Studio City Apartments
A naturally affordable multifamily property in Moses Lake with operation value-add potential.
Naturally Affordable Workforce Housing
Studio City provides an attainable housing option for Moses Lake’s growing workforce. With smaller unit sizes and simple interiors, the property fills a critical need for cost-conscious renters, supporting consistent demand and low turnover in a market with limited affordable supply.
Operational Value-Add Potential
In-place operations present an immediate opportunity to improve performance through refined management practices. Reducing controllable expenses, optimizing vendor contracts, and aligning fees with market standards can generate meaningful upside. With minimal capital investment, the asset can be repositioned for stronger cash flow and long-term stability.
Redevelopment & Reconfiguration Upside
Existing outbuildings and underutilized parking areas offer clear potential for creative reuse. Whether adding units, amenities, or income-generating improvements, the site allows for long-term value creation beyond traditional rent growth.
Strategic Position in a Growing Market
Located in the heart of Moses Lake, Studio City benefits from a dynamic Central Washington economy. The city continues to attract investment from aerospace, clean tech, and data center industries, driving population and income growth that supports long-term rental upside.
Offering Details
Offered at $2,600,000, Studio City features 44 studio units and 1 2-bed, 1-bath unit. Located in the heart of Moses Lake, Studio City offers immediate operational upside and long-term potential for redevelopment or reconfiguration.
Access DocumentsProperty Summary
Property Name
Studio City Apartments
Address
1006 W 3rd Avenue
City, State, Zip
Moses Lake, WA 98837
Year Built
1955
Parcel ID
110593/4/5000
Zoning
General Commercial
Acreage
1.22
# of Units
45
SF Per Unit
363
Net Rentable Space
16,320 SF
Pricing Summary
Price
$2,600,000
Price / Unit
$57,778
Price / SF
$159.31
Current CAP Rate
5.00%
Proforma CAP Rate
9.17%
The Opportunity
Affordable Work-force Apartments in the Heart of Moses Lake
Studio City Apartments offers investors an accessible entry point into the stable and increasingly competitive Moses Lake multifamily market. With its mix of compact units and simple layouts, the property caters directly to the city’s substantial base of service, industrial, and transitional workforce tenants. A naturally affordable asset, it fills a critical gap in a market where much of the new housing supply skews toward higher-end product.
Moses Lake is undergoing a notable economic resurgence, supported by strategic public and private investment. Employers like Microsoft, REC Silicon, and Sila Nanotechnologies are bringing high-skill jobs and capital investment to the region. This expansion is driving demand across the housing spectrum and positioning Moses Lake as a key tertiary market in Eastern Washington. Investors are increasingly turning to the city for its combination of job growth, infrastructure, and quality of life, all at a fraction of the cost of larger metros.
Studio City is well-located within Moses Lake’s urban grid, providing immediate access to downtown services, schools, and major arterials. With proven occupancy, upside through management improvement, and the potential for long-term site enhancements, the property presents a compelling opportunity for investors seeking durable returns in an emerging growth market.
The Location
Convenient West Broadway location provides quick access to all amenities
1006 W 3rd Avenue, 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)
- 27,000
Population
(Dec. 2025)
- 1.2%
Population Growth
(Dec. 2025)
- $71,800
Median Household Income
(Dec. 2025)
- 0.4%
Home Price Growth
(Last 12 months)
- 46,600
Labor Force
(Last 12 months)
Sources available upon request.
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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