412-418 West Meeker Street
Kent, WA 98032
$1,850,000
Price
8
Beds
5
Baths
8,376 Sq. Ft.
$221 / Sq. Ft.
8,376
Sq. Ft.
$221
per Sq. Ft.
Listing provided courtesy of Paragon Real Estate Advisors
Description
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 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...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 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.
- Listed by Ben Douglas • Paragon Real Estate Advisors
- Listed by Michael Urquhart • Paragon Real Estate Advisors
Property Details for 412-418 West Meeker Street
Community Name
Kent
School DistrictKent
Number of Assigned Spaces10
Total Covered Parking0
Entry Date09-11-2024
Energy SourceElectric
SewerSewer Connected
LISTING UPDATED: 11/14/2024 11:25 AM
Property Details for 412-418 West Meeker Street
| Status | Active |
|---|---|
| MLS # | 2289239 |
| Days on Market | 101 |
| Cumulative Days on Market | 299 |
| Taxes | $12,879 / year |
| HOA Fees | - |
| Condo/Co-op Fees | - |
| Compass Type | Multi Family |
| MLS Type | Residential Income |
| Year Built | 1958 |
| Lot Size | 0.19 AC / 8,156 SF |
| County | King County |
Building Information for 412-418 West Meeker Street
Stories2Residences8Year Built1958Building Size-Lot Size0.19 AC / 8,156 SF
Property Information for 412-418 West Meeker Street
Summary
Location and General Information
- Style: 55 - 5-9 Units
- Area: 330 - Kent
- Directions: From downtown Seattle, take I-5 S and WA-167 S to Willis St in Kent. Take the WA-516/Willis St exit from WA-167 S. Continue on Willis St. Take 4th Ave S to W Meeker St.
- Leased Items: None
- Property Sub Type: MULT
- View: No
- Waterfront: No
Taxes and HOA Information
- Tax Year: 2024
Parking
- Number of Carport Spaces: 0.0
- Carport: No
- Open Parking Spaces: 10.0
- Open Parking: Yes
Interior and Exterior Features
Bathroom Information
- Full Baths Upper: 0
- Three Quarter Baths Upper: 0
- Half Baths Upper: 0
- Main Level Bathrooms: 0
Bedroom Information
- Bedrooms Upper: 0
- Bedrooms Possible: 0
Interior Features
- Fireplaces Total: 0
- Cooling: No
- Cooling: None
- Fireplace: No
- Heating: Yes
- Heating: Hot Water Recirc Pump
Exterior Features
- Exterior: Brick
- Roof: Flat
Property
Utilities
- Water/Sewer/Garbage: 14786
- Power Production Type: Electric
Property and Assessments
- New Construction YN: No
- Preliminary Title Ordered: No
- Senior Community: No
- Special Listing Conditions: None
- Photos Count: 15
Lot Information
- Lot Size Source: King County
- Parcel Number Free Text: 9825700355
- Calculated Square Footage: 8376
- Structure Type: Multi Family
- Square Footage Finished: 0
- Square Footage Unfinished: 0
- Building Area Total: 8376.0
- Building Area Units: Square Feet
- Property Type: Residential Income
- Elevation Units: Feet
- Irrigation Water Rights: No
Multi Family
Building Details
- Number of Uncovered Spaces: 10
- Number of Stories in Building: 2
- Vacancy Rate: 5
- Number Of Units Total: 8
- Units Below Grade: false
- Units In Building Total: 8
Financing / Income and Expenses
- Electric Expense: $0
- Total Expenses: 48815
- Gross Adjusted Income: 173608
- Gross Rent Multiplier: 10.12
- Gross Scheduled Income: $182,745
- Insurance Expense: $3,423
- Net Operating Income: $124,792
- Other Expenses: $17,727
- Total Monthly Income: 15229
- Fuel Expense: $0
Unit 1
- Name Unit 1: 1
- Range/Oven Unit 1: true
- Refrigerator Unit 1: true
- Square Feet Unit 1: 620
- Rent Unit 1: $1,450.00
- Bedrooms Unit 1: 1
- Bathrooms Unit 1: 1
Unit 2
- Name Unit 2: 2
- Range/Oven Unit 2: true
- Refrigerator Unit 2: true
- Square Feet Unit 2: 620
- Rent Unit 2: $1,400.00
- Bedrooms Unit 2: 1
- Bathrooms Unit 2: 1
Unit 3
- Name Unit 3: 3
- Range/Oven Unit 3: true
- Refrigerator Unit 3: true
- Square Feet Unit 3: 900
- Rent Unit 3: $1,860.00
- Bedrooms Unit 3: 2
- Bathrooms Unit 3: 1
Unit 4
- Name Unit 4: 4
- Range/Oven Unit 4: true
- Refrigerator Unit 4: true
- Square Feet Unit 4: 900
- Rent Unit 4: $1,300.00
- Bedrooms Unit 4: 2
- Bathrooms Unit 4: 1
Unit 5
- Name Unit 5: 5
- Range/Oven Unit 5: true
- Refrigerator Unit 5: true
- Square Feet Unit 5: 900
- Rent Unit 5: $1,380.00
- Bedrooms Unit 5: 2
- Bathrooms Unit 5: 1
Unit 6
- Name Unit 6: Retail 414
- Square Feet Unit 6: 2188
- Rent Unit 6: $2,808.00
Unit 7
- Name Unit 7: Retail 416
- Square Feet Unit 7: 1000
- Rent Unit 7: $1,300.00
Unit 8
- Name Unit 8: Retail 418
- Square Feet Unit 8: 1000
- Rent Unit 8: $1,850.00
Rental
Rent Information
- Occupant Type: Tenant
- Leasable Area: 8376.0
- Leasable Area Units: Square Feet
Property History for 412-418 West Meeker Street
| Date | Event & Source | Price | Appreciation |
|---|
| Date | Event & Source | Price |
|---|
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Schools near 412-418 West Meeker Street
This home is within Kent School District.
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 6 | |||
| Public - | 7 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 9 to 12 |
Rating | School | Distance |
|---|---|---|
River Ridge Elementary PublicPK to 6 | ||
Mill Creek Middle School Public7 to 8 | ||
Kent-Meridian High School Public9 to 12 | ||
Individualized Graduation & Degree Program Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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Listing Courtesy of Paragon Real Estate Advisors
Listing provided courtesy of NWMLS, RMLS or Yakima MLS. The information contained in this listing has not been verified by Compass or the MLS and should be verified by the buyer. The DOM value represents the number of days this listing has been Active on this website.
