4278 Grape Dr - Apartments FOR SALE


Moses Lake, WA 98837
$3,800,000 USD
509-410-1990
4278 Grape Dr, Moses Lake, WA for Sale
$3,800,000 USD
Apartments - FOR SALE
1/14
null | 5.23% Cap Rate

4278 Grape Dr
Moses Lake, WA 98837


HIGHLIGHTS

  • Light Value-Add Upside
  • True Studio Configuration
  • Prime Grape Drive Location
  • Potential to Expand Unit Count

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,800,000 USD

PRICE/SF

$223 USD /SF

# OF UNITS

39

PRICE/UNIT

$97,436

CAP RATE

5.23%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

PARKING SPACES

39

LAND DETAILS

LAND ACRES

3.3 AC

LAND SF

143,748 SF

ZONING

R2

APN/PARCEL ID

110000025,110000030,120304000,120305000,120306000,120307000,120308000

ASK ABOUT THIS PROPERTY

Mason FiasconeMultifamily MasonMore Info
509-410-1990

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Mason FiasconeMultifamily MasonMore Info
509-410-1990

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.