Studio City Apartments For
1006 3rd Ave Moses Lake, WA 98837
1006 3rd Ave, Moses Lake, WA, 98837
$2,350,000
For Sale
$2,350,000
Apartment complex in Moses Lake, WA, for sale.
Property Size16,620 SF
Price / SF$141.40
Days on Market186
Property Features for 1006 3rd Ave
General Information
- Standard status
- Active
- Size
- 16,620 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1955
Listing agency
THE PARAGON GROUP
Listed by
MASON FIASCONE
Source
Corcoran
Added: Jan 16 Updated: Jul 6 at 10:15AM Checked: Jul 21 at 5:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of THE PARAGON GROUP
Investment Insights
Based on property information with market context.
Studio City Apartments provides an opportunity to invest in the Moses Lake multifamily market. The property features compact units and simple layouts, catering to the city’s service, industrial, and transitional workforce tenants. As an affordable asset, it addresses a need in a market where new housing often targets higher-end preferences. The property size is 16620 square feet. Moses Lake is experiencing economic growth, supported by public and private investment. Companies such as Microsoft, REC Silicon, and Sila Nanotechnologies are contributing high-skill jobs and capital investment to the area. This expansion is driving housing demand and establishing Moses Lake as a key tertiary market.
Key Highlights
- Accessible entry point into the stable Moses Lake multifamily market.
- Caters to the city's substantial base of service, industrial, and transitional workforce tenants.
- Fills a critical gap in the market for affordable housing.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $267.2k | $16.08 |
| − Vacancy | −$13.1k | −$0.79 |
| EGI | $254.2k | $15.29 |
| − OpEx | −$114.4k | −$6.88 |
| NOI | $139.8k | $8.41 |
16,620 SF · lease $16.08/SF/yr · vacancy 4.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,785 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.61M
$3.16M – $4.21M
NOI $252,730 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Apartment complex in Moses Lake, WA, for sale.
Where is this apartment building located?
The property is located at 1006 3rd Ave Moses Lake, WA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Accessible entry point into the stable Moses Lake multifamily market.; Caters to the city's substantial base of service, industrial, and transitional workforce tenants.; Fills a critical gap in the market for affordable housing.
