Green Tree Court 720 Washington Ave N 17 Unit Block of Flats £2,326,629 (£136,861/Unit) 6.57% Net Initial Yield Kent, WA 98032
INVESTMENT HIGHLIGHTS
- Conveniently located in the heart of growing Kent, WA
- New mansard roof (2024), new doors/windows (2022), and new exterior paint (2024
- 9 of 17 units remodeled with new kitchen cabinets & quartz countertops, new solid surface flooring, upgraded appliances, new bathroom vanities & tubs
- Less than 1 mile to Kent Station retail mall and commuter rail
- 5.5% cap rate on current income with easy upside to 6%+ cap rate on market rents
- 30 minutes to Downtown Seattle via the Sounder
EXECUTIVE SUMMARY
CBRE and Paragon Real Estate Advisors proudly present the opportunity to acquire the Green Tree Court Apartments, a 17-unit value-add property located near dynamic downtown Kent, WA. This two-story, garden-style community is comprised of 15 - 1BD/1BA and 2 - 2BD/1BA units. The property is conveniently located less than 1 mile from the Kent Station retail mall and commuter rail. Built in 1968, the property has been well-maintained with recent improvements consisting of a new mansard roof, new doors and windows, and new exterior paint. In addition, 9 of the 17 units have undergone recent renovations, including new kitchen cabinets and quartz countertops, new solid surface flooring, upgraded appliances, and new bathroom vanities and tub surrounds. The property offers an investor an excellent combination of good in-place returns and the potential for further upside in a location that is growing. A new owner can add value and generate increased returns by renovating the remaining 8 vintage units.
PROPERTY FACTS
| Price | £2,326,629 |
| Price Per Unit | £136,861 |
| Sale Type | Investment |
| Net Initial Yield | 6.57% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 8,775 SF |
| Number of Floors | 2 |
| Year Built/Renovated | 1968/1985 |
| Parking Ratio | 2.05/1,000 SF |
UNIT AMENITIES
- Balcony
- Heating
- Kitchen
- Cooker
- Bath/Shower
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 15 | £868.87 | 500 |
| 2+1 | 2 | £1,024 | 950 |
1 of 1
Walk Score®
Very Walkable (75)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 383200-0218 | Improvements Assessment | £1,653,431 |
| Land Assessment | £158,602 | Total Assessment | £1,812,033 |
ZONING
| Zoning Code | MRM, Kent |
CONTACTS
-
Peter
Wright
-
Ryan
Iles
