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Madlen Court Rental Homes & Self-Storage 673 SW 20th St 20 Unit Apartment Building $1,840,000 ($92,000/Unit) 6.76% Cap Rate Chehalis, WA 98532
Investment Highlights
- Multiple investment strategies
- In-demand single-family type rental units with stable tenant base
- 24 unit/acre density allowance per the zoning allows for addtional ADU unit to be added.
- Value-Add opportunity through increasing rents
- Walkable to several schools, restaurants, athletic facilities, and after school programs with quick access to Interstate 5
- Current planned rent effective 09/01/2026 increases will increase cap rate to estimated 8.06%
Executive Summary
Madlen Court Rental Homes & Self-Storage blends highly desired single-family type rental homes with the additional benefit of self-storage.
Featuring six single-family style rentals (all 3BR/2BA, ~1,400 SF avg) plus fourteen self-storage units. Tenants pay 100% of utilities; homes feature two-car garages, modern construction, and newer roofs—built for low-drama ownership. The tucked-away, off-street setting is walkable to Chehalis schools, Boys & Girls Club, parks, and athletic facilities, and is less than 10 minutes to I-5 and downtown. Chehalis sits almost exactly halfway between Seattle and Portland on the I-5 corridor, and the market’s recent positive economic activity include an announced Amazon operations facility projected at 500–1,000 jobs and the PSE takeover of the TransAlta power plant creating an estimated 700 jobs.
There are two investment approaches an investor can take. Raise residential rents and push storage rents toward market. There is an estimated 87% increase feasible for storage based on rent comps. Alternatively, an investor can add additional units based on 24 du/acre density zoning for the property. Also, an investor can subdivide and sell the residential units individually as secondary exit strategy.
Featuring six single-family style rentals (all 3BR/2BA, ~1,400 SF avg) plus fourteen self-storage units. Tenants pay 100% of utilities; homes feature two-car garages, modern construction, and newer roofs—built for low-drama ownership. The tucked-away, off-street setting is walkable to Chehalis schools, Boys & Girls Club, parks, and athletic facilities, and is less than 10 minutes to I-5 and downtown. Chehalis sits almost exactly halfway between Seattle and Portland on the I-5 corridor, and the market’s recent positive economic activity include an announced Amazon operations facility projected at 500–1,000 jobs and the PSE takeover of the TransAlta power plant creating an estimated 700 jobs.
There are two investment approaches an investor can take. Raise residential rents and push storage rents toward market. There is an estimated 87% increase feasible for storage based on rent comps. Alternatively, an investor can add additional units based on 24 du/acre density zoning for the property. Also, an investor can subdivide and sell the residential units individually as secondary exit strategy.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$173,990
|
$7.39
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$8,700
|
$0.37
|
| Effective Gross Income |
$165,290
|
$7.02
|
| Taxes |
$15,258
|
$0.65
|
| Operating Expenses |
$25,713
|
$1.09
|
| Total Expenses |
$40,971
|
$1.74
|
| Net Operating Income |
$124,319
|
$5.28
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $173,990 |
| Annual Per SF | $7.39 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $8,700 |
| Annual Per SF | $0.37 |
| Effective Gross Income | |
|---|---|
| Annual | $165,290 |
| Annual Per SF | $7.02 |
| Taxes | |
|---|---|
| Annual | $15,258 |
| Annual Per SF | $0.65 |
| Operating Expenses | |
|---|---|
| Annual | $25,713 |
| Annual Per SF | $1.09 |
| Total Expenses | |
|---|---|
| Annual | $40,971 |
| Annual Per SF | $1.74 |
| Net Operating Income | |
|---|---|
| Annual | $124,319 |
| Annual Per SF | $5.28 |
Property Facts
| Price | $1,840,000 | Building Class | C |
| Price Per Unit | $92,000 | Lot Size | 0.95 AC |
| Sale Type | Investment | Building Size | 11,720 SF |
| Cap Rate | 6.76% | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.58 | No. Stories | 2 |
| No. Units | 20 | Year Built | 2005 |
| Property Type | Multifamily | Parking Ratio | 0.17/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | multi family | ||
| Price | $1,840,000 |
| Price Per Unit | $92,000 |
| Sale Type | Investment |
| Cap Rate | 6.76% |
| Gross Rent Multiplier | 10.58 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.95 AC |
| Building Size | 11,720 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2005 |
| Parking Ratio | 0.17/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | multi family |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Ceiling Fans
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Carpet
- Deck
- Dining Room
- Double Pane Windows
- Patio
- Smoke Free
Site Amenities
- Tenant Controlled HVAC
- Smoke Free
- Storage Space
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 1 | $2,200 | 1,300 |
| 3+2.5 | 1 | $2,168 | 1,400 |
| 3+2.5 | 1 | $2,125 | 1,400 |
| 3+2.5 | 1 | $2,000 | 1,400 |
| 3+2.5 | 1 | $2,125 | 1,400 |
| 3+2 | 1 | $2,200 | 1,300 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 005604-183-045 | Total Assessment | $1,780,900 (2024) |
| Land Assessment | $211,300 (2024) | Annual Taxes | $15,258 ($1.30/SF) |
| Improvements Assessment | $1,569,600 (2024) | Tax Year | 2026 |
Property Taxes
Parcel Number
005604-183-045
Land Assessment
$211,300 (2024)
Improvements Assessment
$1,569,600 (2024)
Total Assessment
$1,780,900 (2024)
Annual Taxes
$15,258 ($1.30/SF)
Tax Year
2026
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Madlen Court Rental Homes & Self-Storage | 673 SW 20th St
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