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824 Kincaid Ave 6 Unit Apartment Building $1,100,000 ($183,333/Unit) 6% Cap Rate Sumner, WA 98390
Investment Highlights
- Garden-style 6-unit apartment building in the heart of Downtown Sumner on a prominent corner lot.
- Fully occupied with proven rental history, offered at a 6% cap rate, the property offers immediate cash flow with major improvements completed
Executive Summary
Garden-style 6-unit apartment building in the heart of Downtown Sumner on a prominent corner lot. Mission-inspired arches and a welcoming courtyard highlight timeless charm alongside modern updates and strong investment fundamentals. Fully occupied with proven rental history, offered at a 6% cap rate, the property offers immediate cash flow with major improvements completed, including a new roof, fresh exterior paint, and new gas heaters. Interiors have been updated over the years. A rare opportunity to own a well-maintained historic multifamily in a walkable, high-demand location—offering stable income today and exceptional long-term redevelopment potential on a prime corner lot, with zoning allowing up to four stories of mixed-use.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$95,700
|
$23.29
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,914
|
$0.47
|
| Effective Gross Income |
$93,786
|
$22.82
|
| Taxes |
$8,753
|
$2.13
|
| Operating Expenses |
$19,002
|
$4.62
|
| Total Expenses |
$27,755
|
$6.75
|
| Net Operating Income |
$66,031
|
$16.07
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $95,700 |
| Annual Per SF | $23.29 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,914 |
| Annual Per SF | $0.47 |
| Effective Gross Income | |
|---|---|
| Annual | $93,786 |
| Annual Per SF | $22.82 |
| Taxes | |
|---|---|
| Annual | $8,753 |
| Annual Per SF | $2.13 |
| Operating Expenses | |
|---|---|
| Annual | $19,002 |
| Annual Per SF | $4.62 |
| Total Expenses | |
|---|---|
| Annual | $27,755 |
| Annual Per SF | $6.75 |
| Net Operating Income | |
|---|---|
| Annual | $66,031 |
| Annual Per SF | $16.07 |
Property Facts Under Contract
| Price | $1,100,000 | Apartment Style | Low-Rise |
| Price Per Unit | $183,333 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6% | Building Size | 4,109 SF |
| Gross Rent Multiplier | 12 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1929/1991 |
| Property Subtype | Apartment | ||
| Zoning | CBD - Redevelopment potential on a prime corner lot, with zoning allowing up to four stories of mixed-use. | ||
| Price | $1,100,000 |
| Price Per Unit | $183,333 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 12 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,109 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1929/1991 |
| Zoning | CBD - Redevelopment potential on a prime corner lot, with zoning allowing up to four stories of mixed-use. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,300 | 450 |
| 1+1 | 4 | $1,450 | 575 |
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Walk Score®
Very Walkable (80)
Bike Score®
Very Bikeable (85)
Property Taxes
| Parcel Number | 798500-0750 | Total Assessment | $710,400 (2025) |
| Land Assessment | $207,000 (2025) | Annual Taxes | $8,753 ($2.13/SF) |
| Improvements Assessment | $503,400 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
798500-0750
Land Assessment
$207,000 (2025)
Improvements Assessment
$503,400 (2025)
Total Assessment
$710,400 (2025)
Annual Taxes
$8,753 ($2.13/SF)
Tax Year
2024
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