9045 Canyon Drive, Kent, WA 98030

$2,200,000
6,271
SqFt

Listing courtesy of Paragon Real Estate Advisors.

List Price
$2,200,000
Status
ACTIVE
MLS#
2217557
Days on Market
12
Style
55 - 5-9 Units
Finished SqFt
6,271
Area Total SqFt
6271
Annual Tax Ammount
18614
Lot Size (sq ft)
23,522
Sewer
Sewer Connected

Property Description

Seller financing is available - Attractive 9 unit apartment building centrally located in Kent. Rents are below-market and a value-add opportunity exists to fully renovate the units and lift rents higher. The building has seen extensive updates during the last 12 months, with over $160,000 spent on improvements. 6 of the 9 units have been updated with LVP flooring, new appliances, bathroom remodels, and paint. All electrical panels have been replaced. Exterior improvements include the installation of a new membrane roof, fresh exterior paint, replacement of the sewer line connection, landscaping and the Puget Sound Energy box replacement. The building is “L-Shaped” with a courtyard which provides a sense of community for the tenants.

Additional Information

List Date
2024-04-02 18:52:09
Community
Scenic Hill
Net Operating Income
$107,946
Gross Adjusted Income
$160,865
Gross Scheduled Income
$169,332
Total Monthly Income
$14,111
Insurance Expenses
$3,041
Water/Sewer/Garbage Expenses
$16,174
Gross Rent Multiplier
12.99
Total Expenses
$52,919
Cap Rate
4.91
Vacancy Rate
5
Total Number of Units
9
Unit Name
9045
Potential Terms
Cash Out, Conventional, Owner Financing, See Remarks
Year Built
1957
Roof
Flat
Other Expenses
15090
Energy Source
Electric
School District
Kent
Total Monthly Income
$14,111
Gross Scheduled Income
$169,332
Vacancy Rate
5
Gross Adjusted Income
$160,865
Tax Year
2024
Insurance Expense
$3,041
W/S/G Expenses
$16,174
Total Expenses
$52,919
Net Operating Income
$107,946
Gross Rent Multiplier
12.99
Cap Rate
4.91
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