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Melbourne Building 412-418 W Meeker St 8 Unit Apartment Building $2,397,733 CAD ($299,717 CAD/Unit) 7.39% Cap Rate Kent, WA 98032

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INVESTMENT HIGHLIGHTS

Current 7.39% cap rate with upside
Central Kent location close to transit

100% occupied

EXECUTIVE SUMMARY

Fully occupied 7.39% cap rate + Value-add in downtown Kent location - Mixed-use building with 3 retail units and 5 apartments boasts strong in-place rents and ability to renovate remaining two apartment units. Renovated in 2021 including retail spaces. Aladin Bail Bonds anchors ground floor retail with 7 years remaining on lease and yearly 4% increases. Potential for owner-user in need of office or retail space. Apartment units are bright, spacious, and historically easy to rent. Coin-op laundry and 10 parking spaces in dedicated lot. Building includes renovated non-conforming studio (350SqFt) for additional upside.

Melbourne Building Flyer August 2025

FINANCIAL SUMMARY (ACTUAL - 2025)	ANNUAL (CAD)	ANNUAL PER SF (CAD)
Gross Rental Income	$246,312	$29.41
Other Income	$6,255	$0.75
Vacancy Loss	$12,315	$1.47
Effective Gross Income	$240,251	$28.68
Taxes	$17,902	$2.14
Operating Expenses	$48,183	$5.75
Total Expenses	$66,084	$7.89
Net Operating Income	$174,167	$20.79

FINANCIAL SUMMARY (ACTUAL - 2025)

Gross Rental Income (CAD)
Annual	$246,312
Annual Per SF	$29.41

Other Income (CAD)
Annual	$6,255
Annual Per SF	$0.75

Vacancy Loss (CAD)
Annual	$12,315
Annual Per SF	$1.47

Effective Gross Income (CAD)
Annual	$240,251
Annual Per SF	$28.68

Taxes (CAD)
Annual	$17,902
Annual Per SF	$2.14

Operating Expenses (CAD)
Annual	$48,183
Annual Per SF	$5.75

Total Expenses (CAD)
Annual	$66,084
Annual Per SF	$7.89

Net Operating Income (CAD)
Annual	$174,167
Annual Per SF	$20.79

PROPERTY FACTS

Price	$2,397,733 CAD	Apartment Style	Low-Rise
Price Per Unit	$299,717 CAD	Building Class	C
Sale Type	Investment	Lot Size	0.19 AC
Cap Rate	7.39%	Building Size	8,376 SF
Sale Condition	1031 Exchange	Average Occupancy	100%
Gross Rent Multiplier	9.73	No. Stories	2
No. Units	8	Year Built/Renovated	1958/2021
Property Type	Multifamily	Parking Ratio	1.19/1,000 SF
Property Subtype	Apartment General Retail Storefront Retail/Residential
Zoning	DCE - downtown core east

Price	$2,397,733 CAD
Price Per Unit	$299,717 CAD
Sale Type	Investment
Cap Rate	7.39%
Sale Condition	1031 Exchange
Gross Rent Multiplier	9.73
No. Units	8
Property Type	Multifamily
Property Subtype	Apartment General Retail Storefront Retail/Residential
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.19 AC
Building Size	8,376 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1958/2021
Parking Ratio	1.19/1,000 SF
Zoning	DCE - downtown core east

UNIT MIX INFORMATION

DESCRIPTION	NO. UNITS	AVG. RENT/MO	SF
1+1	2	-	650
2+1	3	-	850

1 1

Walk Score®

Walker's Paradise (90)

Bike Score®

Very Bikeable (82)

What is a Walk Score®, Transit Score® & Bike Score®?

Walk Score® measures the walkability of any address.

Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

What is a Walk Score®

, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

measures bikeability of a location.®

Learn How It Works Detailed Scores

PROPERTY TAXES

Parcel Number	982570-0355	Total Assessment	$1,611,043 CAD (2024)
Land Assessment	$325,570 CAD (2024)	Annual Taxes	$17,902 CAD ($2.14 CAD/SF)
Improvements Assessment	$1,285,473 CAD (2024)	Tax Year	2025