720 Washington Ave N - Apartments FOR SALE


Kent, WA 98032- Riverfront
$2,975,000 USD
206-852-6206
720 Washington Ave N, Kent, WA for Sale
$2,975,000 USD
Apartments - FOR SALE
1/26
null | 6.57% Cap Rate

720 Washington Ave N
Kent, WA 98032
Riverfront


HIGHLIGHTS

  • Conveniently located in the heart of growing Kent, WA
  • Less than 1 mile to Kent Station retail mall and commuter rail
  • New mansard roof (2024), new doors/windows (2022), and new exterior paint (2024
  • 5.5% cap rate on current income with easy upside to 6%+ cap rate on market rents
  • 9 of 17 units remodeled with new kitchen cabinets & quartz countertops, new solid surface flooring, upgraded appliances, new bathroom vanities & tubs
  • 30 minutes to Downtown Seattle via the Sounder

OVERVIEW

CBRE and Paragon Real Estate Advisors proudly present the opportunity to acquire the Green Tree Court Apartments, a 17-unit value-add property located near dynamic downtown Kent, WA. This two-story, garden-style community is comprised of 15 - 1BD/1BA and 2 - 2BD/1BA units. The property is conveniently located less than 1 mile from the Kent Station retail mall and commuter rail. Built in 1968, the property has been well-maintained with recent improvements consisting of a new mansard roof, new doors and windows, and new exterior paint. In addition, 9 of the 17 units have undergone recent renovations, including new kitchen cabinets and quartz countertops, new solid surface flooring, upgraded appliances, and new bathroom vanities and tub surrounds. The property offers an investor an excellent combination of good in-place returns and the potential for further upside in a location that is growing. A new owner can add value and generate increased returns by renovating the remaining 8 vintage units.

FOR SALE DETAILS

PRICE

$2,975,000 USD

PRICE/SF

$316 USD /SF

# OF UNITS

17

PRICE/UNIT

$175,000

CAP RATE

6.57%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Green Tree Court

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1968

PARKING SPACES

18

LAND DETAILS

LAND ACRES

0.47 AC

LAND SF

20,282 SF

ZONING

MRM, Kent

APN/PARCEL ID

383200-0218

ASK ABOUT THIS PROPERTY

Peter WrightCBREMore Info
206-852-6206

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Peter WrightCBREMore Info
206-852-6206

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.