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Nacelle Apartments 51 Hayes Pl SW 20 Unit Apartment Building $5,300,000 ($265,000/Unit) 5.35% Cap Rate Renton, WA 98057
Investment Highlights
- Turnkey Asset with Ample Parking Located in a Powerful Employment Center
- Minimal Deferred Maintenance
- Strong Submarket Fundamentals with Positive Absorption Bolstering Occupancy
- Substantial Wage Growth
Executive Summary
Nacelle Apartments delivers an outstanding turnkey multifamily investment opportunity featuring 21 units with a strategic mix of one-, two-, and three-bedroom floor plans—including a newly configured one-bedroom, one-bath unit added in 2024. Current ownership has implemented robust capital improvements, including significant in-unit electrical panel upgrades to 2019 standards, comprehensive deck and raised walkway repairs (including updated railings), and full exterior painting. Proactive maintenance includes plumbing repairs, hot water heater replacements, washer/dryer hookup installations, and flooring replacements in multiple units. Residents enjoy both garage and surface parking—each currently generating additional income—a professionally landscaped courtyard, and prime access to major transit routes and neighborhood amenities.
Current ownership has renovated 90% of the units over the last several years with contemporary finishes that command premium rents, including stainless steel appliances, flat-surface stovetops, vinyl plank flooring throughout, and upgraded windows. Ownership has implemented strategic rent increases across the majority of units upon lease renewals, increased RUBs utility recovery, and applied monthly parking premiums—delivering immediate returns on investment while creating opportunities for new ownership to continue pushing rents to market rate.
Nacelle Apartments operates with in-place rents below market rates based on current leasing trends achieved at the property.Renton's robust multifamily fundamentals—marked by high renter occupied housing ratios, steady job growth driven by major employers such as Boeing and PACCAR, rising household incomes, and strategic infrastructure investment—drive long-term operational growth and capital appreciation.With established renovations, a strategic location, and broad appeal to area renters, Nacelle Apartments offers investors an exceptional blend of stability and future value in one of King County's strongest rental markets.
Current ownership has renovated 90% of the units over the last several years with contemporary finishes that command premium rents, including stainless steel appliances, flat-surface stovetops, vinyl plank flooring throughout, and upgraded windows. Ownership has implemented strategic rent increases across the majority of units upon lease renewals, increased RUBs utility recovery, and applied monthly parking premiums—delivering immediate returns on investment while creating opportunities for new ownership to continue pushing rents to market rate.
Nacelle Apartments operates with in-place rents below market rates based on current leasing trends achieved at the property.Renton's robust multifamily fundamentals—marked by high renter occupied housing ratios, steady job growth driven by major employers such as Boeing and PACCAR, rising household incomes, and strategic infrastructure investment—drive long-term operational growth and capital appreciation.With established renovations, a strategic location, and broad appeal to area renters, Nacelle Apartments offers investors an exceptional blend of stability and future value in one of King County's strongest rental markets.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $5,300,000 | Building Class | C |
| Price Per Unit | $265,000 | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 15,595 SF |
| Cap Rate | 5.35% | Average Occupancy | 91% |
| No. Units | 20 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2025 |
| Property Subtype | Apartment | Parking Ratio | 1.54/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R10, Renton | ||
| Price | $5,300,000 |
| Price Per Unit | $265,000 |
| Sale Type | Investment |
| Cap Rate | 5.35% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 15,595 SF |
| Average Occupancy | 91% |
| No. Stories | 3 |
| Year Built/Renovated | 1968/2025 |
| Parking Ratio | 1.54/1,000 SF |
| Zoning | R10, Renton |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Heating
- Kitchen
- Stainless Steel Appliances
- Range
- Double Pane Windows
- Patio
- Vinyl Flooring
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 700 - 750 |
| 3+1 | 14 | - | 775 - 910 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 214480-0856 | Improvements Assessment | $3,922,000 |
| Land Assessment | $285,000 | Total Assessment | $4,207,000 |
Property Taxes
Parcel Number
214480-0856
Land Assessment
$285,000
Improvements Assessment
$3,922,000
Total Assessment
$4,207,000
Contacts
-
Chad Blenz -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
Brandon Lawler -
Berkadia
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Nacelle Apartments | 51 Hayes Pl SW
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