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1029 S Division St 10 Unit Apartment Building $1,250,000 ($125,000/Unit) 5.78% Cap Rate Moses Lake, WA 98837
Executive Summary
The Investment Sales Group is pleased to present 1029 South Division St, a 10-unit building
located in the heart of Moses Lake. This $1,250,000 investment property offers high-quality
living with amenities such as a coin-operated laundry facility, along with modernized
infrastructure, including copper plumbing and updated electrical systems that ensure longterm
reliability. The property is renovated, with 9 out of 10 units currently upgraded, offering
tenants a premium living experience.
The property is situated in a growing area of Moses Lake, just 0.3 miles from the Moses Lake
waterfront and McCosh Park, providing residents with exceptional access to the city’s
recreational spaces. The region benefits from a rapidly expanding battery manufacturing
district, ensuring a strong influx of labor and economic growth.
With renovated rents forecasted to increase by 7.37%, the property offers strong potential for
both stability and growth, with a 5.78% current cap rate and a market cap of 6.41%. The
current GRM is 10.81, and the market GRM stands at 8.94, indicating strong rental income
potential and attractive investment returns. The opportunity to fully renovate the final unit
provides additional upside potential for investors seeking future growth.
located in the heart of Moses Lake. This $1,250,000 investment property offers high-quality
living with amenities such as a coin-operated laundry facility, along with modernized
infrastructure, including copper plumbing and updated electrical systems that ensure longterm
reliability. The property is renovated, with 9 out of 10 units currently upgraded, offering
tenants a premium living experience.
The property is situated in a growing area of Moses Lake, just 0.3 miles from the Moses Lake
waterfront and McCosh Park, providing residents with exceptional access to the city’s
recreational spaces. The region benefits from a rapidly expanding battery manufacturing
district, ensuring a strong influx of labor and economic growth.
With renovated rents forecasted to increase by 7.37%, the property offers strong potential for
both stability and growth, with a 5.78% current cap rate and a market cap of 6.41%. The
current GRM is 10.81, and the market GRM stands at 8.94, indicating strong rental income
potential and attractive investment returns. The opportunity to fully renovate the final unit
provides additional upside potential for investors seeking future growth.
Property Facts
| Price | $1,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.36 AC |
| Cap Rate | 5.78% | Building Size | 4,580 SF |
| Gross Rent Multiplier | 10.81 | No. Stories | 1 |
| No. Units | 10 | Year Built | 1954 |
| Property Type | Multifamily | Parking Ratio | 4.36/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | MF | ||
| Price | $1,250,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| Gross Rent Multiplier | 10.81 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 4,580 SF |
| No. Stories | 1 |
| Year Built | 1954 |
| Parking Ratio | 4.36/1,000 SF |
| Zoning | MF |
Amenities
Unit Amenities
- Kitchen
- Satellite TV
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
| 2+1 | 1 | - | - |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $211,447 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$211,447
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1029 S Division St
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