1701 Crouse StMoses Lake, WA 98837

This exceptional investment opportunity presents a brand-new, 96-unit Class A apartment complex in the thriving Moses Lake, Washington market. Located at 1701 W Crouse St, 98837, this property boasts 107,344 square feet of rentable space across five buildings, including a central clubhouse. The complex features a mix of unit sizes: sixteen one-bedroom/one-bathroom, forty-eight two-bedroom/two-bathroom, and thirty-two three-bedroom/two-bathroom units, each with a patio or balcony, in-unit washer/dryer, and upscale finishes including quartz countertops and stainless steel appliances. The buildings are three stories each, situated on a 4.13-acre lot, and zoned R-3. Construction is nearing completion, with certificates of occupancy expected between July and November 2024. The projected Net Operating Income (NOI) is $1,436,608, resulting in a pro-forma capitalization rate of 5.53%. The asking price is $26,000,000, representing a price per unit of $270,833.33 and a price per square foot of $242.21. This property benefits from Moses Lake's robust growth, fueled by new industrial development, and has a pre-leasing waitlist in place. The community center includes an exercise room. This is a turnkey investment ready for immediate income generation.