23006 30th Ave S
Des Moines, WA 98198
Silverwood Park Apartments · Multifamily Property For Sale · 64 Units

Introducing Silverwood Park, located at 23006 30th Ave S, Des Moines, WA 98198. This prime 64-unit value-add asset boasts recent exterior improvements totaling $1.1M, providing a fresh look and increased curb appeal. Built in 1979, the property has a renovated cap rate of 6.73% and offers an immediate upside opportunity for new owners. Situated steps away from the Kent Light Rail Station, Silverwood Park features a mix of studios and one-bedroom apartments covering 626 square feet on average. Following the extensive exterior renovation in 2021 which included Hardie siding, roof upgrades, and a new dog park, the focus now turns to high-return interior renovations. With rent restrictions expiring by 2025, new ownership stands to benefit from rent increases and utility reimbursement implementation, leading to enhanced NOI without additional capital investment. Ideal for buyers seeking both short-term income growth and long-term value appreciation, Silverwood Park presents a promising investment opportunity in a robust rental market of south King County.
- Less than half a mile from the Kent-Des Moines Light Rail Station with direct access to Seattle, Everett, and Tacoma. Surrounded by major employers including Amazon, UPS, Boeing, and Blue Origin, plus Highline College (14,000+ students) just one mile away.
- Over $1.1M in comprehensive exterior upgrades delivers a turnkey exterior, allowing focus on interior value-add with minimal deferred maintenance.
- Community pool, hot tub, dog park, and communal laundry enhance resident appeal in a submarket with limited new construction (average building age: 1989).
- Large 3.72-acre single parcel with PR-R zoning and generous 2.5:1 parking ratio, providing potential future density opportunities.
- Recent conversion from three-bedroom to two one-bedroom units (now 64 total) aligns with strong market demand, particularly among the key 18-35 renter demographic (24% of local residents vs. 22% metro-wide).