4278 Grape Dr 39 Unit Apartment Building $3,800,000 ($97,436/Unit) 5.23% Cap Rate Moses Lake, WA 98837

Located on 4278 Grape Drive NE in Moses Lake, this multifamily asset offers a compelling opportunity for investors seeking scalable upside in a fundamentally strong Eastern Washington market. The property has already been expanded from 36 to 39 units, with preliminary discussions indicating the potential to add as many as six more units through new construction or adaptive reuse—subject to verification. This density upside, combined with light operational and physical improvements, makes the offering an ideal fit for buyers targeting value creation without heavy lift.
The unit mix includes true studios which include full kitchens and private bathrooms—an increasingly rare feature in markets where many comparable units are converted motel stock. This functional advantage drives tenant satisfaction, improved retention, and stronger rent performance over time. Further income potential lies in the addition of on-site laundry facilities, with existing hookups already in place, allowing for a quick and cost-effective amenity upgrade.
Positioned on the desirable Grape Drive corridor, the property benefits from immediate access to schools, retail, and major employers in a city known for stable occupancy and limited multifamily development. As Moses Lake continues to attract investment in aerospace, agriculture, and manufacturing, this asset is poised to capture both short-term rental growth and long-term appreciation through smart repositioning and potential expansion.