ON THE MARKET // 127 Kensington Ave S Kent, WA 98030
Scenic Hill
On the Market
Price:
$2,650,000
Originally constructed in 1966, the Scenic Hill Apartments is a fifteen-unit apartment community located in the heart of Kent. Nestled in the serene Scenic Hill Neighborhood of Kent, the property blends quiet neighborhood living with an 86 Walk Score and easy access to Kent Station. Higher trending rents across Kent — particularly in Scenic Hill — emphasize the growing demand in this submarket , driven by proximity to South King County’s largest employment hubs. Located at 127 Kensington Ave S, the property is just minutes from Kent Station’s restaurants, retail, transit, and lifestyle amenities, providing daily convenience and rental durability.
The Scenic Hill Apartments consists of six one bedroom units, eight two-bedroom units, and one three-bedroom unit, originally built in 1966. Units feature efficient layouts and functional floorplans, with strong potential for modernization through interior renovations. Additionally, the property features 17 on-site parking spaces and on-site laundry – both highly desirable amenities for tenants.
At the current pricing, Scenic Hill provides an investor with a 5.61% in-place cap rate, 7.45% cashon- cash return, and a 17.58% IRR. With achievable rent growth north of 15% through strategic interior upgrades, a buyer can further elevate returns and position the asset competitively alongside renovated neighboring properties.
Property Overview
ADDRESS
127 Kensington Ave S,
Kent, WA 98030
RESIDENTIAL SF
± 10,120
NEIGHBORHOOD
Scenic Hill
SITE AREA
16,945 SF (0.39 Acres)
YEAR BUILT
1966
PARCEL
192205-9191
UNITS
15 Units
PARKING
17 Spaces
Executive Highlights
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Value Add Opportunity
Rent growth of 15%+ is achievable through straightforward interior upgrades and cosmetic modernization,
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Ideal Workforce Housing Profile
Classic garden-style layout built to serve renters priced out of Seattle/Bellevue, aligning with the region’s deepest and most recession-resistant tenant pool.
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Excellent Proximity to Major Employers
Positioned in central South King County — quick access to Boeing, Blue Origin, Amazon, and the Kent Valley industrial base, plus 20 minutes to both Seattle and Bellevue.
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Large, Functional Floorplans
Generous unit sizes, averaging ~675 SF, across a unit mix of 1BRs, 2BRs, and a 3BR — rare versatility for the submarket.
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Immediate Access to Public Transit
Immediate connectivity to Kent Station transit hub and future Link Light Rail, strengthening long-term renter demand.
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86 Walk Score
Located just minutes from Kent Station, offering immediate access to dining, retail, transit, coffee, groceries — lifestyle-friendly convenience for tenants.
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Historically Stable Tenancy
Properties in Scenic Hill command high occupancy and long-term tenant retention due to livability and access to transit.
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Ample Parking For Residents
17 dedicated parking stalls onsite — highly valued in this commuter-oriented submarket
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