Newly Constructed 16-Unit Apartment
For Sale
Contact for pricing
Pending
1007 Grandridge Road, Grandview, WA 98930
Newly built 16-unit apartment community with excess land that may support additional units under current zoning.
Property Size15,408 SF
Lot Size2.00 Acres
Days on Market56
Property Features for 1007 Grandridge Road
General Information
Standard status
Pending
Size
15,408 SF
Class
A
Total Parking Spaces
42
Lot size
2.00 Acres
Property subtype
Multifamily
Zoning
R3
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$270,495
Additional Details
Cap Rate
7.03%
Multifamily Units
16
Building Details
Year Built
2025
Buildings
4
Tenancy
Multi
Listing Agency:
Paragon Group
Listed By:
Mason Fiascone · License #20115181
Source:
Crexi
Added: Jun 18
Changed: Aug 11
Last Checked: Aug 11 at 3:16PM
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 Paragon Group
Investment Insights
Based on property information with market context.
Grandridge Meadows is a boutique, newly constructed multifamily property featuring sixteen 2-bedroom, 2-bath units. Each unit is described as averaging over 960 square feet and offering efficient layouts with modern finishes and durable construction. The site includes included land and excess space intended to provide room for future scale, with the property’s configuration described as capable of accommodating up to 30 additional units under the current zoning.
The property is located at 1007 Grandridge Road in Grandview, Washington, and is positioned centrally near schools, retail centers, and city services. The remarks also note monument signage and a polished exterior design intended to support visibility.
For buyers, the offering is presented with underwriting metrics of a 6.76% in-place cap rate and a 7.03% proforma cap rate, along with an in-place rent level described as supported by market rents of $1,885 per unit plus additional RUBS income and lean expenses. As a result, the asset may appeal to operators seeking a new-construction multifamily base while retaining an outlined pathway for future expansion on-site.
The property is located at 1007 Grandridge Road in Grandview, Washington, and is positioned centrally near schools, retail centers, and city services. The remarks also note monument signage and a polished exterior design intended to support visibility.
For buyers, the offering is presented with underwriting metrics of a 6.76% in-place cap rate and a 7.03% proforma cap rate, along with an in-place rent level described as supported by market rents of $1,885 per unit plus additional RUBS income and lean expenses. As a result, the asset may appeal to operators seeking a new-construction multifamily base while retaining an outlined pathway for future expansion on-site.
Key Highlights
- Newly built 16‑unit multifamily at 1007 Grandridge Road in Grandview, Washington (Year Built: 2025)
- Unit mix: sixteen 2 bed/2 bath apartments, each averaging over 960 SF
- Stated in‑place cap rate: 6.76%; stated pro forma cap rate: 7.03%
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$150,583
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,011,660
$3.0M
Cap Rate 7%
$2,151,186
$2.2M
Cap Rate 9%
$1,673,144
$1.7M
Market Conditions
NOI Build-Up for 15,408 SF
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.
Gross rent
$294.0K $19.08/SF
− Vacancy
−$20.2K −$1.31/SF
EGI
$273.8K $17.77/SF
− OpEx
−$123.2K −$8.00/SF
NOI
$150.6K $9.77/SF
Area
Yakima County, WA
Vacancy
6.87%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,011,660
Cap Rate 7%
$2,151,186
Cap Rate 9%
$1,673,144
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,583 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $219,030 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 98930, WA
15,339
Population
4,910
Households
3.1
Avg Household Size
30
Median Age
9%
College-Educated
67%
High-School Grad
44.9 sq mi
ZIP Area
342
Density / Sq Mi
$67,798
Median Household Income
$34,675
Median Earnings
$980
Median Rent
$277,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newly built 16-unit apartment community with excess land that may support additional units under current zoning.
Where is this apartment building located?
The property is located at 1007 Grandridge Road Grandview, WA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Newly built 16‑unit multifamily at 1007 Grandridge Road in Grandview, Washington (Year Built: 2025); Unit mix: sixteen 2 bed/2 bath apartments, each averaging over 960 SF; Stated in‑place cap rate: 6.76%; stated pro forma cap rate: 7.03%
