Kent, WA Retail Property For Sale

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

Tours available on Thursday January 25th – Contact listing agents to schedule.

Paragon Real Estate Advisors is 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 60% 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. 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, and a non-conforming studio unit. 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

Don't miss out on this incredible investment property featuring a nationally recognized credit tenant - Jack in the Box. Located on a heavily traveled arterial in downtown Kent, this prime corner lot is in close proximity to the mall, ShoWare Center, City Hall, and Transit Center. The building, completely re-built in 2011, showcases Jack in the Box's new restaurant model with outdoor service counters, a small patio area, drive-through lane, and ample parking. With over 50 years of history at this location, Jack in the Box has signed a long-term Absolute NNN lease running through 2026, with two five-year extensions and 10% annual escalators at each option renewal. The lease is NNN, providing a hassle-free investment experience. Featuring at a 5.03% Cap rate, this well-maintained property offers 1,484 SF of leasable space on a 13,323 SF (.31 acre) lot. With zoning for GCMU, uncovered parking for 9 spaces, and triple net lease terms, the Jack in the Box property offers a solid income stream and relieving the investor of most landlord responsibilities. Act now to seize this unique investment opportunity. Contact us for more details and to schedule a viewing.

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