | Building Class | C |
| Price Per Unit | $154,444 | Lot Size | 1.13 AC |
| Sale Type | Investment | Building Size | 33,606 SF |
| Cap Rate | 6.20% | Average Occupancy | 100% |
| No. Units | 45 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1966/1997 |
| Property Subtype | Apartment | Parking Ratio | 1.51/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | HDR - 011 - Apartment | ||
| Price | $6,950,000 |
| Price Per Unit | $154,444 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 45 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.13 AC |
| Building Size | 33,606 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1966/1997 |
| Parking Ratio | 1.51/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | HDR - 011 - Apartment |
Amenities
Unit Amenities
- Dishwasher
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 35 | - | 710 |
| 2+1 | 6 | - | 860 |
| 2+2 | 4 | - | 899 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 004000-0105 | Improvements Assessment | $6,067,600 |
| Land Assessment | $1,269,400 | Total Assessment | $7,337,000 |
Property Taxes
Parcel Number
004000-0105
Land Assessment
$1,269,400
Improvements Assessment
$6,067,600
Total Assessment
$7,337,000
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