Property Details
24029 24th Avenue S
Des Moines, WA 98198
$799,000
Active
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Property Overview
Exceptional opportunity for homeowners and investors alike! This versatile 5-bedroom, 4.5-bath property offers strong income potential, flexible living arrangements, and future development possibilities on a generous lot. With separate entrances for both levels, it's ideal for multigenerational living, owner-occupants seeking rental income, or savvy investors. The main level features a gourmet kitchen, spacious living areas, and three generously sized bedrooms with two full bathrooms. The lower level offers multiple income-producing units, each with its own bathroom, while the larger unit includes a full kitchen. Currently partially rented on a month-to-month basis, the property has the potential to generate approximately $6,000 per month in rental income, including about $3,000 from each level. With a projected cap rate approaching 6%, this is a rare investment opportunity in a desirable location. Situated on a large lot surrounded by established single-family homes and attractive new construction, the property offers immediate cash flow and long-term upside. Explore the potential to build your dream home while collecting rental income from the existing residence. Also listed as a duplex, this unique offering provides exceptional flexibility and value. Conveniently located within walking distance to the light rail station, with easy access to shopping, dining, and major employment centers, this is an opportunity you won't want to miss.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Des Moines
Listed
Jun 18, 2026
Structure Type
Duplex
Parcel Number
6929604345
Tax & HOA
Annual Property Tax
$8,499 (2026)
Est. Monthly Tax
$708/mo
Financial Summary
Cap Rate
5.98%
Net Operating Income
$47,801
Gross Scheduled Income
$72,000
Gross Rent Multiplier
0.09
Total Expenses
$20,599
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
2,650
Leasable Area
2,650 sqft
Total Units
3
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Lot Size
13,765 sqft
Year Built
1959
Exterior & Lot
Lot Size
0.32 sqft
Year Built
1959
Garage
1 spaces
Exterior Materials
Wood
Parking
RV Parking
Sewer
Sewer Connected
Water Source
Public
Lot Features
Paved, Sidewalk
Exterior Features
Wood
Community & Access
Directions
On HWY 99, west on S 240th St then south on 24th Ave S to the property on the west side of the road.
Location
City
Des Moines
County
King
Coordinates
47.38550, -122.30296
Additional Information
Tax Year
2026
Annual Taxes
$8,499
Possession
Array
Based on information submitted to the MLS GRID as of June 23, 2026 5:35 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.
