Property Details
1003 N 1st Street
Renton, WA 98057
$1,450,000
Pending
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Property Overview
This is a rare opportunity to acquire The Riverside Apartments, a classic building located at 1003 N 1st Street, just blocks from downtown Renton. This 13-Unit property offers investors the opportunity to own a character-rich multifamily property in a tightly held Renton location. The Riverside Apartments feature a mix of studio and one-bedroom units. Current in-place rents average $1,229 for studios and $1,284 for one-bedroom units, while comparable properties in Renton are achieving $1,350-$1,450 for studios and $1,400-$1,550 for one-bedrooms. This gap presents a clear opportunity for a new owner to capture meaningful rental upside through light interior renovations and operational improvements at an attractive price per unit. Ideally located just minutes from downtown Renton, The Landing, and Boeing’s Renton facility, with immediate access to I-405, Highway 167, and the Cedar River Trail, the Riverside Apartments are strategically positioned in a high-demand rental corridor. The property offers a compelling combination of strong in-place income and clear rental upside, supported by a deep and stable employment base and continued demand for well-located housing in the area.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Pending
County
King
Neighborhood
Renton
Listed
May 20, 2026
Structure Type
Multi Family
Parcel Number
72240000040
Tax & HOA
Annual Property Tax
$29,135 (2025)
Est. Monthly Tax
$2,428/mo
Financial Summary
Cap Rate
6.75%
Net Operating Income
$97,936
Gross Scheduled Income
$198,952
Gross Rent Multiplier
7.67
Total Expenses
$91,234
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
6,735
Leasable Area
6,735 sqft
Total Units
13
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
6,761 sqft
Year Built
1929
Exterior & Lot
Lot Size
0.16 sqft
Year Built
1929
Exterior Materials
Brick
Sewer
Sewer Connected
Water Source
Public
Exterior Features
Brick
Community & Access
Directions
Get on I-5 S. Take exit for I-405 S. Exit towards Ranier Ave S. Turn right onto N 3rd St. Turn right onto Williams Ave N. Turn left onto N 1st St. Destination is on the right.
Location
City
Renton
County
King
Coordinates
47.48326, -122.20347
Additional Information
Tax Year
2025
Annual Taxes
$29,135
Possession
Array
Based on information submitted to the MLS GRID as of June 11, 2026 6:00 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
