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.
1418 NW 70th Street
1418, 70th St, Seattle, WA  98117- Available SQ. FT. 1946
- Building SQ. FT. 1946
- Cap Rate:
- LOT SQ. FT. 2875
- Year Built: 1926
- CBA #: 676119
Ballard Seven
2028, 58th St, Seattle, WA  98107- Available SQ. FT. 4679
- Building SQ. FT. 4679
- Cap Rate: 4.64
- LOT SQ. FT. 4792
- Year Built: 1976
- CBA #: 676091
2223 Wetmore Avenue
2223, Wetmore Ave, Everett, WA  98201- Available SQ. FT. 3624
- Building SQ. FT. 3624
- Cap Rate: 4.50
- LOT SQ. FT. 4356
- Year Built: 1901
- CBA #: 676047
12333 33rd Avenue NE
12333, 33rd Ave, Seattle, WA  98125- Available SQ. FT. 9580
- Building SQ. FT. 10986
- Cap Rate:
- LOT SQ. FT. 9900
- Year Built: 1967
- CBA #: 676029
1457 22nd Avenue
1457, 22nd Ave, Seattle, WA  98122- Available SQ. FT. 7620
- Building SQ. FT. 5080
- Cap Rate:
- LOT SQ. FT. 5097
- Year Built: 1925
- CBA #: 675823
Saratoga Townhomes
8020, Mukilteo Speedway, Mukilteo, WA  98275- Available SQ. FT. 22800
- Building SQ. FT. 22800
- Cap Rate: 5.71
- LOT SQ. FT. 69260
- Year Built: 1978
- CBA #: 675768
720 N 25th Court
720, 25 Ct, Pasco, WA  99301- Available SQ. FT. 4800
- Building SQ. FT. 4800
- Cap Rate:
- LOT SQ. FT. 12632
- Year Built: 1979
- CBA #: 675735
120 S Cascade Street
120, Cascade St, Kennewick, WA  99336- Available SQ. FT. 3960
- Building SQ. FT. 3960
- Cap Rate:
- LOT SQ. FT. 16509
- Year Built: 1950
- CBA #: 675734
Phinney Avenue Fourplex
4202, Phinney Ave, Seattle, WA  98103- Available SQ. FT. 3288
- Building SQ. FT. 3288
- Cap Rate: 3.63
- LOT SQ. FT. 6000
- Year Built: 1910
- CBA #: 675606
Halcyon Road SW
0, Halcyon Rd, Lakewood, WA  98498- Available SQ. FT. 31363
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 31067
- Year Built:
- CBA #: 675589
1712 Summit Avenue
1712, Summit Ave, Seattle, WA  98122- Available SQ. FT.
- Building SQ. FT. 20191
- Cap Rate:
- LOT SQ. FT. 8320
- Year Built: 1906
- CBA #: 674541
Norton Apartments
1201, Pacific Ave, Everett, WA  98201- Available SQ. FT. 0
- Building SQ. FT. 9511
- Cap Rate:
- LOT SQ. FT. 14375
- Year Built: 1894
- CBA #: 674536
Bollinger Building
805, 6th Ave., Lewiston, ID  83501- Available SQ. FT.
- Building SQ. FT. 11456
- Cap Rate:
- LOT SQ. FT. 10542
- Year Built:
- CBA #: 674420
Samish Court
119, Samish Way, Bellingham, WA  98225- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate: 5.01
- LOT SQ. FT. 132377
- Year Built: 1960
- CBA #: 674299
51/15 Ballard Development Site
5011, 15th Ave, Seattle, WA  98107- Available SQ. FT.
- Building SQ. FT. 29220
- Cap Rate:
- LOT SQ. FT. 9607
- Year Built: 2024
- CBA #: 674298
19600 635th Avenue NE
19600, 635th Ave, Gold Bar, WA  98251- Available SQ. FT. 0
- Building SQ. FT. 2744
- Cap Rate: 5.44
- LOT SQ. FT. 192971
- Year Built: 1911
- CBA #: 674262
9025 46th Avenue S
9025, 46th Ave, Seattle, WA  98118- Available SQ. FT. 283140000
- Building SQ. FT. 18060
- Cap Rate:
- LOT SQ. FT. 6534
- Year Built: 2023
- CBA #: 674245
601 N K Street
601, K St, Tacoma, WA  98403- Available SQ. FT. 3840
- Building SQ. FT. 3840
- Cap Rate: 7.18
- LOT SQ. FT. 6490
- Year Built: 1905
- CBA #: 674167
3664 Ashworth Avenue N
3664, Ashworth Ave, Seattle, WA  98103- Available SQ. FT.
- Building SQ. FT. 4275
- Cap Rate:
- LOT SQ. FT. 5097
- Year Built: 1959
- CBA #: 673925
Gilman Apartments
4403, Gilman Ave, Seattle, WA  98199- Available SQ. FT.
- Building SQ. FT. 6080
- Cap Rate:
- LOT SQ. FT. 17510
- Year Built: 1952
- CBA #: 673850
TBD Warbonnet Dr
0, A Street, Moscow, ID  83843- Available SQ. FT. 435600
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 435600
- Year Built:
- CBA #: 673727
West Dravus Apartments
7, Dravus St, Seattle, WA  98119- Available SQ. FT. 5486
- Building SQ. FT. 5486
- Cap Rate: 6.04
- LOT SQ. FT. 4792
- Year Built: 1924
- CBA #: 673677
202 South Street
202, St, Centralia, WA  98531- Available SQ. FT. 43560
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 43227
- Year Built:
- CBA #: 673628
34 S 342nd Place
34, 342nd Pl, Federal Way, WA  98003- Available SQ. FT. 3600
- Building SQ. FT. 3600
- Cap Rate: 5.13
- LOT SQ. FT. 12807
- Year Built: 1979
- CBA #: 672929
Salish Gardens
142, Arcadia Terrace, Port Townsend, WA  98368- Available SQ. FT. 24000
- Building SQ. FT. 29800
- Cap Rate:
- LOT SQ. FT. 214315
- Year Built: 1997
- CBA #: 672920
Violet Meadows
11424, A St, Tacoma, WA  98444- Available SQ. FT.
- Building SQ. FT. 12950
- Cap Rate:
- LOT SQ. FT. 27443
- Year Built: 1995
- CBA #: 672879
2010 N 78th Street
2010, 78th St, Seattle, WA  98103- Available SQ. FT. 3700
- Building SQ. FT. 3740
- Cap Rate:
- LOT SQ. FT. 3920
- Year Built: 1992
- CBA #: 672810
Pioneer Tacoma Portfolio
309, 9 St, Tacoma, WA  98402- Available SQ. FT. 45048
- Building SQ. FT. 45048
- Cap Rate:
- LOT SQ. FT. 18950
- Year Built: 1919
- CBA #: 672808
9108-9110 45th Avenue SW
9110, 45th Ave, Seattle, WA  98136- Available SQ. FT.
- Building SQ. FT. 4400
- Cap Rate: 2.87
- LOT SQ. FT. 7841
- Year Built: 1953
- CBA #: 672743
Beverly Heights
618, 75th St, Everett, WA  98203- Available SQ. FT. 0
- Building SQ. FT. 18125
- Cap Rate:
- LOT SQ. FT. 29621
- Year Built: 1969
- CBA #: 672230
22007 116th Avenue SE
22007, 116th Ave, Kent, WA  98031- Available SQ. FT. 274428
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 274428
- Year Built: 0
- CBA #: 672181
Kent Multi-Family Development Lots
923, Concord St, Kent, WA  98032- Available SQ. FT. 33106
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 33751
- Year Built:
- CBA #: 672157
Catherine Court
4528, 20th Ave, Seattle, WA  98105- Available SQ. FT. 5952
- Building SQ. FT. 5952
- Cap Rate: 0.59
- LOT SQ. FT. 3920
- Year Built: 1964
- CBA #: 672144
Rebecca Properties Portfolio
1008, Rebecca St, Spokane, WA  99202- Available SQ. FT. 10956
- Building SQ. FT. 10956
- Cap Rate:
- LOT SQ. FT. 28386
- Year Built: 1940
- CBA #: 672108
335 Division Street NW
335, Division St, Olympia, WA  98502- Available SQ. FT. 10338
- Building SQ. FT. 10338
- Cap Rate: 6.14
- LOT SQ. FT. 36127
- Year Built: 1947
- CBA #: 671933
Bayswater Apartments
2628, Cascade Pl, University Place, WA  98466- Available SQ. FT.
- Building SQ. FT. 22500
- Cap Rate:
- LOT SQ. FT. 60984
- Year Built: 1976
- CBA #: 671592
Junction 160
16100, Linden Ave, Seattle, WA  98133- Available SQ. FT.
- Building SQ. FT. 43396
- Cap Rate:
- LOT SQ. FT. 59242
- Year Built: 1979
- CBA #: 670965
Auditorium Apartments
605, 5th Ave, Seattle, WA  98109- Available SQ. FT. 28960
- Building SQ. FT. 28960
- Cap Rate:
- LOT SQ. FT. 13504
- Year Built: 1926
- CBA #: 670940
Kittitas Building
116, Main St, Kittitas, WA  98934- Available SQ. FT. 4800
- Building SQ. FT. 4800
- Cap Rate: 5.61
- LOT SQ. FT. 10890
- Year Built: 2008
- CBA #: 670695
Downtown Marysville Townhomes
95, Quinn Ave, Marysville, WA  98270- Available SQ. FT.
- Building SQ. FT. 4800
- Cap Rate: 4.53
- LOT SQ. FT. 9008
- Year Built: 1979
- CBA #: 670083
Capitol Hill Portfolio - Summit House, Ellenbert, & Casa Nit
1727, Summit Ave, 915 E Harrison St, & 430 12th Ave, Seattle, WA  98122- Available SQ. FT. 38020
- Building SQ. FT. 87380
- Cap Rate: 11.36
- LOT SQ. FT. 41517
- Year Built: 1925
- CBA #: 669593
4416 44 Ave SW
4416, 44 Ave, Seattle, WA  98116- Available SQ. FT. 4509
- Building SQ. FT. 6780
- Cap Rate: 3.59
- LOT SQ. FT. 6011
- Year Built: 1994
- CBA #: 669529
Everett Restaurant
1629, Center Rd, Everett, WA  98204- Available SQ. FT.
- Building SQ. FT. 3950
- Cap Rate:
- LOT SQ. FT. 57064
- Year Built: 1980
- CBA #: 669087
Multi-Family Development Land
233, 47 St, Garden City, ID  83714- Available SQ. FT. 89734
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 89974
- Year Built:
- CBA #: 668870
Highland Park Fourplex
8836, 9th Ave, Seattle, WA  98106- Available SQ. FT.
- Building SQ. FT. 2696
- Cap Rate:
- LOT SQ. FT. 4792
- Year Built: 1980
- CBA #: 668839
The Cedars
4410, 176th St, Lynnwood, WA  98037- Available SQ. FT. 12110
- Building SQ. FT. 12480
- Cap Rate:
- LOT SQ. FT. 30492
- Year Built: 1967
- CBA #: 668637
1314 Maple
1314, Maple St, Sumner, WA  98390- Available SQ. FT.
- Building SQ. FT. 9603
- Cap Rate: 5.35
- LOT SQ. FT. 13504
- Year Built: 1924
- CBA #: 668622
78th Street Apartments
2008, 78th St, Seattle, WA  98103- Available SQ. FT. 7700
- Building SQ. FT. 7700
- Cap Rate: 3.69
- LOT SQ. FT. 4992
- Year Built: 1955
- CBA #: 667888
25 North Airport Road
25, Airport Rd, Deer Park, WA  99006- Available SQ. FT. 6276
- Building SQ. FT. 6276
- Cap Rate:
- LOT SQ. FT. 29621
- Year Built: 1995
- CBA #: 667599
W 10th & W 12th Avenue
0, 10th & 12th Ave, Airway Heights, WA  99001- Available SQ. FT. 203425
- Building SQ. FT. 132392
- Cap Rate: 129.87
- LOT SQ. FT. 203309
- Year Built:
- CBA #: 667521
Ash Creek Apartments
1420, 112th St, Tacoma, WA  98444- Available SQ. FT.
- Building SQ. FT. 8177
- Cap Rate:
- LOT SQ. FT. 99317
- Year Built: 1954
- CBA #: 666984
NE 185th Street Land
0, 185th St, Woodinville, WA Â- Available SQ. FT. 480902
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 481120
- Year Built:
- CBA #: 666919
3701 Highway 16
3701, Hwy 16, Eagle, ID  83616- Available SQ. FT. 1132560
- Building SQ. FT. 3201
- Cap Rate:
- LOT SQ. FT. 701316
- Year Built: 1974
- CBA #: 666167
Townhomes at Fern Hill
8839, Pacific Ave, Tacoma, WA  98444- Available SQ. FT.
- Building SQ. FT. 23634
- Cap Rate:
- LOT SQ. FT. 23240
- Year Built:
- CBA #: 664713
212xx Cypress Way
212, Cypress Way, Lynnwood, WA  98036- Available SQ. FT. 298822
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 300358
- Year Built:
- CBA #: 664284
800 Front Street S
800, Front St, Issaquah, WA  98027- Available SQ. FT.
- Building SQ. FT. 960
- Cap Rate:
- LOT SQ. FT. 30492
- Year Built: 1954
- CBA #: 662360
Mixed Use Development Site
451, Bakerview Rd, Bellingham, WA  98226- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 98446
- Year Built: 0
- CBA #: 660512
140th Street Southwest Townhomes
827, 140th St, Lynnwood, WA  98087- Available SQ. FT. 65340
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 65340
- Year Built: 2019
- CBA #: 660439
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
16535 Aurora Avenue N
16535, Aurora Ave, Shoreline, WA  98133- Available SQ. FT.
- Building SQ. FT. 8857
- Cap Rate:
- LOT SQ. FT. 38638
- Year Built: 1961
- CBA #: 654149
Veteran's Village Land
419, 208th Street, Spanaway, WA  98387- Available SQ. FT. 242884
- Building SQ. FT. 1710
- Cap Rate:
- LOT SQ. FT. 242629
- Year Built: 1900
- CBA #: 653609
927 NW 57th Street
929, 57th St, Seattle, WA  98107- Available SQ. FT. 2040
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 5000
- Year Built: 2021
- CBA #: 653117
2110 1st Avenue North
2110, 1st Ave, Seattle, WA  98109- Available SQ. FT. 16003
- Building SQ. FT. 29703
- Cap Rate:
- LOT SQ. FT. 15987
- Year Built: 1923
- CBA #: 652787
2729 2nd Avenue
2729, 2nd Ave, Seattle, WA  98121- Available SQ. FT. 12960
- Building SQ. FT. 6096
- Cap Rate:
- LOT SQ. FT. 12981
- Year Built: 1948
- CBA #: 651773
Tacoma Development Site
1555, Tacoma Ave, Tacoma, WA  98402- Available SQ. FT.
- Building SQ. FT. 61413
- Cap Rate:
- LOT SQ. FT. 10890
- Year Built:
- CBA #: 650042
2 & 10 E Main
2, Main, Spokane, WA  99202- Available SQ. FT.
- Building SQ. FT. 14700
- Cap Rate:
- LOT SQ. FT. 10019
- Year Built: 1909
- CBA #: 648862
Northgate 100
11548, Pinehurst Way, Seattle, WA  98125- Available SQ. FT.
- Building SQ. FT. 6318
- Cap Rate: 4.17
- LOT SQ. FT. 18929
- Year Built: 1996
- CBA #: 644451
Meridian Park Development Site
1815, 185th St, Shoreline, WA  98133- Available SQ. FT.
- Building SQ. FT. 880
- Cap Rate:
- LOT SQ. FT. 9570
- Year Built: 1919
- CBA #: 643750
Meeker Street Site
1637, Meeker St, Kent, WA  98032- Available SQ. FT.
- Building SQ. FT. 3920
- Cap Rate:
- LOT SQ. FT. 62987
- Year Built: 1965
- CBA #: 637268
306 24th Avenue S
306, 24th Ave, Seattle, WA  98144- Available SQ. FT.
- Building SQ. FT. 13545
- Cap Rate:
- LOT SQ. FT. 16988
- Year Built: 1925
- CBA #: 589927
Armstrong Celebration Park Land
33005, 15th Ave, Federal Way, WA  98003- Available SQ. FT.
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 189050
- Year Built:
- CBA #: 582472
1857 NW 195 St
1857, 195 St, Shoreline, WA  98177- Available SQ. FT. 1240
- Building SQ. FT. 1240
- Cap Rate:
- LOT SQ. FT. 15507
- Year Built: 1958
- CBA #: 678895
564 NE Ravenna Blvd
564, Ravenna Blvd, Seattle, WA  98115- Available SQ. FT.
- Building SQ. FT. 24636
- Cap Rate:
- LOT SQ. FT. 20898
- Year Built: 1918
- CBA #: 678882
Lago Apartments at Leschi
3000, Spruce St, Seattle, WA  98122- Available SQ. FT. 5850
- Building SQ. FT. 4752
- Cap Rate:
- LOT SQ. FT. 5000
- Year Built: 1963
- CBA #: 678880
Parkside
215, G St, Tacoma, WA  98405- Available SQ. FT.
- Building SQ. FT. 22434
- Cap Rate:
- LOT SQ. FT. 9000
- Year Built: 1907
- CBA #: 678837
214 Mashell Avenue S
214, Mashell Ave, Eatonville, WA  98328- Available SQ. FT. 7978
- Building SQ. FT. 7978
- Cap Rate:
- LOT SQ. FT. 35109
- Year Built: 1982
- CBA #: 678827
7001-7011 15th Avenue NW
7001, 15th Ave, Seattle, WA  98117- Available SQ. FT. 13127
- Building SQ. FT. 53451
- Cap Rate:
- LOT SQ. FT. 13138
- Year Built: 2024
- CBA #: 678740
Highland Apartments
1222, Highland Ave, Clarkston, WA  99403- Available SQ. FT. 3616
- Building SQ. FT. 3616
- Cap Rate:
- LOT SQ. FT. 101059
- Year Built:
- CBA #: 678730
Chestnut Apartments
1108, Chestnut St, Clarkston, WA  99403- Available SQ. FT.
- Building SQ. FT. 7720
- Cap Rate:
- LOT SQ. FT. 10890
- Year Built: 0
- CBA #: 678718
Stadium Place
145, King St, Seattle, WA  98134- Available SQ. FT. 1160
- Building SQ. FT. 578250
- Cap Rate:
- LOT SQ. FT. 103237
- Year Built: 2014
- CBA #: 678690
Hawthorne
1618, Bellevue Ave, Seattle, WA  98122- Available SQ. FT.
- Building SQ. FT. 104452
- Cap Rate:
- LOT SQ. FT. 16086
- Year Built: 2001
- CBA #: 678683
6400 Pacific Avenue
6400, Pacific Ave, Tacoma, WA  98408- Available SQ. FT. 17250
- Building SQ. FT. 6721
- Cap Rate:
- LOT SQ. FT. 16988
- Year Built: 1946
- CBA #: 678641
5610 S M Street
5610, M St, Tacoma, WA  98408- Available SQ. FT. 2683
- Building SQ. FT. 2683
- Cap Rate: 4.65
- LOT SQ. FT. 6011
- Year Built: 1978
- CBA #: 678640
The Lookout
755, Bellevue Ave, Seattle, WA  98102- Available SQ. FT. 9583
- Building SQ. FT. 4233
- Cap Rate:
- LOT SQ. FT. 9583
- Year Built: 1933
- CBA #: 678637
Brookside Apartments
12032, 32nd Ave, Seattle, WA  98125- Available SQ. FT.
- Building SQ. FT. 5753
- Cap Rate: 2.39
- LOT SQ. FT. 6534
- Year Built: 1965
- CBA #: 678635
Hosea Apartments
12011, 32nd Ave, Seattle, WA  98125- Available SQ. FT.
- Building SQ. FT. 8880
- Cap Rate: 5.00
- LOT SQ. FT. 9148
- Year Built: 1965
- CBA #: 678613
Alligator Soul - Former Petosa
3121, Broadway, Everett, WA  98201- Available SQ. FT. 0
- Building SQ. FT. 13102
- Cap Rate:
- LOT SQ. FT. 18295
- Year Built: 1957
- CBA #: 678612
The Aloha House
2460, Northgate Way, Seattle, WA  98125- Available SQ. FT.
- Building SQ. FT. 5800
- Cap Rate: 6.03
- LOT SQ. FT. 8000
- Year Built: 1962
- CBA #: 678607
Valley Apartments
1141, Martin Luther King Junior Way, Seattle, WA  98122- Available SQ. FT. 1120
- Building SQ. FT. 38644
- Cap Rate:
- LOT SQ. FT. 14268
- Year Built: 2018
- CBA #: 678603
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
205 W 38th St
205, 38th St, Garden City, ID  83714- Available SQ. FT. 117612
- Building SQ. FT. 0
- Cap Rate:
- LOT SQ. FT. 50094
- Year Built: 1948
- CBA #: 678533
12548 W Overland Road
12548, Overland Rd, Boise, ID  83709- Available SQ. FT. 236095
- Building SQ. FT. 3200
- Cap Rate:
- LOT SQ. FT. 236095
- Year Built: 1977
- CBA #: 678525
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
Timberlawn Apartments
15850, 40th St, Redmond, WA  98052- Available SQ. FT. 0
- Building SQ. FT. 44808
- Cap Rate:
- LOT SQ. FT. 97399
- Year Built: 1987
- CBA #: 678513
Rosada Apartments
1132, 19th Ave, Seattle, WA  98122- Available SQ. FT.
- Building SQ. FT. 4806
- Cap Rate: 4.22
- LOT SQ. FT. 4792
- Year Built: 1922
- CBA #: 678493
11358 W Clearwater Avenue
11292, Clearwater Ave, Kennewick, WA  99336- Available SQ. FT.
- Building SQ. FT.
- Cap Rate:
- LOT SQ. FT. 619859
- Year Built:
- CBA #: 678468
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
TBD S 2nd Ave
2211, 2nd Ave, Pocatello, ID  83201- Available SQ. FT. 133212
- Building SQ. FT. 133212
- Cap Rate:
- LOT SQ. FT. 271814
- Year Built:
- CBA #: 678363
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.