31624 W Rutherford Street, Carnation, WA 98014
- $1,375,000
- 3,936
- SqFt
Listing courtesy of Real Broker LLC.
- List Price
- $1,375,000
- Status
- ACTIVE
- MLS#
- 2542138
- Days on Market
- 243
- Style
- 55 - 5-9 Units
- Building Condition
- Average
- Finished SqFt
- 3,936
- Area Total SqFt
- 3936
- Annual Tax Ammount
- 9192
- Lot Size (sq ft)
- 15,152
- Sewer
- Sewer Connected
Property Description
Rare opportunity to acquire a six-unit apartment building in Carnation. Seller financing offered with ~35% down and interest-only payments during the first year, allowing the new owner to maximize cash flow while renovating units, increasing rents, and stabilizing the property before principal payments begin. Situated on a 15,152 SF corner lot with R-24 zoning, the property offers future expansion or redevelopment potential (buyer to verify), adding long-term value beyond the existing improvements. Unit mix consists of (3) 2-bedroom and (3) 1-bedroom units. Long-term month-to-month tenants provide flexibility for future improvements and repositioning. Current rents are approximately 40% below projected market rents following renovations, creating exceptional value-add potential. Additional income is generated through the on-site common laundry, and current tenants reimburse the owner for utilities, helping offset operating expenses. Additional features include ample parking, a roof with substantial remaining useful life, and recently replaced upper decks. Ideally located in downtown Carnation, just minutes from Snoqualmie, with convenient access to SR 520, Microsoft, Redmond, and Bellevue. A compelling opportunity to acquire a value-add multifamily asset with flexible financing, strong upside, and long-term appreciation potential in one of King County's most supply-constrained rental markets.
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Additional Information
- List Date
- 2025-11-25 16:27:27
- Community
- Carnation
- Net Operating Income
- $75,403
- Gross Adjusted Income
- $108,797
- Gross Scheduled Income
- $109,896
- Total Monthly Income
- $9,158
- Insurance Expenses
- $4,140
- Water/Sewer/Garbage Expenses
- $11,250
- Gross Rent Multiplier
- 12
- Total Expenses
- $33,394
- Cap Rate
- 5.5
- Vacancy Rate
- 1
- Total Number of Units
- 6
- Unit Name
- 31624
- Potential Terms
- Conventional, Owner Will Carry
- Year Built
- 1964
- View
- Territorial
- Roof
- Torch Down
- Electric Expenses
- 540
- Other Expenses
- 8272
- Energy Source
- Electric
- School District
- Riverview
- Total Monthly Income
- $9,158
- Gross Scheduled Income
- $109,896
- Vacancy Rate
- 1
- Gross Adjusted Income
- $108,797
- Tax Year
- 2026
- Insurance Expense
- $4,140
- W/S/G Expenses
- $11,250
- Total Expenses
- $33,394
- Net Operating Income
- $75,403
- Gross Rent Multiplier
- 12
- Cap Rate
- 5.5
Based on information submitted to the MLS GRID as of . 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 noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.