Marcus & Millichap is pleased to exclusively offer for sale the Eastlake Villa Apartments, a 60-unit apartment complex located in Moses Lake, Washington. The Property consists of 45 one bedroom/one bathroom units and 15 two bedroom/one bathroom units. Units range from 500 to 850 square feet.
The Property was constructed in 1978 and includes five apartment buildings and 4 duplexes. Common area amenities include a laundry facility, onsite leasing office, and ample parking. All units have air conditioning and select units have dishwashers and views of Moses Lake. The Property is located in a residential neighborhood with convenient access to Downtown Moses Lake, I-90, Highway 17, Lakeview Terrace Elementary School, and Big Bend Community College.
In 2016, Moses Lake had a population of 22,641 making it the largest city in Grant County. Moses Lake is conveniently located along I-90, three hours east of Seattle and an hour and half west of Spokane.
Grant County has one of the lowest electric rates in the world and fastest internet speeds due to renewable hydroelectricity. As a result, Moses Lake has seen significant growth in recent years with tech companies such as Microsoft, Yahoo, Dell and others building high tech data centers in Grant County. SGL Automotive Carbon Fibers recently built a $300 Million factory in Moses Lake making it the worlds single-biggest producer of carbon fiber.
In addition, Moses Lake has a growing aerospace industry with Grant County International Airport used as the flight testing and certification location of choice for Boeing and other companies. Mitsubishi's private jet program supports the local area with high paying engineering jobs. Grant County also has a strong agriculture and manufacturing economy with companies such as ConAgra, Simplot, National Frozen Foods, and twenty-five other food manufacturers. Moses Lake is home to Big Bend Community College and is also a popular tourist destination.
The Eastlake Villa Apartments is an ideal investment for an investor looking for value add opportunity with significant rental upside. By raising rents to be more competitive with comparable properties in Moses Lake, an investor can achieve an 8.5%+ Cash-on-Cash Return. Several of the newer complexes built in Moses Lake are achieving $1.20-$1.40 per square foot. By upgrading the interiors of the complex an investors should be able to achieve significantly higher rents than the pro forma projections.
