Newly Constructed Townhome Apartment
For Sale
Contact for pricing
5101 Powerhouse Rd, Yakima, WA 98908
2023-built 66-unit townhome community offering spacious 2- and 3-bedroom homes with in-unit laundry and modern HVAC.
Property Size83,628 SF
Price / SF$220.02
Days on Market69
Property Features for 5101 Powerhouse Rd
General Information
Standard status
Active
Size
83,628 SF
Total Parking Spaces
198
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$1,093,745
Additional Details
Multifamily Units
66
Building Details
Year Built
2023
Buildings
30
Units
66
Tenancy
Multi
Listing Agency:
Northmarq
(206) 505-9435
Listed By:
Steve Fischer · License #87455
Source:
Crexi
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 11 at 6:55PM
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 Northmarq
Investment Insights
Based on property information with market context.
Cowiche Creek Townhomes is a newly constructed, 2023-vintage townhome apartment community with 66 units. The mix includes 30 two-bedroom and 36 three-bedroom townhome units, each with 2.5 baths. Units average about 1,267 square feet and are designed with practical in-unit laundry. Interiors feature quartz countertops and LVP flooring, supported by modern HVAC systems intended for consistent day-to-day comfort.
The property is located at 5101 Powerhouse Rd in Yakima, Washington, and is described as being in a quiet neighborhood. It is approximately 4 miles north of downtown Yakima. The offering also highlights proximity to Mount Rainier National Park for residents who want access to year-round outdoor recreation.
As a for-sale multifamily asset, Cowiche Creek Townhomes presents an opportunity to acquire a recently built community with modern in-unit amenities and larger townhome-style layouts. With a current average rent reported at $1,832 per unit and a limited history of concessions needed to new tenants, the property is positioned for hands-on operators and investors seeking a stabilized, recently constructed income stream in a secondary market setting.
The property is located at 5101 Powerhouse Rd in Yakima, Washington, and is described as being in a quiet neighborhood. It is approximately 4 miles north of downtown Yakima. The offering also highlights proximity to Mount Rainier National Park for residents who want access to year-round outdoor recreation.
As a for-sale multifamily asset, Cowiche Creek Townhomes presents an opportunity to acquire a recently built community with modern in-unit amenities and larger townhome-style layouts. With a current average rent reported at $1,832 per unit and a limited history of concessions needed to new tenants, the property is positioned for hands-on operators and investors seeking a stabilized, recently constructed income stream in a secondary market setting.
Key Highlights
- 2023‑built 66‑unit Cowiche Creek Townhomes in Yakima, WA
- Unit mix of 30 two‑bedroom and 36 three‑bedroom townhomes, each with 2.5 baths
- Average unit size of 1,267 SF with in‑unit laundry, quartz countertops, and LVP flooring
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
$817,302
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
4.44%
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%
$16,346,040
$16.3M
Cap Rate 7%
$11,675,743
$11.7M
Cap Rate 9%
$9,081,133
$9.1M
Market Conditions
NOI Build-Up for 83,628 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
$1.60M $19.08/SF
− Vacancy
−$109.6K −$1.31/SF
EGI
$1.49M $17.77/SF
− OpEx
−$668.7K −$8.00/SF
NOI
$817.3K $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%
$16,346,040
Cap Rate 7%
$11,675,743
Cap Rate 9%
$9,081,133
Alternative Uses
Best Use
Apartment 5plus
$11.68M
$10.22M – $13.62M
NOI $817,302 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.98M
$14.86M – $19.81M
NOI $1,188,802 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
66
Residential units
Location Intelligence
Trade Area within ½ mile
641
Businesses Nearby
Explore this area
Business Placement
Demographics for 98908, WA
38,205
Population
15,496
Households
2.5
Avg Household Size
42
Median Age
33%
College-Educated
91%
High-School Grad
105.7 sq mi
ZIP Area
361
Density / Sq Mi
$80,266
Median Household Income
$43,789
Median Earnings
$1,302
Median Rent
$356,900
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 - 2023-built 66-unit townhome community offering spacious 2- and 3-bedroom homes with in-unit laundry and modern HVAC.
Where is this apartment building located?
The property is located at 5101 Powerhouse Rd Yakima, WA.
What is the asking price?
The asking price for this property is $18,400,000.
What are key features of this property?
This property features: 2023‑built 66‑unit Cowiche Creek Townhomes in Yakima, WA; Unit mix of 30 two‑bedroom and 36 three‑bedroom townhomes, each with 2.5 baths; Average unit size of 1,267 SF with in‑unit laundry, quartz countertops, and LVP flooring
