15428 40Th AveTukwila, WA 98188

Property Details for 15428 40Th Ave

Year built

1984

Property size (Sq ft)

7,308 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents an eight-unit apartment building situated in Tukwila, Washington. Comprising two, two-story buildings on separate tax parcels (APN: 0043000255, 0043000252), the property boasts a total of 7,308 square feet on a 26,340 square foot lot. Each of the eight units offers a desirable two-bedroom, one-bathroom layout, complete with in-unit washers and dryers and a detached garage, providing ample parking (12 spaces total). Six of the eight units have undergone recent renovations (2022-2024), presenting a significant value-add opportunity for a new owner to increase rental income to market rates. The property's prime location offers convenient access to public transportation, with the Tukwila-International Light Rail Station just blocks away. Major highways, including Highway 99, I-5, I-405, and SR 509, are also easily accessible. The property is zoned MDR and sits at the end of a cul-de-sac overlooking a green space with a creek, enhancing its appeal. The current Net Operating Income (NOI) is $119,617, with a pro-forma NOI of $141,118, reflecting a 5.76% cap rate and a pro-forma cap rate of 6.80%. The asking price is $2,075,000, translating to $283.94 per square foot and $259,375 per unit. This property offers the flexibility to finance each building individually with residential loans or as a single commercial loan. The combination of renovated units, attractive features, and prime location makes this a compelling investment prospect with substantial upside potential. The property is located at 15428 & 15430 40th Ave S, Tukwila, WA 98188.

Location Insight

City

Tukwila

County

King

State

Washington

Latitude

47.4642

Longitude

-122.283

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