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Multifamily

Cambridge Station

313 S Johnson St, Kennewick, WA 99336

Listing Price: $3,200,000

Cap Rate
5.49%
Number of Units
20
Price/Unit
$160,000
Price/Gross SF
$156.40
Gross SF
20,460

Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Cambridge Station in Kennewick, Washington, the largest of Washington's Tri-Cities. Less than a mile from the river that separates Pasco and Richland, and three blocks from the highway that connects them, this 20-unit apartment in Kennewick, WA has only grown more desirable since its 1978 construction as the area has been built up around it. Just within a two mile radius of Cambridge Station, the City of Kennewick has more than 10 parks surrounding the neighborhood, solidifying the apartments’ central location in a family friendly region. Cambridge Station Apartments is a well-maintained asset with attractive two-bed, one and a half bath flats. The large living room windows provide excellent natural lighting in this spacious 1,100 sq.ft floorplan. Unit amenities include washer/dryer hookups, dishwashers, garbage disposal and private back patios newly rebuilt balconies and assigned parking spaces for tenants. The Tri-Cities region resides in Franklin and Benton counties which, according to 2020 US Census data, have seen the greatest population growth in the state’s past decade, increasing by 24% and 18% respectively. The growth is driven by outstanding employment opportunities, with the region offering diverse industries driven by R&D, technology, manufacturing, agriculture, retail, and healthcare. First established as a rail town for the Northern Pacific Railway, the region quickly grew in prominence and scale during the 1940’s and 50’s. The manufacturing sector, supported in part by the confluence of the famous Snake and Columbia rivers, is more significant in Kennewick than its neighbors and weathered the boom-and-bust cycles that came with eras of industry, and continues to uphold much of the city’s tax base as one of the top three industries in the area. In recent years, this manufacturing strength has diversified into strong employers such as Lamb West, Tyson Foods and PepsiCo. With the increased buying power and local investments that came with its growth, the region has emerged as a retail and tourism attraction for the surrounding area with the only mall in the area being located directly in Kennewick.

Investment Highlights

  • Twenty Unit Value-Add Asset in Kennewick, Washington, the Fastest Growing Region in the State: Projected Further Household Growth of 8.5% by 2026
  • Strong Upside: Rents Roughly 20.3% Below Market, with Competing Properties Having Inferior Unit Sizes and Amenities
  • Generous Amenities Include in unit Laundry Hookups, Brand New Private Balconies for Upper Units and Patios For Lowers, Luscious Mature Landscaped Yards and Assigned Off-Street Parking
  • Complex is Located on a Quiet Cul-de-sac; Two Blocks from Safeway, REI & Rite Aid-anchored Commercial Centers
  • Highly Diverse Employment Base: Significant Industries Include R&D, Technology, Agriculture, Retail, Manufacturing, and Healthcare

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s) WA: 25469

    Washington

Multifamily

Cambridge Station

Listing Price: $3,200,000

Cap Rate
5.49%
Number of Units
20
Price/Unit
$160,000
Price/Gross SF
$156.40
Gross SF
20,460

Investment Highlights

  • Twenty Unit Value-Add Asset in Kennewick, Washington, the Fastest Growing Region in the State: Projected Further Household Growth of 8.5% by 2026
  • Strong Upside: Rents Roughly 20.3% Below Market, with Competing Properties Having Inferior Unit Sizes and Amenities
  • Generous Amenities Include in unit Laundry Hookups, Brand New Private Balconies for Upper Units and Patios For Lowers, Luscious Mature Landscaped Yards and Assigned Off-Street Parking
  • Complex is Located on a Quiet Cul-de-sac; Two Blocks from Safeway, REI & Rite Aid-anchored Commercial Centers
  • Highly Diverse Employment Base: Significant Industries Include R&D, Technology, Agriculture, Retail, Manufacturing, and Healthcare

Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Cambridge Station in Kennewick, Washington, the largest of Washington's Tri-Cities. Less than a mile from the river that separates Pasco and Richland, and three blocks from the highway that connects them, this 20-unit apartment in Kennewick, WA has only grown more desirable since its 1978 construction as the area has been built up around it. Just within a two mile radius of Cambridge Station, the City of Kennewick has more than 10 parks surrounding the neighborhood, solidifying the apartments’ central location in a family friendly region. Cambridge Station Apartments is a well-maintained asset with attractive two-bed, one and a half bath flats. The large living room windows provide excellent natural lighting in this spacious 1,100 sq.ft floorplan. Unit amenities include washer/dryer hookups, dishwashers, garbage disposal and private back patios newly rebuilt balconies and assigned parking spaces for tenants. The Tri-Cities region resides in Franklin and Benton counties which, according to 2020 US Census data, have seen the greatest population growth in the state’s past decade, increasing by 24% and 18% respectively. The growth is driven by outstanding employment opportunities, with the region offering diverse industries driven by R&D, technology, manufacturing, agriculture, retail, and healthcare. First established as a rail town for the Northern Pacific Railway, the region quickly grew in prominence and scale during the 1940’s and 50’s. The manufacturing sector, supported in part by the confluence of the famous Snake and Columbia rivers, is more significant in Kennewick than its neighbors and weathered the boom-and-bust cycles that came with eras of industry, and continues to uphold much of the city’s tax base as one of the top three industries in the area. In recent years, this manufacturing strength has diversified into strong employers such as Lamb West, Tyson Foods and PepsiCo. With the increased buying power and local investments that came with its growth, the region has emerged as a retail and tourism attraction for the surrounding area with the only mall in the area being located directly in Kennewick.

Exclusively Listed By

Broker of Record

  • Joel Deis

    First Vice President/Regional Manager

    (206) 826-5700

    License(s): WA: 25469

    Washington

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