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Melbourne Building 412-418 W Meeker St 8 Unit Apartment Building $2,358,161 CAD ($294,770 CAD/Unit) 7.39% Cap Rate Kent, WA 98032
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.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$242,247
|
$28.92
|
| Other Income |
$6,152
|
$0.73
|
| Vacancy Loss |
$12,112
|
$1.45
|
| Effective Gross Income |
$236,286
|
$28.21
|
| Taxes |
$17,606
|
$2.10
|
| Operating Expenses |
$47,387
|
$5.66
|
| Total Expenses |
$64,994
|
$7.76
|
| Net Operating Income |
$171,293
|
$20.45
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $242,247 |
| Annual Per SF | $28.92 |
| Other Income (CAD) | |
|---|---|
| Annual | $6,152 |
| Annual Per SF | $0.73 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $12,112 |
| Annual Per SF | $1.45 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $236,286 |
| Annual Per SF | $28.21 |
| Taxes (CAD) | |
|---|---|
| Annual | $17,606 |
| Annual Per SF | $2.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $47,387 |
| Annual Per SF | $5.66 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $64,994 |
| Annual Per SF | $7.76 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $171,293 |
| Annual Per SF | $20.45 |
Property Facts
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 (84)
Property Taxes
| Parcel Number | 982570-0355 | Total Assessment | $1,586,314 CAD (2024) |
| Land Assessment | $320,572 CAD (2024) | Annual Taxes | $17,606 CAD ($2.10 CAD/SF) |
| Improvements Assessment | $1,265,742 CAD (2024) | Tax Year | 2025 |
Property Taxes
Parcel Number
982570-0355
Land Assessment
$320,572 CAD (2024)
Improvements Assessment
$1,265,742 CAD (2024)
Total Assessment
$1,586,314 CAD (2024)
Annual Taxes
$17,606 CAD ($2.10 CAD/SF)
Tax Year
2025
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Melbourne Building | 412-418 W Meeker St
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