Washington State Apartment Buildings for Sale
There is a strong market for Washington State apartment buildings. With current interest rates in the 4% range, multi-family investors have great buying power. While low interest rates are great news for buyers, they are better news for sellers as the market cap rates are down, resulting in higher asking and sales prices.
1316 Harrison Avenue
1316, Harrison Ave, Centralia, WA  98531- Available SQ. FT.
- Building SQ. FT. 6266
- Cap Rate:
- LOT SQ. FT. 113692
- Year Built: 1955
- CBA #: 660066
2315 Westhaven Dr
2315, Westhaven Dr, Westport, WA  98595- Available SQ. FT. 6516
- Building SQ. FT. 6516
- Cap Rate:
- LOT SQ. FT. 4792
- Year Built: 1960
- CBA #: 659105
Steel Lake Plaza Development
29020, Military Rd, Federal Way, WA  98003- Available SQ. FT. 73181
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 73181
- Year Built:
- CBA #: 659091
5717 186th Place SW
5717, 186 Pl, Lynnwood, WA  98037- Available SQ. FT. 64904
- Building SQ. FT. 886
- Cap Rate:
- LOT SQ. FT. 64904
- Year Built: 1955
- CBA #: 659021
University District Vacant Land
4301, 11 Ave, Seattle, WA  98105- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 4138
- Year Built:
- CBA #: 658861
508 W Main Street
508, Main St, Deer Park, WA  99006- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 307098
- Year Built:
- CBA #: 658787
4th Avenue Land
0, 4th Ave, Poulsbo, WA  98370- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 206039
- Year Built:
- CBA #: 658725
10801 NE Covington Rd
10801, Covington Rd, Vancouver, WA  98662- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 91476
- Year Built:
- CBA #: 658619
2518 W Bannock Street
2518, Bannock St, Boise, ID  83702- Available SQ. FT. 3492
- Building SQ. FT. 3492
- Cap Rate:
- LOT SQ. FT. 6098
- Year Built: 1939
- CBA #: 657364
4912 200th Street E
4912, 200 St, Spanaway, WA  98387- Available SQ. FT.
- Building SQ. FT. 1400
- Cap Rate:
- LOT SQ. FT. 219107
- Year Built: 1975
- CBA #: 656935
Bleu Apartments
419, 21 Ave, Seattle, WA  98122- Available SQ. FT. 4392
- Building SQ. FT. 4392
- Cap Rate:
- LOT SQ. FT. 7144
- Year Built: 1962
- CBA #: 656906
Ravenna Townhomes
4745, Ravenna Ave, Seattle, WA  98105- Available SQ. FT.
- Building SQ. FT. 5543
- Cap Rate:
- LOT SQ. FT. 6098
- Year Built: 1976
- CBA #: 656762
1423 Pacific
1411, Pacific Ave, Tacoma, WA  98402- Available SQ. FT. 0
- Building SQ. FT. 110443
- Cap Rate:
- LOT SQ. FT. 21471
- Year Built: 1907
- CBA #: 656737
8086 Birch Bay Drive
8086, Birch Bay Dr, Blaine, WA  98230- Available SQ. FT. 104544
- Building SQ. FT. 2337
- Cap Rate:
- LOT SQ. FT. 104544
- Year Built: 1993
- CBA #: 656425
Snohomish Terrace
1300, Avenue D, Snohomish, WA  98290- Available SQ. FT. 374616
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 409464
- Year Built:
- CBA #: 655915
4267 Woodland Park Ave N
4267, Woodland Park Ave, Seattle, WA  98103- Available SQ. FT.
- Building SQ. FT. 5000
- Cap Rate:
- LOT SQ. FT. 7013
- Year Built: 1966
- CBA #: 655902
185th & 8th Development Site
18510, 8th Ave, Shoreline, WA  98155- Available SQ. FT.
- Building SQ. FT. 4990
- Cap Rate:
- LOT SQ. FT. 35284
- Year Built: 1948
- CBA #: 655694
Elliott Pointe
2226, Elliot Ave, Seattle, WA  98121- Available SQ. FT. 1411
- Building SQ. FT. 97517
- Cap Rate:
- LOT SQ. FT. 17860
- Year Built: 1994
- CBA #: 655331
Union District 93
221, Broadway Ave, Meridian, ID  83642- Available SQ. FT. 26817
- Building SQ. FT. 653575
- Cap Rate:
- LOT SQ. FT. 176854
- Year Built: 2022
- CBA #: 655234
Oroville Residential Development Site
26, Lake Loop Rd, Oroville, WA  98844- Available SQ. FT. 658627
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 658627
- Year Built:
- CBA #: 654833
Elliott Mercer
652, Elliott Ave, Seattle, WA  98119- Available SQ. FT. 0
- Building SQ. FT. 6000
- Cap Rate: 3.09
- LOT SQ. FT. 9148
- Year Built: 1944
- CBA #: 654477
4149 Northwest Drive
4149, Dr, Bellingham, WA  98226- Available SQ. FT. 71003
- Building SQ. FT. 1370
- Cap Rate: 1.22
- LOT SQ. FT. 71003
- Year Built: 1952
- CBA #: 654420
Lots 079-082 Old Frontier Road
10275, Frontier Pl, Silverdale, WA  98383- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 174373
- Year Built:
- CBA #: 653945
5405 S Hayford Rd
5405, Hayford Rd, Spokane, WA  99224- Available SQ. FT.
- Building SQ. FT. 2220
- Cap Rate:
- LOT SQ. FT. 437604
- Year Built: 1977
- CBA #: 653883
85 S Millview Ln
85, Millview Ln, Coeur D Alene, ID  83814- Available SQ. FT. 12632400
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 12632400
- Year Built:
- CBA #: 653735
Wiggins Rd SE & Morse Merryman Rd
0, Wiggins Rd, Olympia, WA  98501- Available SQ. FT. 812830
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 812830
- Year Built:
- CBA #: 653696
Wiggins Road SE - 40 Acres
0, Wiggins Rd, Olympia, WA  98501- Available SQ. FT. 1742400
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 1742400
- Year Built:
- CBA #: 653694
Lot 022 Old Frontier Rd.
10143, Old Frontier, Silverdale, WA  98383- Available SQ. FT. 0
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 187308
- Year Built:
- CBA #: 653589
Lot 001 Old Frontier Rd.
0, Old Frontier Rd, Silverdale, WA  98383- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 264409
- Year Built:
- CBA #: 653588
43 & 45 Broadway Apartments
45, Broadway, Tacoma, WA  98402- Available SQ. FT.
- Building SQ. FT. 7786
- Cap Rate:
- LOT SQ. FT. 17990
- Year Built: 1938
- CBA #: 653528
5408 Steilacoom Blvd SW
5408, Steilacoom Blvd, Lakewood, WA  98499- Available SQ. FT.
- Building SQ. FT. 2976
- Cap Rate:
- LOT SQ. FT. 12197
- Year Built: 1927
- CBA #: 653474
Aegis Living Bellevue Lake Hills
14641, 16th St, Bellevue, WA  98007- Available SQ. FT. 1528956000
- Building SQ. FT. 31912
- Cap Rate:
- LOT SQ. FT. 35100
- Year Built: 0
- CBA #: 653200
Sumner 16 Units
0, Cherry Ave, Sumner, WA  98390- Available SQ. FT. 10890
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 10803
- Year Built:
- CBA #: 653163
Twelve at U District
4535, 12th Ave, Seattle, WA  98105- Available SQ. FT. 1349
- Building SQ. FT. 411067
- Cap Rate:
- LOT SQ. FT. 54886
- Year Built: 2014
- CBA #: 653147
1932 SE Salmonberry Rd
1932, Salmonberry Rd, Port Orchard, WA  98366- Available SQ. FT.
- Building SQ. FT. 976
- Cap Rate:
- LOT SQ. FT. 523062
- Year Built: 1948
- CBA #: 652913
102 E 25th Street Parking Lot
102, 25th St, Tacoma, WA  98421- Available SQ. FT. 10890
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 10691
- Year Built:
- CBA #: 652605
518 E 32nd Street Fourplex
518, 32 St, Tacoma, WA  98404- Available SQ. FT.
- Building SQ. FT. 3374
- Cap Rate:
- LOT SQ. FT. 6490
- Year Built: 1992
- CBA #: 651222
Federal Way Development Site
0, 6th Ave, Federal Way, WA  98023- Available SQ. FT. 140699
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 136778
- Year Built:
- CBA #: 651103
Former Goodwill Building
2356, Tacoma Ave, Tacoma, WA  98402- Available SQ. FT.
- Building SQ. FT. 58300
- Cap Rate:
- LOT SQ. FT. 26000
- Year Built: 1930
- CBA #: 649079
Shoreline North/185th St Station: MUR-45
500, 180th St, Shoreline, WA  98155- Available SQ. FT. 82086
- Building SQ. FT. 2180
- Cap Rate:
- LOT SQ. FT. 82086
- Year Built: 1956
- CBA #: 648617
Vela Apartments
140, Lake St, Kirkland, WA  98033- Available SQ. FT. 5100
- Building SQ. FT. 261288
- Cap Rate:
- LOT SQ. FT. 56496
- Year Built: 2023
- CBA #: 648080
Zillah Lake Development
8004, Barbee Ct, Zillah, WA  98953- Available SQ. FT. 4791600
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 8528612
- Year Built:
- CBA #: 647565
8.78 Acres Wheelwright
0, NKA, Allyn, WA  98524- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 382457
- Year Built:
- CBA #: 647540
Skyway Land
6950, 123rd St, Seattle, WA  98178- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 87120
- Year Built:
- CBA #: 645217
21000-21010 International Blvd
21010, International Blvd, SeaTac, WA  98198- Available SQ. FT.
- Building SQ. FT. 4230
- Cap Rate:
- LOT SQ. FT. 136810
- Year Built: 1999
- CBA #: 644442
Beacon Hill Apartments
1815, 13th Ave, Seattle, WA  98144- Available SQ. FT.
- Building SQ. FT. 15426
- Cap Rate: 5.31
- LOT SQ. FT. 7200
- Year Built: 1911
- CBA #: 643966
Riverview on Riverside
1404, Riverside Ave, Spokane, WA  99201- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 20473
- Year Built:
- CBA #: 642763
Phillips Road Multi-Family Development
0, Phillips Rd, Port Orchard, WA  98366- Available SQ. FT. 798890
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 1592960
- Year Built:
- CBA #: 642174
2500 Elliott
2500, Elliott Ave, Seattle, WA  98121- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 14375
- Year Built: 0
- CBA #: 641604
Fremont Redevelopment Site
418, 36th St, Seattle, WA  98103- Available SQ. FT.
- Building SQ. FT. 5976
- Cap Rate:
- LOT SQ. FT. 4670
- Year Built: 1915
- CBA #: 640470
Rainier Avenue S - Land
8422, Rainier Ave, Seattle, WA  98118- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 44996
- Year Built:
- CBA #: 637806
3101 W Jameson
3101, Jameson St, Seattle, WA  98199- Available SQ. FT.
- Building SQ. FT. 2678
- Cap Rate: 7.88
- LOT SQ. FT. 5398
- Year Built: 1961
- CBA #: 636724
418 On Central
418, Central Ave, Kent, WA  98032- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 59497
- Year Built: 1955
- CBA #: 635969
Cascadian Fruit Building
300, Worthen St, Wenatchee, WA  98801- Available SQ. FT.
- Building SQ. FT. 123582
- Cap Rate:
- LOT SQ. FT. 130680
- Year Built: 1920
- CBA #: 631277
Lacey Land - 1.33 Acres
180, Hoh St, Lacey, WA  98516- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 57934
- Year Built:
- CBA #: 628889
Sumner - Commercial Land
16313, 64th St, Sumner, WA  98390- Available SQ. FT. 94961
- Building SQ. FT. 1984
- Cap Rate:
- LOT SQ. FT. 94961
- Year Built: 1950
- CBA #: 624106
7301 Aurora Avenue N
7301, Aurora Ave, Seattle, WA  98103- Available SQ. FT.
- Building SQ. FT. 4610
- Cap Rate:
- LOT SQ. FT. 4792
- Year Built: 1926
- CBA #: 609422
Milano Apartments
1019, Burwell St, Bremerton, WA  98337- Available SQ. FT. 13938
- Building SQ. FT. 13938
- Cap Rate:
- LOT SQ. FT. 13794
- Year Built: 1916
- CBA #: 680185
2939 SE Maple Street
2939, Maple St, Port Orchard, WA  98366- Available SQ. FT.
- Building SQ. FT. 2252
- Cap Rate: 5.02
- LOT SQ. FT. 55785
- Year Built: 1994
- CBA #: 680151
2304 Michigan Street
2304, Michigan St, Bellingham, WA  98229- Available SQ. FT. 2416
- Building SQ. FT. 2416
- Cap Rate:
- LOT SQ. FT. 8276
- Year Built: 1989
- CBA #: 679666
Auburn 4-Plex
952, 28 St, Auburn, WA  98002- Available SQ. FT. 3756
- Building SQ. FT. 4400
- Cap Rate: 5.68
- LOT SQ. FT. 8799
- Year Built: 1977
- CBA #: 679542
Triplex
5839, 5th Ave, Seattle, WA  98107- Available SQ. FT.
- Building SQ. FT. 2890
- Cap Rate: 4.64
- LOT SQ. FT. 4792
- Year Built: 1959
- CBA #: 679248
728 W Ruby St
728, Ruby St, Pasco, WA  99301- Available SQ. FT.
- Building SQ. FT. 3696
- Cap Rate:
- LOT SQ. FT. 15878
- Year Built: 1977
- CBA #: 679152
314 E Mercer Street
314, Mercer St, Seattle, WA  98102- Available SQ. FT. 4595
- Building SQ. FT. 4595
- Cap Rate: 5.00
- LOT SQ. FT. 2396
- Year Built: 1909
- CBA #: 679124
Springbrook Trout Farm
19223, Talbot Rd, Renton, WA  98055- Available SQ. FT. 7917
- Building SQ. FT. 7917
- Cap Rate:
- LOT SQ. FT. 247490
- Year Built: 1958
- CBA #: 679117
5648 Foothill Blvd
5648, Foothill Blvd, Rogue River, OR  97537- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 2509056
- Year Built:
- CBA #: 679114
807 6th Avenue N
807, 6th Ave, Seattle, WA  98109- Available SQ. FT.
- Building SQ. FT. 3102
- Cap Rate: 4.04
- LOT SQ. FT. 4792
- Year Built: 1907
- CBA #: 679077
3429 Wetmore Avenue
3429, Wetmore Ave, Everett, WA  98201- Available SQ. FT. 8590
- Building SQ. FT. 8590
- Cap Rate: 3.77
- LOT SQ. FT. 9148
- Year Built: 2007
- CBA #: 679047
Admiralty Way 4-Plex
15702, Admiralty Way, Lynnwood, WA  98087- Available SQ. FT. 4128
- Building SQ. FT. 4128
- Cap Rate: 3.58
- LOT SQ. FT. 13504
- Year Built: 1987
- CBA #: 679044
Crown View Apartments
319, 105th St, Seattle, WA  98133- Available SQ. FT. 3788
- Building SQ. FT. 3788
- Cap Rate: 5.27
- LOT SQ. FT. 4900
- Year Built: 1960
- CBA #: 679018
514 8th Street NE
514, 8 St, Auburn, WA  98002- Available SQ. FT.
- Building SQ. FT. 6777
- Cap Rate: 3.39
- LOT SQ. FT. 17032
- Year Built: 1989
- CBA #: 678983
1857 NW 195th Street
1857, 195th St, Shoreline, WA  98177- Available SQ. FT. 1240
- Building SQ. FT. 1240
- Cap Rate:
- LOT SQ. FT. 15507
- Year Built: 1958
- CBA #: 678895
Cambridge Apartments
201, F St, Aberdeen, WA  98520- Available SQ. FT.
- Building SQ. FT. 7442
- Cap Rate: 4.51
- LOT SQ. FT. 6534
- Year Built: 1925
- CBA #: 678779
6400 Pacific Avenue
6400, Pacific Ave, Tacoma, WA  98408- Available SQ. FT. 17250
- Building SQ. FT. 6721
- Cap Rate:
- LOT SQ. FT. 17249
- Year Built: 1946
- CBA #: 678641
418 E Mission
418, Mission Ave, Spokane, WA  99202- Available SQ. FT.
- Building SQ. FT. 6000
- Cap Rate:
- LOT SQ. FT. 6970
- Year Built: 1905
- CBA #: 678548
203 - 207 N 38th Avenue
203, 38th Ave, Yakima, WA  98902- Available SQ. FT. 3192
- Building SQ. FT. 3192
- Cap Rate: 3.19
- LOT SQ. FT. 13939
- Year Built: 1974
- CBA #: 678515
11015 Woodinville Drive
11015, Woodinville Dr, Bothell, WA  98011- Available SQ. FT. 5368
- Building SQ. FT. 5368
- Cap Rate: 3.70
- LOT SQ. FT. 12101
- Year Built: 2007
- CBA #: 678504
715 N Nob Hill Avenue
715, Nob Hill Ave, Seattle, WA  98109- Available SQ. FT. 8811
- Building SQ. FT. 10148
- Cap Rate:
- LOT SQ. FT. 7680
- Year Built: 1974
- CBA #: 678435
15529 - 15531 Grant Avenue SW
15529, Grant Ave, Lakewood, WA  98498- Available SQ. FT.
- Building SQ. FT. 1480
- Cap Rate: 2.74
- LOT SQ. FT. 13983
- Year Built: 1910
- CBA #: 678390
Ridgecrest Apartments
2652, 15th Ave, Kennewick, WA  99337- Available SQ. FT. 0
- Building SQ. FT. 81330
- Cap Rate: 5.61
- LOT SQ. FT. 168577
- Year Built: 2023
- CBA #: 678231
1806 16th Avenue
1806, 16th Ave, Seattle, WA  98122- Available SQ. FT.
- Building SQ. FT. 3325
- Cap Rate: 3.66
- LOT SQ. FT. 4966
- Year Built: 1906
- CBA #: 678208
6710 Roosevelt Way Northeast
6710, Roosevelt Way, Seattle, WA  98115- Available SQ. FT. 399880800
- Building SQ. FT. 235789
- Cap Rate:
- LOT SQ. FT. 9155
- Year Built: 2024
- CBA #: 678155
XX S 3rd Avenue
0, 3rd Ave, Everett, WA  98203- Available SQ. FT. 10019
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 10670
- Year Built:
- CBA #: 678032
Fourplex
5312, 188th St, Lynnwood, WA  98037- Available SQ. FT. 3968
- Building SQ. FT. 3968
- Cap Rate:
- LOT SQ. FT. 13068
- Year Built: 1968
- CBA #: 677973
14302 E 13th Avenue
14302, 13th Ave, Spokane, WA  99037- Available SQ. FT.
- Building SQ. FT. 11904
- Cap Rate: 6.03
- LOT SQ. FT. 39089
- Year Built: 2022
- CBA #: 677970
Veldyke Building
4501, Lucile St, Seattle, WA  98118- Available SQ. FT.
- Building SQ. FT. 4419
- Cap Rate:
- LOT SQ. FT. 4792
- Year Built: 1962
- CBA #: 677903
3003 N Napa Street
3003, Napa St, Spokane, WA  99207- Available SQ. FT. 6492
- Building SQ. FT. 6512
- Cap Rate: 5.56
- LOT SQ. FT. 8276
- Year Built: 2021
- CBA #: 677861
Burke House Apartments
4120, Burke Avenue, Seattle, WA  98103- Available SQ. FT. 0
- Building SQ. FT. 5332
- Cap Rate: 4.56
- LOT SQ. FT. 9453
- Year Built: 1919
- CBA #: 677840
UW 17th Ave NE Development Site
4740, 17th Ave, Seattle, WA  98105- Available SQ. FT.
- Building SQ. FT. 34560
- Cap Rate:
- LOT SQ. FT. 12960
- Year Built:
- CBA #: 677739
Park Place
1225, Casino Rd, Everett, WA  98204- Available SQ. FT. 0
- Building SQ. FT. 28450
- Cap Rate:
- LOT SQ. FT. 70132
- Year Built: 1978
- CBA #: 677489
17121 Bothell Way NE
17121, Bothell Way, Bothell, WA  98011- Available SQ. FT. 4508
- Building SQ. FT. 4508
- Cap Rate:
- LOT SQ. FT. 43628
- Year Built: 1916
- CBA #: 677392
Parc Sprague Apartments
15917, Sprague Ave, Spokane Valley, WA  99037- Available SQ. FT. 38345
- Building SQ. FT. 39245
- Cap Rate:
- LOT SQ. FT. 101059
- Year Built: 1979
- CBA #: 677376
2123 9th Avenue Southwest
2123, 9th Ave, Olympia, WA  98502- Available SQ. FT. 101495
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 101495
- Year Built: 0
- CBA #: 677173
1937 E Wilson Lane
1937, Wilson Ln, Meridian, ID  83642- Available SQ. FT. 3496
- Building SQ. FT. 3496
- Cap Rate:
- LOT SQ. FT. 4966
- Year Built: 2003
- CBA #: 677135
31224-31240 28th Avenue S
31224, 28th Ave, Federal Way, WA  98003- Available SQ. FT. 41236
- Building SQ. FT. 2540
- Cap Rate:
- LOT SQ. FT. 41208
- Year Built: 1961
- CBA #: 677095
California Court
6900, California Ave, Seattle, WA  98136- Available SQ. FT. 18360
- Building SQ. FT. 18360
- Cap Rate: 4.84
- LOT SQ. FT. 17860
- Year Built: 1990
- CBA #: 677055
7919 Wallingford Avenue N
7919, Wallingford Ave, Seattle, WA  98103- Available SQ. FT.
- Building SQ. FT. 8800
- Cap Rate:
- LOT SQ. FT. 8320
- Year Built: 1969
- CBA #: 676810
Campus Village Apartments
925, 18th Ave, Ellensburg, WA  98926- Available SQ. FT.
- Building SQ. FT. 31992
- Cap Rate:
- LOT SQ. FT. 98010
- Year Built: 1966
- CBA #: 676644
6648 Littlerock Road SW
6648, Littlerock Rd, Tumwater, WA  98512- Available SQ. FT. 6360
- Building SQ. FT. 6360
- Cap Rate:
- LOT SQ. FT. 35284
- Year Built: 1981
- CBA #: 676532
Washington State Apartment Buildings
The market for Washington State apartments buildings for sale has never been stronger. Why is the market for Washington State Apartment buildings strong? Low interest rates are one of the key factors that have led to the continued market strength. Over the last 30 years mortgage interest rates have ranged from 4% to over 16%. Currently, the average interest rates for multi-family financing are in the low 4%. In addition to low interest rates, market volatility in other asset classes has led to strength in the market for apartment buildings.
Multi-family has been considered one of the lowest risk asset classes for decades and the pandemic has only magnified the disparity in risk. The office building market has concerns over the work from home movement and general pullback in office demand from large businesses. The retail asset class has been sliding backwards for several years due to the impact of online retail sales. The industrial market is the asset class that is currently taking second place to multi-family. The reason that multi-family markets remain the safest best is due to the fact that all people need a place to live. When the economy is strong, people tend to be gaining better jobs and renting nicer apartment units. When the economy is weak, people tend to pull back. In extreme cases, people lose their homes and rent apartments. Regardless of economic conditions, there is always a market for Washington State apartment buildings. What are the current factors that are causing the market to be stronger than usual?
Due to the easy access to low interest capital, the market cap rates for Washington State apartment buildings for sale and recently sold have ranged from 3% to 6% depending on the the location, age, and other factors. When all the factors are added up, the reasons the Washington State apartment building market is strong is clear. Low interest rates allow for lower payments from investors, which leads to more buying power. More buying power leads to more buyers. Low interest rates leads to higher prices.