739 3rd Avenue S, Kent, WA 98032
- $1,995,000
- 7,808
- SqFt
Listing courtesy of Lee & Associates Commercial RE.
- List Price
- $1,995,000
- Status
- ACTIVE
- MLS#
- 2491414
- Days on Market
- 138
- Style
- 56 - 10+ Units
- Building Condition
- Average
- Finished SqFt
- 7,808
- Area Total SqFt
- 7808
- Annual Tax Ammount
- 18065
- Lot Size (sq ft)
- 15,363
- Sewer
- Sewer Connected
Property Description
Watson Manor Apartments is a 10-unit apartment building located in the heart of Kent. Situated just south of Kent Station and minutes from SR-516, the property offers tenants suburban livability with seamless access to major employment centers throughout the region. Watson Manor is a rare opportunity to acquire a 100% vacant asset, providing investors with complete operational flexibility from day one. Unlike typical acquisitions encumbered by legacy leases, below-market rents, or deferred repositioning timelines, this property allows a new owner to immediately execute their business plan and fully capture current market dynamics. The asset represents a true “choose your own adventure” opportunity — whether the strategy is a light cosmetic refresh and lease-up, a comprehensive interior renovation to achieve premium rents, or a thoughtful reconfiguration to maximize unit efficiency. With no tenant rollover risk or displacement considerations. Beyond the immediate ability to re-tenant at today’s market rates, the property offers compelling upside through strategic improvements and potential reconfiguration. Explore converting the existing laundry area into an additional unit, or redesigning select layouts to create larger sized units, increasing rentable square footage and overall revenue potential. NOTE - All income and expense items are based on proforma - property will be delivered vacant at close.
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Additional Information
- List Date
- 2026-03-12 18:28:20
- Community
- Kent
- Net Operating Income
- $132,632
- Gross Adjusted Income
- $177,270
- Gross Scheduled Income
- $193,410
- Total Monthly Income
- $193,410
- Insurance Expenses
- $5,608
- Water/Sewer/Garbage Expenses
- $10,000
- Gross Rent Multiplier
- 10.7
- Total Expenses
- $60,778
- Cap Rate
- 6.65
- Vacancy Rate
- 4
- Total Number of Units
- 10
- Unit Name
- 739
- Potential Terms
- Cash, Conventional, FHA
- Year Built
- 1969
- Roof
- Metal
- Site Features
- Deck, Fenced-Partially
- Other Expenses
- 27105
- Energy Source
- Electric
- School District
- Kent
- Total Monthly Income
- $193,410
- Gross Scheduled Income
- $193,410
- Vacancy Rate
- 4
- Gross Adjusted Income
- $177,270
- Tax Year
- 2026
- Insurance Expense
- $5,608
- W/S/G Expenses
- $10,000
- Total Expenses
- $60,778
- Net Operating Income
- $132,632
- Gross Rent Multiplier
- 10.7
- Cap Rate
- 6.65
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.