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Kirkland 5 906-910 6th St S 4 Unit Apartment Building $3,800,000 ($950,000/Unit) 4.91% Cap Rate Kirkland, WA 98033
Investment Highlights
- Incredible Houghton location – Blocks from Kirkland’s downtown & waterfront
- Fantastic westerly views of Lake Washington and Olympic Mountains from each unit
- Condo-quality remodel throughout each spacious 1,150- SF residential unit
- Only 1 block to several restaurants, Metropolitan Market, CVS, cleaners, and services
- Large, covered decks with new light-emitting architectural covers protecting from rain and providing solar shade
- Four 2-bed / 1.5-bath open-concept townhome units plus 1 fully leased retail space
Executive Summary
Incredible Houghton location – Blocks from Kirkland’s downtown & waterfront
Only 1 block to several restaurants, Metropolitan Market, CVS, cleaners, and services
Fantastic westerly views of Lake Washington and Olympic Mountains from each unit
Large, covered decks with new light-emitting architectural covers protecting from rain and providing solar shade
Condo-quality remodel throughout each spacious 1,150- SF residential unit
Four 2-bed / 1.5-bath open-concept townhome units plus 1 fully leased retail space
Residential leases all signed in first weekend of open house prior to availability
Fully enclosed synthetic-turf dog park and play area, additional synthetic-turf courtyards for outdoor use
Built for low/no landlord maintenance and involvement both outside and in
“Very Walkable” walk score of 71 – multiple bus routes, several restaurants, and a park are all within a 10-minute walk
Easy access to I-405 and Highway 520, Bellevue, and Seattle
Owner-occupant opportunity
Land Bank - 15,511-SF lot size with PR-5.0 zoning
Only 1 block to several restaurants, Metropolitan Market, CVS, cleaners, and services
Fantastic westerly views of Lake Washington and Olympic Mountains from each unit
Large, covered decks with new light-emitting architectural covers protecting from rain and providing solar shade
Condo-quality remodel throughout each spacious 1,150- SF residential unit
Four 2-bed / 1.5-bath open-concept townhome units plus 1 fully leased retail space
Residential leases all signed in first weekend of open house prior to availability
Fully enclosed synthetic-turf dog park and play area, additional synthetic-turf courtyards for outdoor use
Built for low/no landlord maintenance and involvement both outside and in
“Very Walkable” walk score of 71 – multiple bus routes, several restaurants, and a park are all within a 10-minute walk
Easy access to I-405 and Highway 520, Bellevue, and Seattle
Owner-occupant opportunity
Land Bank - 15,511-SF lot size with PR-5.0 zoning
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$213,720
|
$41.30
|
| Other Income |
$21,300
|
$4.12
|
| Vacancy Loss |
$5,876
|
$1.14
|
| Effective Gross Income |
$229,144
|
$44.28
|
| Taxes |
$20,055
|
$3.88
|
| Operating Expenses |
$22,480
|
$4.34
|
| Total Expenses |
$42,535
|
$8.22
|
| Net Operating Income |
$186,609
|
$36.06
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $213,720 |
| Annual Per SF | $41.30 |
| Other Income | |
|---|---|
| Annual | $21,300 |
| Annual Per SF | $4.12 |
| Vacancy Loss | |
|---|---|
| Annual | $5,876 |
| Annual Per SF | $1.14 |
| Effective Gross Income | |
|---|---|
| Annual | $229,144 |
| Annual Per SF | $44.28 |
| Taxes | |
|---|---|
| Annual | $20,055 |
| Annual Per SF | $3.88 |
| Operating Expenses | |
|---|---|
| Annual | $22,480 |
| Annual Per SF | $4.34 |
| Total Expenses | |
|---|---|
| Annual | $42,535 |
| Annual Per SF | $8.22 |
| Net Operating Income | |
|---|---|
| Annual | $186,609 |
| Annual Per SF | $36.06 |
Property Facts
| Price | $3,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $950,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 4.91% | Building Size | 5,175 SF |
| Gross Rent Multiplier | 16.2 | No. Stories | 2 |
| No. Units | 4 | Year Built | 1981 |
| Property Type | Multifamily | Parking Ratio | 2.32/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PR 5.0 | ||
| Price | $3,800,000 |
| Price Per Unit | $950,000 |
| Sale Type | Investment |
| Cap Rate | 4.91% |
| Gross Rent Multiplier | 16.2 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 5,175 SF |
| No. Stories | 2 |
| Year Built | 1981 |
| Parking Ratio | 2.32/1,000 SF |
| Zoning | PR 5.0 |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Washer/Dryer
- Refrigerator
- Range
- Tub/Shower
- Views
- Deck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 4 | $3,863 | 1,150 |
1 1
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,269,900 (2025) | |
| Land Assessment | $1,500,500 (2025) | Annual Taxes | $20,055 ($3.88/SF) |
| Improvements Assessment | $769,400 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$1,500,500 (2025)
Improvements Assessment
$769,400 (2025)
Total Assessment
$2,269,900 (2025)
Annual Taxes
$20,055 ($3.88/SF)
Tax Year
2026
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Kirkland 5 | 906-910 6th St S
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