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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
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.
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
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)
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 |
Property Taxes
Parcel Number
982570-0355
Land Assessment
$234,400 (2024)
Improvements Assessment
$925,500 (2024)
Total Assessment
$1,159,900 (2024)
Annual Taxes
$12,879 ($1.54/SF)
Tax Year
2025
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Melbourne Building | 412-418 W Meeker St
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