20-Unit Apartment
For Sale
Contact for pricing
Pending
116 E Hill Ave, Moses Lake, WA 98837
Multi-family property with updated exterior elements, on-site laundry, storage, and parking on a corner lot.
Property Size14,340 SF
Days on Market180
Property Features for 116 E Hill Ave
General Information
Standard status
Pending
Size
14,340 SF
Total Parking Spaces
20
Property subtype
Multifamily
Zoning
Multi-Family
Net Operating Income
$194,484
Units
Unit Mix
20 x 2BR/1BA
Multifamily Units
20
Amenities
underground sprinklers
parking
laundry area
storage room
Building Details
Year Built
1955
Stories
2
Units
20
Listing Agency:
Nest Realty Company
(509) 350-4439
Listed By:
Blake Rollins · License #23009291
Source:
Crexi
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 30 at 11:26AM
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 Nest Realty Company
Investment Insights
Based on property information with market context.
This 20-unit apartment property contains 2-bedroom, 1-bath layouts and offers 14,340 square feet of building area. Constructed in 1955, the property has new exterior paint, new windows, underground sprinklers, and parking positioned at both the front and rear. Interior features include a laundry area, storage room, laminate flooring, and flooring upgrades in select units.
Located at 116 E Hill Ave in Moses Lake, the property sits on a large corner lot and is minutes from downtown. Multi-Family zoning supports the existing apartment configuration.
Located at 116 E Hill Ave in Moses Lake, the property sits on a large corner lot and is minutes from downtown. Multi-Family zoning supports the existing apartment configuration.
Key Highlights
- 20 units with 2 bed, 1 bath layouts
- 14,340 square feet of building area
- Multi‑Family zoning
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
$120,609
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
4.87%
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%
$2,412,180
$2.4M
Cap Rate 7%
$1,722,986
$1.7M
Cap Rate 9%
$1,340,100
$1.3M
Market Conditions
NOI Build-Up for 14,340 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
$230.6K $16.08/SF
− Vacancy
−$11.3K −$0.79/SF
EGI
$219.3K $15.29/SF
− OpEx
−$98.7K −$6.88/SF
NOI
$120.6K $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%
$2,412,180
Cap Rate 7%
$1,722,986
Cap Rate 9%
$1,340,100
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,609 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.63M
NOI $218,060 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
1,172
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 - Multi-family property with updated exterior elements, on-site laundry, storage, and parking on a corner lot.
Where is this apartment building located?
The property is located at 116 E Hill Ave Moses Lake, WA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: 20 units with 2 bed, 1 bath layouts; 14,340 square feet of building area; Multi‑Family zoning
