1701 Crouse St Moses Lake, WA 98837

Property Details for 1701 Crouse St

Year built

2023

Property size

107,344 SF

Property type

Commercial real estate

Description

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.