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Watson Manor 739 S 3rd Ave 10 Unit Apartment Building $2,755,494 CAD ($275,549 CAD/Unit) 6.65% Cap Rate Kent, WA 98032
Executive Summary
The Lee & Associates NW Multifamily Team is pleased to present the exclusive listing of Watson Manor Apartments, an 11-unit apartment building located in the heart of Kent,. Situated just south of Kent Station and minutes from SR-516, the property offers tenants suburban livability with seamless access to major employment centers throughout the region.
Watson Manor is a rare opportunity to acquire a 100% vacant asset, providing investors with complete operational flexibility from day one. Unlike typical acquisitions encumbered by legacy leases, below-market rents, or deferred repositioning timelines, this property allows a new owner to immediately execute their business plan and fully capture current market dynamics.
The asset represents a true “choose your own adventure” opportunity — whether the strategy is a light cosmetic refresh and lease-up, a comprehensive interior renovation to achieve premium rents, or a thoughtful reconfiguration to maximize unit efficiency. With no tenant rollover risk or displacement considerations.
Beyond the immediate ability to re-tenant at today’s market rates, the property offers compelling upside through strategic improvements and potential reconfiguration.
Explore converting the existing laundry area into an additional unit, or redesigning select layouts to create larger family-sized units, increasing rentable square footage and overall revenue potential!
Watson Manor is a rare opportunity to acquire a 100% vacant asset, providing investors with complete operational flexibility from day one. Unlike typical acquisitions encumbered by legacy leases, below-market rents, or deferred repositioning timelines, this property allows a new owner to immediately execute their business plan and fully capture current market dynamics.
The asset represents a true “choose your own adventure” opportunity — whether the strategy is a light cosmetic refresh and lease-up, a comprehensive interior renovation to achieve premium rents, or a thoughtful reconfiguration to maximize unit efficiency. With no tenant rollover risk or displacement considerations.
Beyond the immediate ability to re-tenant at today’s market rates, the property offers compelling upside through strategic improvements and potential reconfiguration.
Explore converting the existing laundry area into an additional unit, or redesigning select layouts to create larger family-sized units, increasing rentable square footage and overall revenue potential!
Property Facts
| Price | $2,755,494 CAD | Building Class | C |
| Price Per Unit | $275,549 CAD | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 10,258 SF |
| Cap Rate | 6.65% | Average Occupancy | 94% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 1.66/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | MR-D | ||
| Price | $2,755,494 CAD |
| Price Per Unit | $275,549 CAD |
| Sale Type | Investment |
| Cap Rate | 6.65% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 10,258 SF |
| Average Occupancy | 94% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.66/1,000 SF |
| Zoning | MR-D |
Amenities
Unit Amenities
- Balcony
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 570 - 658 |
| 2+1 | 6 | - | 755 - 774 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 919710-0160 | Improvements Assessment | $2,355,793 CAD |
| Land Assessment | $258,397 CAD | Total Assessment | $2,614,189 CAD |
Property Taxes
Parcel Number
919710-0160
Land Assessment
$258,397 CAD
Improvements Assessment
$2,355,793 CAD
Total Assessment
$2,614,189 CAD
Contacts
-
Candice Chevaillier, CCIM -
Sara Bago -
Daniel Lim -
Dea Sumantri -
Nisha Tomar -
Lee & Associates Commercial Real Estate Services
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Watson Manor | 739 S 3rd Ave
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