412 - 418W Meeker St
Kent WA 98032
Melbourne Building
412 - 418W Meeker St Kent WA 98032
Listing #: 686615 | Status: Available | Last Modified: 11/13/2024 |
For Sale
- Phone:(206) 812-9123
- Email:michael@paragonrea.com
- Office Name:Paragon Real Estate Advisors
- Office Phone:(206) 623-8880
- Office Website:
- Agent Phone:(206) 812-9130
- Agent Email:brianp@paragonrea.com
- Agent Phone:(206) 812-9101
- Agent Email:ben@paragonrea.com
- Call Listing AgentNo
- Use DiscretionNo
- Listing Price$ 1,850,000.0
- $/SF$ 441.7
- $/Unit$ 1,850,000.0
- Listing StatusAvailable
- Days on Market77
- Asset ClassRetail, Multi-Family
- Terms
- Investment Type
- Investment PropYes
- Gross Income173,608
- Vacancy Factor %5.00%
- Operating Expenses48,815
- Net Operating Income116,112
- CAP Rate 6.75 %
- Min Total SF0
- Max Total SF0
- Lease Rate Low$ 00.0
- Lease Rate High$ 00.0
- Heat Source
- Total Units
- Water
- Electricity
- Storm Sewer
- SignageSignage on Building and Freestanding
- Anchor
- Crane Count
- Crane Tonnage0
- Clearance Height Min
- Clearance Height Max
- Bay Depth
- Second Road Front
- Grade Level Door Count
- Tennant Improvement Allowance
- CAP Rate 6.75 %
- Building StatusExisting
- # of Buildings1
- # of Floors2
- # of Units9
- # of Elevators
- Clearance Height Min0
- Clearance Height Max
- Bay Depth
- Total Building SF8376
- Net Rentable Area4188
- Total Office SF
- Largest Contiguous SF
- Lot SF8156
- Acres0.19
- Property TypeRetail
- Office TypeMulti-Tenant
- Building Class
- CountyKing
- Vicinity
- Location Description
- Second Address
- Cross Street
- Market AreaKent
- Tax ID #9825700355
- Additional Parcels
- ZoningDCE
- # Covered Spaces0
- # Uncovered Spaces10
- Total Parking Spots10
- Parking Ratio0
- Year Built1958
- Year Renovated1985
- Completion Date
- Roof Type
- Construction TypeMasonry
The Melbourne Building
We are 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
