Just Sold: 6-Unit Apartment Building in Downtown Sumner
824 Kincaid Ave, Sumner, WA
Sold for $1,100,000 | 6 Units
Every successful sale creates a new opportunity—and that's exactly what this transaction accomplished.
I'm excited to share the successful sale of this 6-unit apartment building in Downtown Sumner. More importantly, I'm grateful to have helped my client take the next step in growing his real estate portfolio.
Using a 1031 exchange, he'll be rolling the proceeds into a new construction rental property out of state, allowing him to defer capital gains taxes while continuing to build long-term wealth.
Helping clients strategically reposition their investments is one of the most rewarding parts of what I do.
A Landmark Multifamily Property
Located on a prominent corner lot in the heart of Downtown Sumner, this beautifully maintained garden-style apartment building combined historic character with strong investment fundamentals.
The property featured:
- Six fully occupied apartment units
- Strong, stable rental history
- Approximately a 6% cap rate
- Immediate cash flow
- Mission-inspired architecture with charming arches and a central courtyard
Recent capital improvements included:
- New roof
- Fresh exterior paint
- New gas heaters
- Updated unit interiors completed over the years
The combination of pride of ownership and consistent rental performance made this an attractive opportunity for investors seeking both stability and long-term appreciation.
Long-Term Development Potential
Beyond its current income, the property offered exceptional future upside.
Situated on a prime corner lot with zoning allowing up to four stories of mixed-use development, the building appealed to buyers looking beyond today's cash flow and toward future redevelopment opportunities.
Assets with both strong current performance and long-term development potential continue to attract significant investor interest throughout the Puget Sound region.
The Power of a 1031 Exchange
For many apartment owners, selling isn't the end of the investment journey—it's the beginning of the next chapter.
In this case, a 1031 exchange allowed my client to defer capital gains taxes and exchange into a newer investment property better aligned with his long-term goals.
Whether the objective is increasing cash flow, reducing maintenance, diversifying geographically, or upgrading into newer construction, a properly planned exchange can be a powerful wealth-building strategy.
Congratulations!
Congratulations to my client on the successful sale and best of luck with your new investment. Thank you for trusting me to help guide another important step in your real estate journey.
Thinking about selling your apartment building?
Whether you're considering a 1031 exchange, planning for retirement, or simply curious what your multifamily property is worth in today's market, I'd be happy to help you evaluate your options.
Charles Burnett, CCIM
Founder | Sound Property Group
I specialize exclusively in the sale of apartment buildings and multifamily investment properties throughout Seattle, Tacoma, Sumner, Puyallup, Bremerton, and the greater Puget Sound region, helping owners maximize value and plan their next investment move.