Cowiche Creek Townhomes
Multifamily | 5.94% CAP | 66 Units
Marketing description
Northmarq is delighted to present Cowiche Creek Townhomes, a newly constructed, 2023-vintage asset located in Yakima, WA. This 66-unit property features a mix of 30 two-bedroom and 36 three-bedroom townhome units, each with 2.5 baths. With an average unit size of 1,267 square feet, each unit features in-unit laundry, elegant quartz countertops, LVP flooring and modern HVAC systems.
The property currently achieves an average rent of $1,832 per unit with a limited history of concessions needed to entire new tenants. Residents enjoy the serenity of a quiet neighborhood while being just 4 miles north from downtown Yakima. Additionally, the property offers proximity to Mount Rainier National Park, making it an ideal location for outdoor enthusiasts seeking year-round recreational activities.
This property represents an excellent opportunity for investors to acquire a recently constructed yet seasoned asset with large, modernized units in a highly desirable secondary market. With its central location, significant rent growth potential, and high-quality finishes, Cowiche Creek Townhomes is primed for long-term success.
Investment highlights
- Brand-New 2023 Construction: Turnkey asset with no deferred maintenance and modern building systems throughout.
- All-Townhome Community: A rare 100% townhome configuration, with two-story layouts, private entries, and no shared neighbors above or below.
- Large Floor Plans: Spacious (30)2- and (36)3-bedroom homes averaging 1,267 SF with 2.5 bathrooms in every unit.
- Attached Garage for Every Unit: 66 private attached garages plus 132 surface stalls - three parking spaces per unit, largely unmatched in the Yakima market.
- Mark-to-Market Rent Upside: In-place rents average $1,832 vs. market rents of $1,905, with embedded growth as below-market leases roll and concessions burn off.
- Operational Upside: Above-market management costs (~5% of EGI) and a self-managed expense profile provide a clear path to expand margin.
- Limited Competing Supply: One of the only newer townhome communities in the Yakima MSA, with no comparable institutional-quality product currently leasing in the trade area.
- Strong Yakima Fundamentals: The 12th largest city in Washington and the largest in Yakima County, anchored by a deep agricultural economy with ~122,000 residents within five miles.
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