Skylite Court Apartments | 406 E George St
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Skylite Court Apartments 406 E George St
8 Unit Apartment Building $1,875,000 ($234,375/Unit) 5.33% Cap Rate Kent, WA 98031
Investment Highlights
- Positioned on a corner lot in Downtown Kent less than a 15-minute walk from Kent Station
- 9 off-street parking spaces
- Washer / dryer hookups (all machines currently resident owned)
- Turnkey property featuring fully renovated unit interiors, 1,000+ SF two-bedroom floor plans, fresh paint, and mostly dual-pane vinyl windows
- Attractive midcentury modern aesthetic priced at $217 per foot
- Additional attractive unit features include decks or patios, dishwashers, spacious floor plans, and ample closet space
Executive Summary
Situated on a corner lot in Downtown Kent, approximately 20 miles south of Seattle city limits and a 15-minute walk from Kent Station, Skylite Court is an 8-unit apartment property featuring spacious 2-bedroom units. This turnkey property features in-unit washer/dryer hookups, 9 off-street parking spaces, and fully renovated units with updated LVP and carpeted flooring, new kitchen countertops, and updated bath vanities. The property, on the market for the first time in 20 years, will appeal to a multifamily investor interested in simply stepping in and taking over the profitable operations.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$161,520
|
$15.89
|
| Other Income |
$11,942
|
$1.17
|
| Vacancy Loss |
$8,673
|
$0.85
|
| Effective Gross Income |
$164,789
|
$16.21
|
| Taxes |
$20,026
|
$1.97
|
| Operating Expenses |
$44,857
|
$4.41
|
| Total Expenses |
$64,883
|
$6.38
|
| Net Operating Income |
$99,906
|
$9.83
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $161,520 |
| Annual Per SF | $15.89 |
| Other Income | |
|---|---|
| Annual | $11,942 |
| Annual Per SF | $1.17 |
| Vacancy Loss | |
|---|---|
| Annual | $8,673 |
| Annual Per SF | $0.85 |
| Effective Gross Income | |
|---|---|
| Annual | $164,789 |
| Annual Per SF | $16.21 |
| Taxes | |
|---|---|
| Annual | $20,026 |
| Annual Per SF | $1.97 |
| Operating Expenses | |
|---|---|
| Annual | $44,857 |
| Annual Per SF | $4.41 |
| Total Expenses | |
|---|---|
| Annual | $64,883 |
| Annual Per SF | $6.38 |
| Net Operating Income | |
|---|---|
| Annual | $99,906 |
| Annual Per SF | $9.83 |
Property Facts
| Price | $1,875,000 | Apartment Style | Low Rise |
| Price Per Unit | $234,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 5.33% | Building Size | 10,164 SF |
| Gross Rent Multiplier | 10.8 | Average Occupancy | 96% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 0.89/1,000 SF |
| Price | $1,875,000 |
| Price Per Unit | $234,375 |
| Sale Type | Investment |
| Cap Rate | 5.33% |
| Gross Rent Multiplier | 10.8 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 10,164 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 0.89/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer Hookup
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Patio
Site Amenities
- 24 Hour Access
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $1,683 | 1,082 |
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Walk Score®
Very Walkable (78)
PROPERTY TAXES
| Parcel Number | 914710-0100 | Total Assessment | $1,772,000 (2023) |
| Land Assessment | $151,100 (2023) | Annual Taxes | $20,026 ($1.97/SF) |
| Improvements Assessment | $1,620,900 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
914710-0100
Land Assessment
$151,100 (2023)
Improvements Assessment
$1,620,900 (2023)
Total Assessment
$1,772,000 (2023)
Annual Taxes
$20,026 ($1.97/SF)
Tax Year
2024
zoning
| Zoning Code | MR-M, Kent |
| MR-M, Kent |
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Skylite Court Apartments | 406 E George St
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