The Melbourne Building | 416 W Meeker St
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The Melbourne Building 416 W Meeker St
8 Unit Apartment Building $1,850,000 ($231,250/Unit) 6.75% Cap Rate Kent, WA 98032
Investment Highlights
- Current 6.75% CAP rate
- Value-add opportunity to renovate the remaining two apartment units and bring all rents to market levels
- 10 parking spaces
- Over $165,000 spent on renovations since 2021
- Opportunity to implement a utility billback system to increase monthly income
- Highly visibly Downtown Kent location
Executive Summary
Paragon Real Estate Advisors is pleased to present the exclusive listing of the Melbourne Building, centrally located in the heart of Downtown Kent. This presents a compelling opportunity to acquire a highly visible mixed-use property, with 75% of its units having undergone renovation since 2021. The prospective owner not only inherits the stability of existing retail tenants but also possesses the value-add potential to renovate the remaining two apartment units and bring all the rents to market.
The Melbourne Building boasts a versatile design, featuring three leased retail spaces on the ground floor and five apartment units on the top floor. All three retail units have been leased and undergone comprehensive interior renovations within the past two years. The renovations encompassed various upgrades, such as LVP flooring, bathroom cabinets, backsplashes, fixtures, storefront glass, and a fresh coat of paint.
The apartment units are a mix of 3 – 2 bedroom/1 bathroom, 2 – 1 bedroom/1 bathroom. There are three fully renovated units. Recent renovations to a 2-bedroom and a 1-bedroom unit included the installation of LVP flooring, new paint, upgraded light fixtures, and a complete overhaul of the kitchen and bathroom, including cabinets, backsplashes, tub surrounds, and appliances.
Situated in the vibrant Downtown Kent, this property benefits from the dynamic surroundings and presents an array of opportunities for prospective owners.
The Melbourne Building boasts a versatile design, featuring three leased retail spaces on the ground floor and five apartment units on the top floor. All three retail units have been leased and undergone comprehensive interior renovations within the past two years. The renovations encompassed various upgrades, such as LVP flooring, bathroom cabinets, backsplashes, fixtures, storefront glass, and a fresh coat of paint.
The apartment units are a mix of 3 – 2 bedroom/1 bathroom, 2 – 1 bedroom/1 bathroom. There are three fully renovated units. Recent renovations to a 2-bedroom and a 1-bedroom unit included the installation of LVP flooring, new paint, upgraded light fixtures, and a complete overhaul of the kitchen and bathroom, including cabinets, backsplashes, tub surrounds, and appliances.
Situated in the vibrant Downtown Kent, this property benefits from the dynamic surroundings and presents an array of opportunities for prospective owners.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$173,608
|
$20.73
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$48,815
|
$5.83
|
| Net Operating Income |
$124,793
|
$14.90
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $173,608 |
| Annual Per SF | $20.73 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $48,815 |
| Annual Per SF | $5.83 |
| Net Operating Income | |
|---|---|
| Annual | $124,793 |
| Annual Per SF | $14.90 |
Property Facts
| Price | $1,850,000 | Apartment Style | Low Rise |
| Price Per Unit | $231,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 6.75% | Building Size | 8,376 SF |
| Gross Rent Multiplier | 10.12 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.19/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,850,000 |
| Price Per Unit | $231,250 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Gross Rent Multiplier | 10.12 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 8,376 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.19/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,425 | 620 |
| 2+1 | 3 | $1,580 | 900 |
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Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 982570-0355 | Improvements Assessment | $842,700 |
| Land Assessment | $234,400 | Total Assessment | $1,077,100 |
PROPERTY TAXES
Parcel Number
982570-0355
Land Assessment
$234,400
Improvements Assessment
$842,700
Total Assessment
$1,077,100
zoning
| Zoning Code | DCE |
| DCE |
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The Melbourne Building | 416 W Meeker St
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