Property Details
739 3rd Avenue S
Kent, WA 98032
$1,995,000
Active
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Property Overview
Watson Manor Apartments is a 10-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 sized units, increasing rentable square footage and overall revenue potential. NOTE – All income and expense items are based on proforma – property will be delivered vacant at close.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Kent
Listed
Mar 12, 2026
Structure Type
Multi Family
Parcel Number
9197100160
Tax & HOA
Annual Property Tax
$18,065 (2026)
Est. Monthly Tax
$1,505/mo
Financial Summary
Cap Rate
6.65%
Net Operating Income
$132,632
Gross Scheduled Income
$193,410
Gross Rent Multiplier
10.70
Total Expenses
$60,778
Vacancy Rate
4.0%
Building & Use
Building Sq Ft
7,808
Leasable Area
7,010 sqft
Total Units
10
Zoning
Multi-Family,Residential
Possible Use
Multi-Family, Residential
Lot Size
15,364 sqft
Year Built
1969
Exterior & Lot
Lot Size
0.35 sqft
Year Built
1969
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Exterior Features
Wood
Community & Access
Directions
Take the WA-516 / Willis St. exit from WA-167, turn left on Willis St, at traffic circle take second exit, turn right on 3rd Ave S.
Location
City
Kent
County
King
Coordinates
47.37422, -122.23678
Additional Information
Tax Year
2026
Annual Taxes
$18,065
Possession
Array
Based on information submitted to the MLS GRID as of June 1, 2026 10:37 AM. 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.
