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Melbourne Building 412-418 W Meeker St 8 Unit Apartment Building $1,725,000 ($215,625/Unit) 7.39% Cap Rate Kent, WA 98032

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INVESTMENT HIGHLIGHTS

Current 7.39% cap rate with upside
Central Kent location close to transit

100% occupied

EXECUTIVE SUMMARY

Fully occupied 7.39% cap rate + Value-add in downtown Kent location - Mixed-use building with 3 retail units and 5 apartments boasts strong in-place rents and ability to renovate remaining two apartment units. Renovated in 2021 including retail spaces. Aladin Bail Bonds anchors ground floor retail with 7 years remaining on lease and yearly 4% increases. Potential for owner-user in need of office or retail space. Apartment units are bright, spacious, and historically easy to rent. Coin-op laundry and 10 parking spaces in dedicated lot. Building includes renovated non-conforming studio (350SqFt) for additional upside.

Melbourne Building Flyer August 2025

FINANCIAL SUMMARY (ACTUAL - 2025)	ANNUAL	ANNUAL PER SF
Gross Rental Income	$177,204	$21.16
Other Income	$4,500	$0.54
Vacancy Loss	$8,860	$1.06
Effective Gross Income	$172,844	$20.64
Taxes	$12,879	$1.54
Operating Expenses	$34,664	$4.14
Total Expenses	$47,543	$5.68
Net Operating Income	$125,301	$14.96

FINANCIAL SUMMARY (ACTUAL - 2025)

Gross Rental Income
Annual	$177,204
Annual Per SF	$21.16

Other Income
Annual	$4,500
Annual Per SF	$0.54

Vacancy Loss
Annual	$8,860
Annual Per SF	$1.06

Effective Gross Income
Annual	$172,844
Annual Per SF	$20.64

Taxes
Annual	$12,879
Annual Per SF	$1.54

Operating Expenses
Annual	$34,664
Annual Per SF	$4.14

Total Expenses
Annual	$47,543
Annual Per SF	$5.68

Net Operating Income
Annual	$125,301
Annual Per SF	$14.96

PROPERTY FACTS

Price	$1,725,000	Apartment Style	Low-Rise
Price Per Unit	$215,625	Building Class	C
Sale Type	Investment	Lot Size	0.19 AC
Cap Rate	7.39%	Building Size	8,376 SF
Sale Condition	1031 Exchange	Average Occupancy	100%
Gross Rent Multiplier	9.73	No. Stories	2
No. Units	8	Year Built/Renovated	1958/2021
Property Type	Multifamily	Parking Ratio	1.19/1,000 SF
Property Subtype	Apartment General Retail Storefront Retail/Residential
Zoning	DCE

Price	$1,725,000
Price Per Unit	$215,625
Sale Type	Investment
Cap Rate	7.39%
Sale Condition	1031 Exchange
Gross Rent Multiplier	9.73
No. Units	8
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.19 AC
Building Size	8,376 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1958/2021
Parking Ratio	1.19/1,000 SF
Zoning	DCE

UNIT MIX INFORMATION

DESCRIPTION	NO. UNITS	AVG. RENT/MO	SF
1+1	2	-	650
2+1	3	-	850

1 1

Walk Score®

Walker's Paradise (90)

Bike Score®

Very Bikeable (84)

What is a Walk Score®, Transit Score® & Bike Score®?

Walk Score® measures the walkability of any address.

Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

What is a Walk Score®

, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

measures bikeability of a location.®

Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Number	982570-0355	Total Assessment	$1,159,900 (2024)
Land Assessment	$234,400 (2024)	Annual Taxes	$12,879 ($1.54/SF)
Improvements Assessment	$925,500 (2024)	Tax Year	2025