Cottonwood Flats
A light value-add multifamily opportunity in Moses Lake with compelling upside. Cottonwood Flats offers 39 units with mostly studio and 1-bed apartments.
Light Value-Add Upside
With existing laundry hookups in the basement, a buyer can quickly enhance the tenant experience and income by adding shared laundry facilities. Operational improvements and minor cosmetic upgrades offer further upside with limited capital expenditure.
True Studio Configuration
Unlike competing motel conversions in the area, the studio units feature full kitchens and private bathrooms, positioning them as "true studios" rather than compromised layouts. This supports stronger tenant retention and market-rate rent growth.
Prime Grape Drive Location
Strategically located on Grape Drive, one of Moses Lake’s most established residential corridors, the property benefits from proximity to major employers, retail centers, and schools. The submarket is historically undersupplied and continues to post strong rent and occupancy performance.
Unit Expansion Potential
The property has already undergone a successful expansion from 36 to 39 units, with initial feasibility pointing toward the addition of up to six more units. Whether through new construction on excess land or conversion of underutilized space, this presents a rare opportunity to increase density and returns in a stable market.
Offering Details
Offered at $3,800,000, Cottonwood Flats has 39 units on 3.30 acres in central Moses Lake. Located close to schools, retail, and major employers, the density upside makes for an ideal fit for buyers targeting value creation without a heavy lift.
Access DocumentsProperty Summary
Property Name
Cottonwood Flats
Address
4278 Grape Drive NE
City, State, Zip
Moses Lake, WA 98837
Year Built
1954
Parcel ID
110000030, -25, 120304000-8000
Zoning
R2
Acreage
3.30 Acres
# of Units
39
SF Per Unit
438
Net Rentable Space
17,075 SF
Pricing Summary
Price
$3,800,000
Price / Unit
$97,436
Price / SF
$222.55
Current CAP Rate
5.56%
Proforma CAP Rate
7.43%
The Opportunity
Light Value-Add Opportunity
Located at 4278 Grape Drive NE in Moses Lake, this multifamily asset offers a compelling opportunity for investors seeking scalable upside in a fundamentally strong Eastern Washington market. The property has already been expanded from 36 to 39 units, with preliminary discussions indicating the potential to add as many as six more units through new construction or adaptive reuse—subject to verification. This density upside, combined with light operational and physical improvements, makes the offering an ideal fit for buyers targeting value creation without heavy lift.
The unit mix includes true studios with full kitchens and private bathrooms—an increasingly rare feature in markets where many comparable units are converted motel stock. This functional advantage drives tenant satisfaction, improved retention, and stronger rent performance over time. Further income potential lies in the addition of on-site laundry facilities, with existing hookups already in place, allowing for a quick and cost-effective amenity upgrade. Positioned on the desirable Grape Drive corridor, the property benefits from immediate access to schools, retail, and major employers in a city known for stable occupancy and limited multifamily development.
As Moses Lake continues to attract investment in aerospace, agriculture, and manufacturing, this asset is poised to capture both short-term rental growth and long-term appreciation through smart repositioning and potential expansion.
The Location
Central Moses Lake location near all tenant amenities
4278 Grape Drive NE · Moses Lake, WA 98837Photographs
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Market Overview
Moses Lake, WA
Located in the heart of Central Washington, Moses Lake continues to position itself as one of the region’s most stable and quietly growing tertiary markets. Long known for its agricultural base, the city has successfully diversified in recent years with major investments from tech, aerospace, and advanced manufacturing firms. With a population of over 26,000 and regional access to over 100,000 people, Moses Lake combines affordability, employer demand, and lifestyle appeal.
Top employers such as Moses Lake School District, Moses Lake Industries, Samaritan Healthcare, and REC Silicon provide a strong employment foundation across education, healthcare, and clean tech manufacturing. Notably, Moses Lake is the site of Sila Nanotechnologies’ $1 billion battery material facility, one of the largest active cleantech industrial developments in Washington State.
With limited new multifamily supply and increasing in-migration from urban centers seeking lower cost of living, the Moses Lake market exhibits high occupancy and modest but steady rent growth. Its infrastructure is well-developed for a tertiary market, with a regional airport, rail access, and proximity to I-90. Local schools, parks, and recreation assets make the area especially appealing to working families and long-term renters.
Reasons To Invest Here
- 92.5%
Average Occupancy
(Dec. 2025)
- 5.5%
Unemployment Rate
(Q2 2025)
- $1,247
Average Market Rent
(Dec. 2025)
- 27K
Population
(Dec. 2025)
- 1.2%
Population Growth
(Dec. 2025)
- $71.8K
Median Household Income
(Dec. 2025)
- 0.4%
Home Price Growth
(Last 12 months)
- 46.6K
Labor Force
(Last 12 months)
Sources: CoStar, Apartments.com, HomeTownLocator, County Sites, Redfin
Our Team
Multifamily Mason
Multifamily Mason is a brokerage firm specializing in multifamily property sales and advisory services within the Inland Northwest. We uphold the core values of integrity, mastery, and ownership. These principles guide all our business decisions and interactions with our clients, investors, and stakeholders.
Our extensive market knowledge, in-depth data analysis, valuable insights, and strong industry relationships have established us as trusted advisors and a go-to source for those exploring the Inland Northwest markets or investing in multifamily properties within tertiary markets.
We foster long-term relationships and prioritize our clients' best interests, even if it means delaying immediate deals. We believe in collaboration and creating opportunities for mutual success, including working with potential competitors.
Lead Broker
Mason Fiascone
Mason is the founder of Multifamily Mason and specializes in the sale and advisory services of multifamily properties across the Inland Northwest with a specific focus on Central Washington and Tri-Cities. Mason leads the sales and asset management organizations at Multifamily Mason, meaning he partners with owners, investors, and developers seeking to maximize their property returns, bringing valuable expertise to every interaction. He is committed to building long-term relationships by providing clients with market insights and unique deal opportunities.
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