Property Details

23006 30th Ave S

Des Moines, WA 98198

$11,000,000

Available

CBA# 705757 courtesy of CBA Listing firm: Berkadia Real Estate Advisors, LLC

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Commercial

Property Type

58,840

Bldg Sq Ft

Units

1979

Year Built

Property Overview

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 implement