Grandridge Meadows
Grandridge Meadows | 16 Multifamily Units + Excess Land
Marketing description
Offered at $4,000,000, Grandridge Meadows is priced at $250k/unit with a 6.76% in-place cap rate and a 7.03% proforma cap rate. The included land is priced at $300,000, which is just $10,000 per buildable unit, providing the opportunity to acquire stable new-construction cash-flow while creating a clear path to future growth.
Grandridge Meadows is a boutique, newly constructed multifamily property located at 1007 Grandridge Road in Grandview, Washington. The project comprises sixteen 2-bed, 2-bath units, each averaging over 960 square feet. With modern finishes, durable construction, and efficient layouts, the property is poised to attract long-term tenants looking for high-quality rental housing without the high urban rent premiums.
The site enjoys a central Grandview location near schools, retail centers, and city services. This strong locational positioning, combined with monument signage and polished exterior design, helps reinforce brand visibility and tenant demand. Current operations create strong support for stabilized market rents of $1,885 per unit with additional RUBS income and lean expenses.
What truly elevates this investment is its future scalability. The property sits on over two acres and includes excess land that could accommodate up to 30 additional units under the current zoning. This creates a compelling opportunity for investors to build on existing momentum, expand footprint, and drive additional value in a historically underserved market with stable fundamentals and growing tenant demand.
Investment highlights
New Construction Community
Completed in 2025, Grandridge Meadows offers 16 spacious 2-bedroom, 2-bath units averaging 963 SF. Designed with modern finishes, open layouts, and thoughtful floorplans, the property provides a level of quality rarely found in the Grandview market, appealing to renters seeking contemporary living at an attainable price point.
High Visibility & Professional Presentation
The property features attractive curb appeal with contemporary exterior architecture and professional monument signage, providing a polished look and heightened street presence along Grandview’s main commercial corridor.
Excess Land Included with Development Potential
Situated on 2.05 acres and zoned R3, the property includes additional land with potential to develop up to 30 more units on the same parcel. Investors can capitalize on existing infrastructure and scale operations in a market that supports workforce housing and modest rental growth.
Rare High-Quality Product in a Tertiary Market
Grandview’s multifamily stock is largely dated or small scale. This offering stands apart as a rare opportunity to acquire a high-quality, fully stabilized asset in a growing agricultural hub. With leased rents at $1,885/month and strong regional rent comparables, the project is well positioned to outperform in a low-supply market.
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