Riverton View Apartments

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Sale Price: $3,340,000

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Site Details

Address

3455 S 144th St., Tukwila, WA

Year Built

1963

No. Of Units

24 Units

Avg. Unit Size

708 SF

Net Residential SF

16,980 SF

Stories

Parking

26 Stalls

Site Area

28,824 SF

Parcel No.

004000-0106

Sale Details

Sale Date

March 10, 2025

Sale Price

$3,340,000

Price Per Unit

$139,167

Price Per SF

$197

Opportunity

The Riverton View Apartments, a 24-unit property in Tukwila, WA, presents an excellent value-add investment with substantial rent growth potential. Positioned below market rent, the property provides an opportunity to enhance cash flow through rent adjustments without immediate renovations, maximizing returns efficiently.

Significant Rent Upside: Existing rents are approximately 46% below market, offering substantial growth potential upon lease turnover.
Operational Efficiency Opportunities: Streamlined management practices can help reduce expenses and increase NOI.
Value-Add Potential: Interior upgrades, including modern finishes, appliances, and in-unit laundry, can enhance tenant appeal and potential rent increases.
Recent Capital Improvements: Upgrades include a new roof, updated electrical panels, new toilets, and window replacements, improving longevity and reducing future capital expenditures.

Location

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About the Area

Tukwila, located just south of Seattle, is a vibrant and strategically connected community in the Puget Sound region. Known for its accessibility, it offers convenient proximity to major highways (I-5, I-405), Seattle-Tacoma International Airport, and the Tukwila Light Rail Station, making it ideal for commuters. The area is home to Southcenter Mall, the largest shopping center in the Pacific Northwest, along with diverse dining, recreational options, and green spaces. With strong employment opportunities nearby, including major employers like Boeing, Tukwila is an attractive and affordable alternative to Seattle for residents, supporting a high demand for multifamily housing.