Kent, WA Retail Property For Sale

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 LVP flooring, bathroom cabinets, backsplashes, fixtures, storefront glass, and a fresh coat of paint.

The apartment units are a mix of 3 – 2 bedroom/1 bathroom, 2 – 1 bedroom/1 bathroom. There are two fully renovated units with the third renovation underway. Recent renovations to a 2-bedroom and a 1-bedroom unit included the installation of LVP flooring, new paint, upgraded light fixtures, and a complete overhaul of the kitchen and bathroom, including cabinets, backsplashes, tub surrounds, and appliances.

Situated in the vibrant Downtown Kent, this property benefits from the dynamic surroundings and presents an array of opportunities for prospective owners.

Building Size: 21,998 SF

Lot Size: 74, 697 SF

Zoning: CC

Sales Price: $6,690,000

CAP Rate: 6.13%

Proforma CAP Rate: 7.24%

Diverse tenant mix with staggered lease expirations

Unbelievable commercial opportunity in a prime location on a corner lot!! Almost an entire block located right on Central Ave in Kent with access to E Pioneer, HWY 516 (Smith Street), and State Ave N. Rare GC-MU-DCE General Commercial/Mixed Use/Downtown Commercial Enterprise zoning in a TOD allows so much! Level, easy access, seconds away from Kent Train Station, Schools, Shopping, and Restaurants. Easy drive to HWY 167. Tax iD #: 9179601805; 9179601815; 9179601840; 9179601845; 9179601855; 9179601865; 9179601880

We are pleased to present the opportunity to acquire 208th Street Station, a high-quality shopping center with immediate upside, located in rapidly growing Kent, Washington.