Brickwood & Melbourne
8.2% In-Place Cap Rate | South King County Portfolio
Marketing description
Brickwood and Melbourne offer investors the chance to acquire a two-property portfolio for $3.4 million. The portfolio, located in both Auburn and Kent, includes a total of 13 apartment units and three ground-floor retail spaces. Together they deliver a combined trailing 12-month cap rate of 8.20%, providing immediate cash flow with additional upside through continued unit renovations, rent growth, and operational improvements.
Since 2021, ownership has invested more than $165,000 in capital improvements across the portfolio, reducing near-term capital needs while preserving future value-add potential. The combination of strong in-place income, renovated interiors, and remaining upside means this opportunity appeals to investors seeking both current yield and continued growth.
Located at 1202 Harvey Rd NE in Auburn, Brickwood is an eight-unit multifamily asset with a spacious mix of seven 2-bed/1-bath units and one 3-bed/1.5-bath unit. Seven of the eight units have been fully renovated, with upgraded interiors featuring LVP flooring, quartz countertops, updated lighting, new kitchen cabinets, updated bathroom finishes, and stainless steel appliances. Brickwood has a communal laundry facility and only one unit in classic condition, allowing new ownership to complete the final unit renovation and achieve even more value from the property.
Located at 416 W Meeker St in Kent, Melbourne is a mixed-use asset consisting of five apartment units and three leased retail spaces. The residential unit mix includes two 1-bed/1-bath units and three 2-bed/1-bath units, while the leased retail component provides stable, diversified income. Since 2021, ownership has invested more than $165,000 in capital improvements to both residential and the three commercial spaces, bringing them up to date with new LVP flooring, paint, storefront windows, and bathrooms. Residential units feature LVP flooring, upgraded light fixtures, new kitchen cabinets and appliances, and updated bathroom finishes. New ownership can capitalize on additional upside through renovation of the two classic units, aligning rents to market, and implementing a utility billback program.
Investment highlights
- Flexible Portfolio Offering: This opportunity includes two mixed-use properties totaling 13 apartment units and three ground-floor retail spaces. The assets can be purchased together as a portfolio or individually.
- True 8-Cap Mixed-Use Assets: The full portfolio, including all residential and retail units, offers a combined trailing 12-month cap rate of 8.20% providing strong day-one cash flow from existing operations.
- Capital Improvements Already in Place: Since 2021, ownership has invested more than $165,000 in capital improvements at Melbourne. Commercial renovations included installing LVP flooring, new paint, storefront windows, and updated bathrooms in the commercial spaces. Residential units underwent similar upgrades, plus new cabinetry and stainless-steel appliances, helping reduce near-term capital needs for a new owner.
- Additional Upside Through Unit Renovations: New ownership can complete renovations on the three remaining unrenovated units and continue moving rents toward market levels, creating further upside.
- Strong Submarket Fundamentals: Both properties benefit from a healthy 94.3% occupancy, a projected rent growth of 3% annually through 2030, and a large renter base outpacing the metro area. Renters are saving an average of $1,300 a month by renting as opposed to homeownership in the submarket, supporting long-term renter demand.
- Nearby Lifestyle & Entertainment Offerings: Both properties offer convenient access to some of South King County's top shopping, dining, and entertainment destinations, including Emerald Downs, Kent Station, Accesso ShoWare Center, and The Outlet Collection Seattle.
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