Apartment Building with Bonus
For Sale
$315,000
1133 1135 Cascade Ave, Moses Lake, WA 98837
Units include flexible additional rooms, installed kitchen appliances, and on-site parking.
Property Size1,702 SF
Price / SF$185.08
Days on Market16
Property Features for 1133 1135 Cascade Ave
General Information
Standard status
Active
Size
1,702 SF
Property subtype
Multi-Family
Building Details
Year Built
1976
Listing Agency:
(509) 670-5532
Listed By:
Nick McLean Real Estate Group
(509) 670-5532
Source:
Nickmcleanrealestate
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 29 at 5:09PM
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 Nick McLean Real Estate Group
Investment Insights
Based on property information with market context.
This apartment property was built in 1976 and offers units with two bedrooms, one bathroom, and an additional bonus room. The extra room provides flexible interior space for uses such as an office or sleeping area, as supported by the existing layout. Kitchen appliances are included, and parking is available on the property.
Located at 1133 1135 Cascade Ave in Moses Lake, Washington, the asset offers a multifamily configuration with practical in-place features for residential occupancy.
Located at 1133 1135 Cascade Ave in Moses Lake, Washington, the asset offers a multifamily configuration with practical in-place features for residential occupancy.
Key Highlights
- Two bedrooms and one bathroom in each unit
- Bonus room in each unit can serve as a third bedroom or office
- Kitchen appliances included
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
$14,315
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
4.54%
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%
$286,300
$286.3K
Cap Rate 7%
$204,500
$204.5K
Cap Rate 9%
$159,056
$159.1K
Market Conditions
NOI Build-Up for 1,702 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
$27.4K $16.08/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$26.0K $15.29/SF
− OpEx
−$11.7K −$6.88/SF
NOI
$14.3K $8.41/SF
Area
Grant County, WA
Vacancy
4.90%
Lease Rate
$16.08 /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%
$286,300
Cap Rate 7%
$204,500
Cap Rate 9%
$159,056
Alternative Uses
Best Use
Apartment 5plus
$204.5K
$178.9K – $238.6K
NOI $14,315 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$369.7K
$323.5K – $431.4K
NOI $25,881 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Explore this area
Business Placement
Demographics for 98837, WA
46,262
Population
18,651
Households
2.5
Avg Household Size
35
Median Age
21%
College-Educated
87%
High-School Grad
486.2 sq mi
ZIP Area
95
Density / Sq Mi
$70,732
Median Household Income
$44,214
Median Earnings
$1,128
Median Rent
$290,000
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 - Units include flexible additional rooms, installed kitchen appliances, and on-site parking.
Where is this apartment building located?
The property is located at 1133 1135 Cascade Ave Moses Lake, WA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two bedrooms and one bathroom in each unit; Bonus room in each unit can serve as a third bedroom or office; Kitchen appliances included
