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Scenic Hill Apartments 127 Kensington Ave S 15 Unit Apartment Building $3,667,865 CAD ($244,524 CAD/Unit) 5.32% Cap Rate Kent, WA 98030
Investment Highlights
- Value Add Opportunity
- Ample Parking
- Excellent Proximity to Major Employers
- Large, Functional Floor Plans
- Immediate Access to Public Transport
- Historically Stable Tenancy
Executive Summary
Originally constructed in 1966, the Scenic Hill Apartments is a fifteen-unit apartment community located in the heart of Kent. Located at 127 Kensington Ave S, the property is just minutes from Kent Station’s restaurants, retail, transit, and lifestyle amenities, providing daily convenience and rental durability.
The Scenic Hill Apartments consists of six one-bedroom units, eight two-bedroom units, and one three-bedroom unit, originally built in 1966. Units feature efficient layouts and functional floorplans, with strong potential for modernization through interior renovations. Additionally, the property features 17 on-site parking spaces and on-site laundry – both highly desirable amenities for tenants.
At the current pricing, Scenic Hill provides an investor with a 5.32% in-place CAP rate, 8.89% cash-on-cash return, and a 16.77% IRR. With achievable rent increases of 16% through strategic interior upgrades, a buyer can further elevate returns and position the asset competitively alongside renovated neighboring properties.
The Scenic Hill Apartments consists of six one-bedroom units, eight two-bedroom units, and one three-bedroom unit, originally built in 1966. Units feature efficient layouts and functional floorplans, with strong potential for modernization through interior renovations. Additionally, the property features 17 on-site parking spaces and on-site laundry – both highly desirable amenities for tenants.
At the current pricing, Scenic Hill provides an investor with a 5.32% in-place CAP rate, 8.89% cash-on-cash return, and a 16.77% IRR. With achievable rent increases of 16% through strategic interior upgrades, a buyer can further elevate returns and position the asset competitively alongside renovated neighboring properties.
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,667,865 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $244,524 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 5.32% | Building Size | 10,120 SF |
| Gross Rent Multiplier | 10.64 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.68/1,000 SF |
| Zoning | NR-2 | ||
| Price | $3,667,865 CAD |
| Price Per Unit | $244,524 CAD |
| Sale Type | Investment |
| Cap Rate | 5.32% |
| Gross Rent Multiplier | 10.64 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 10,120 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 1.68/1,000 SF |
| Zoning | NR-2 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,820 CAD | 500 |
| 2+1 | 8 | $2,007 CAD | 740 |
| 3+1 | 1 | $2,158 CAD | 900 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 192205-9191 | Total Assessment | $3,401,986 CAD (2024) |
| Land Assessment | $306,012 CAD (2024) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $3,095,974 CAD (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
192205-9191
Land Assessment
$306,012 CAD (2024)
Improvements Assessment
$3,095,974 CAD (2024)
Total Assessment
$3,401,986 CAD (2024)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025
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Scenic Hill Apartments | 127 Kensington Ave S
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