31624 W Rutherford Street, Carnation, WA
Offered at $1,375,000 | 6 Units

Opportunities like this are becoming increasingly difficult to find in King County's multifamily market.

This newly listed 6-unit apartment building in Carnation, WA combines attractive seller financing, significant value-add potential, and future redevelopment opportunities—all in one of the region's most supply-constrained rental markets.

Seller Financing Creates a Unique Opportunity

One of the most compelling features of this offering is the seller financing.

Qualified buyers can purchase the property with approximately 35% down, along with interest-only payments during the first year. This structure allows the new owner to maximize cash flow while renovating units, increasing rents, and stabilizing the property before principal payments begin.

Flexible financing like this is increasingly rare and can provide a meaningful advantage in today's higher interest rate environment.

Significant Value-Add Potential

The property consists of:

  • 6 apartment units
  • (3) Two-bedroom units
  • (3) One-bedroom units

The current ownership has maintained long-term tenants, many of whom are on month-to-month leases, providing flexibility for future renovations and repositioning.

Current rents are estimated to be approximately 40% below projected market rents following renovations, creating substantial upside for investors willing to execute a value-add strategy.

Additional income is generated through the property's common laundry, while tenants currently reimburse the owner for utilities, helping offset operating expenses.

Future Development Potential

Beyond the existing cash flow, this property offers long-term upside through its 15,152-square-foot corner lot with R-24 zoning.

The zoning may provide future expansion or redevelopment opportunities, offering investors multiple exit strategies as the surrounding market continues to grow. Buyers should verify development potential with the appropriate jurisdiction.

Well-Maintained Asset

The property includes several improvements that reduce near-term capital expenditures, including:

  • Recently replaced upper decks
  • Roof with substantial remaining useful life
  • Ample on-site parking
  • Utility reimbursement from tenants
  • On-site common laundry

These features allow investors to focus their capital on interior renovations that can drive rental growth.

Excellent Carnation Location

Located in downtown Carnation, the property provides convenient access to many of the Eastside's largest employment centers while maintaining the appeal of a smaller community.

Nearby destinations include:

  • Snoqualmie
  • Redmond
  • Microsoft
  • Bellevue
  • SR 520 corridor

As housing affordability continues to challenge the Eastside, communities like Carnation remain attractive alternatives for renters seeking more space while maintaining access to major employers.

An Opportunity Worth Considering

Whether you're an experienced apartment investor or looking to expand your multifamily portfolio, opportunities that combine seller financing, strong cash flow potential, below-market rents, and future redevelopment possibilities rarely come to market.

If you're looking for a King County apartment building for sale with significant upside, this property deserves a closer look.

Learn more, view financial information, and schedule a showing here:

https://www.soundmultifamily.com/property/2542138/

Charles Burnett, CCIM
Founder | Sound Property Group

I specialize exclusively in the sale of apartment buildings and multifamily investment properties throughout Seattle, Bellevue, Tacoma, Bremerton, Carnation, and the greater Puget Sound region. Whether you're buying your first apartment building or expanding an existing portfolio, I can help you identify opportunities that maximize both cash flow and long-term appreciation.