823 CENTRAL AVE N KENT WA 98032
About This Property
Marketing description
Kent Business Park sits in an established mixed use neighborhood along Central Avenue N, between Midway and East Hill, central to one of the most active industrial and flex submarkets in the Pacific Northwest. The property benefits from immediate access to SR-167 (less than 1 mile to the west) and proximity to I-5, Sea-Tac International Airport, and the Ports of Seattle and Tacoma.
Investment highlights
Diversified Multi-Tenant Income
35 suites across 4 buildings with no single-tenant concentration risk Tenant mix spans nonprofits, healthcare, government, staffing, food service, and fitness In-place base rent of $1.86M with $526K in recovery income
Attractive Financing Structure
$13M assumable loan at 3.543% interest-only, matures Feb 2032 (±5.75 yrs remaining) Seller financing available above $28M on mirrored terms Buyer's cash equity fixed at $15M from $28M to ~$33M sale price
Stable, Long-Tenured Tenancy
Anchored by United Territories of Pacific Islanders Alliance (UTOPIA), Jewish Family Service, Catholic Community Services, and State Auditor Multiple leases extending through 2029–2031 Strong nonprofit and government tenant profile
Significant Mark-to-Market Upside
Market rents on filled comparable suites average $20.55/SF, indicating substantial mark-to-market upside as in-place leases roll Current NOI of ±$1.6M with upside from increasing rent & lowering expenses
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
