9045 Canyon Drive, Kent, WA 98030
- $1,600,000
- 6,271
- SqFt
Listing courtesy of Paragon Real Estate Advisors. Selling Office: Skyline Properties, Inc..
- Sold Price
- $1,600,000
- List Price
- $1,750,000
- Status
- SOLD
- MLS#
- 2217557
- Closing Date
- Oct 11, 2024
- Days on Market
- 175
- 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
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.
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Additional Information
- List Date
- 2024-04-19 00:00:00
- Community
- Scenic Hill
- Net Operating Income
- $101,942
- Gross Adjusted Income
- $165,425
- Gross Scheduled Income
- $174,132
- Total Monthly Income
- $14,061
- Insurance Expenses
- $4,756
- Water/Sewer/Garbage Expenses
- $16,174
- Gross Rent Multiplier
- 10.05
- Total Expenses
- $63,483
- Cap Rate
- 5.83
- Vacancy Rate
- 5
- Total Number of Units
- 9
- Unit Name
- 9045
- Potential Terms
- Cash Out, Conventional
- Year Built
- 1957
- Roof
- Flat
- Other Expenses
- 23939
- Energy Source
- Electric
- School District
- Kent
- Total Monthly Income
- $14,061
- Gross Scheduled Income
- $174,132
- Vacancy Rate
- 5
- Gross Adjusted Income
- $165,425
- Tax Year
- 2024
- Insurance Expense
- $4,756
- W/S/G Expenses
- $16,174
- Total Expenses
- $63,483
- Net Operating Income
- $101,942
- Gross Rent Multiplier
- 10.05
- Cap Rate
- 5.83
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.