Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Grant St Apartments, a well-maintained 5-unit property in Kelso-Longview, Washington. The unit mix includes two 1-bedroom, one 2-bedroom, and two 3-bedroom apartments, ensuring broad tenant appeal. With rents approximately 12% below market rates, Grant St Apartments offers buyers seeking strong cash flow and growth potential immediate upside to enhance returns through adjustments to market pricing. The property’s steady 100% occupancy demonstrates its desirability among tenants, supported by proximity to schools, restaurants, and retail, which minimizes vacancy risk. Washington’s landlord-friendly legislation provides additional assurance for long-term income growth with no rent control restrictions. With a current cap rate of 6.61% and the potential to reach 7.7% pro forma, this investment delivers excellent returns. The property features efficient utilities due to well-maintained systems, and has enjoyed historically low expenses, ensuring consistent operational performance. Priced at $725,000 with a manageable price per unit of $145,000, this asset is positioned to deliver reliable returns in a strong rental market. Don’t miss out on this rare combination of steady cash flow, value-add potential, and favorable local conditions.