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12437 Tukwila International Blvd 13 Unit Apartment Building $2,774,207 CAD ($213,401 CAD/Unit) 6.01% Cap Rate Tukwila, WA 98168
Investment Highlights
- ATTRACTIVE YIELD: 5.57% in-place cap rate with achievable upside to 6.66%
- ABUNDANT PARKING: Includes secured garages suitable for tenant parking or additional storage income
- VALUE-ADD POTENTIAL: Significant rental upside through operational and unit-level improvements
- POSITIVE LEVERAGE: Strong cash flow metrics from day one
- NATURALLY OCCURRING AFFORDABLE HOUSING: Supports long-term renter demand
- MAJOR CAPITAL IMPROVEMENTS: Plumbing and electrical has been updated, new garage doors, new railings, and all roofs under 10 years old
Executive Summary
Cushman & Wakefield Capital Markets is pleased to exclusively present the opportunity to acquire Hillside Apartments, a 13-unit value-add opportunity in South King County’s Tukwila. Two units have already been remodeled proving the value-add strategy and illustrating a clear path to rental upside. The building boasts 7 large, secured parking garages approximately 11 feet wide and 25 feet deep as well as an abundance of open off-street parking. The building is naturally occurring affordable housing. Both 1- and 2- bedroom units are considered affordable to King County residents earnings below area median income. With a very historically low vacancy rate, the Hillside apartments highlight the demand for workforce housing in suburban neighborhoods surrounding Seattle.
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
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| Other Income |
-
|
-
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| Vacancy Loss |
-
|
-
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| Effective Gross Income |
-
|
-
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| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,774,207 CAD | Apartment Style | Garden |
| Price Per Unit | $213,401 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 6.01% | Building Size | 7,100 SF |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1946/1993 |
| Property Subtype | Apartment | Parking Ratio | 1.23/1,000 SF |
| Zoning | CLI | ||
| Price | $2,774,207 CAD |
| Price Per Unit | $213,401 CAD |
| Sale Type | Investment |
| Cap Rate | 6.01% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.36 AC |
| Building Size | 7,100 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1946/1993 |
| Parking Ratio | 1.23/1,000 SF |
| Zoning | CLI |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
| 2+1 | 5 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
40/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 092304-9394 | Improvements Assessment | $2,010,147 CAD |
| Land Assessment | $347,931 CAD | Total Assessment | $2,358,078 CAD |
Property Taxes
Parcel Number
092304-9394
Land Assessment
$347,931 CAD
Improvements Assessment
$2,010,147 CAD
Total Assessment
$2,358,078 CAD
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12437 Tukwila International Blvd
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