Property Details
412 Mill Avenue S
Renton, WA 98057
$1,550,000
Active
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Property Overview
Mill Avenue Apartments is a low-maintenance 8-unit multifamily in-vestment well suited for a private investor. The property offers eight 1-bedroom / 1-bath corner units (±649 SF), four of which include in-unit washer and dryer, along with common laundry on-site. It is located on a quiet hilltop street with excellent territorial views and sits a stone’s throw from downtown Renton, with convenient access to downtown Seattle’s CBD. Built in 1966 with a low-maintenance brick facade and a full EPDM roof replacement in 2017, the asset is offered at $1,550,000 ($193,750 per unit). Current rents sit below market, providing clear upside with limited capital required and an easily achievable market cap rate of 6.41%. Demand is supported by Boeing’s approximately 12,600-person Renton workforce, Blue Origin’s Kent operations, and the broader Kent Valley employment base of over 230,000 jobs. The property features simple operations and convenient access to freeways, Sea-Tac Airport, parks, and everyday amenities.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Renton
Listed
Aug 7, 2026
Structure Type
Multi Family
Parcel Number
7231500310
Tax & HOA
Annual Property Tax
$17,505 (2026)
Est. Monthly Tax
$1,459/mo
Financial Summary
Cap Rate
5.30%
Net Operating Income
$82,133
Gross Scheduled Income
$144,912
Gross Rent Multiplier
10.70
Total Expenses
$55,533
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
5,196
Leasable Area
5,196 sqft
Total Units
8
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Lot Size
5,092 sqft
Year Built
1966
Exterior & Lot
Lot Size
0.12 sqft
Year Built
1966
Exterior Materials
Brick, Wood
Sewer
Sewer Connected
Lot Features
Alley, Curbs, Paved, Sidewalk
Exterior Features
Brick, Wood
Community & Access
Directions
From I-405, take Exit 2A (WA-900 W/Sunset Blvd N) toward Downtown Renton. Continue onto S 3rd St, turn right on Mill Ave S. Proceed south approx. 0.3 miles, site on left side of street.
Location
City
Renton
County
King
Coordinates
47.47756, -122.20264
Additional Information
Tax Year
2026
Annual Taxes
$17,505
Possession
Array
Based on information submitted to the MLS GRID as of August 7, 2026 9:30 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.
