Melbourne combines five apartment homes with three retail suites, creating income diversification within a compact, centrally located Kent asset.

Offers a true trailing 12-month cap rate of 8.38%, providing strong day-one cash flow from existing operations.

Since 2021, ownership has invested more than $165,000 in capital improvements. Commercial renovations included installing LVP flooring, new paint, storefront windows, and updated bathrooms, while residential units underwent similar upgrades plus new cabinetry and stainless-steel appliances, helping reduce near-term capital needs.

New ownership can complete renovations on the one remaining classic unit and continue moving rents toward market levels, creating further upside.

Melbourne benefits from 100% occupancy, projected rent growth of 3% annually through 2030, and a large renter base. Renters are saving an average of $1,300 per month by renting as opposed to homeownership in the submarket, supporting long-term renter demand.

Melbourne offers 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.