Kennewick Multifamily for Sale
"Immediate Cash Flow, Long-Term Upside in Downtown Kennewick"
Brix presents an opportunity that is increasingly hard to find: a property that generates strong cash flow from day one while offering real room to grow. This recently renovated multifamily community sits in one of the Pacific Northwest’s fastest-growing markets, where investors can lock in solid returns today and build value through smart management as rents continue climbing. The purchase price sits well below what it would cost to build Brix today; an instant advantage in a market where construction costs keep rising.
A Transformed Property
Since 2023, current ownership has poured resources into transforming Brix into a great investment opportunity. Each one of the 80 units has been completely renovated with new flooring, appliances, and in-unit laundry (in select units). The swimming pool has been refinished and now serves as a gathering place, while the clubhouse has been redesigned to encourage resident connection and engagement. Thoughtful investments in building exteriors, plumbing systems, and common areas mean there are no surprises when it comes to deferred maintenance.
Where Urban Lifestyle Meets Nature
Brix sits at the rare intersection of urban convenience and outdoor recreation. Tucked between downtown Kennewick’s urban energy and the Columbia River’s natural scenery, the property attracts renters who want modern living without sacrificing access to the Pacific Northwest’s legendary outdoor lifestyle. The studio, one-, and two-bedroom apartments offer freshly renovated spaces, while the neighborhood delivers everything residents want nearby: excellent restaurants, entertainment options, great shopping, and easy access to the Tri-Cities’ celebrated wine country.
Operations That Work & Markets That Support Them
The operations behind Brix deliver both stability and efficiency. Residents pay their own electricity, which eliminates nearly all utility recovery losses and protects margins. Since completing the renovations, Brix runs at full occupancy with very little delinquency and no need for rent concessions to fill units.
The competitive market in the Tri-Cities further strengthens the case for renters and investors. 75% of competing properties in the area were built before 2000, and the average building dates back to 1980. That aging competition drives renters straight to properties like Brix—where they get modern finishes and amenities without paying new-construction prices. As residents in the Tri-Cities continue to look for quality housing, Brix sits perfectly positioned to meet that demand and command premium rents well into the future.
INVESTMENT HIGHLIGHTS:
Capture Strategic Rent Growth Runway
This turnkey asset in central Kennewick allows investors to capture above-market rent growth, with current rents representing only 14.4% of average household income in a submarket where asking rents have surged 67.7% since 2015, leaving plenty of room for growth.
Leverage Powerful Income Demographics
The property is surrounded by high-earning households averaging $95,418 annually, creating sustained demand that supports aggressive rent increases and rapid absorption.
Generate Stable Cash Flow from Day One
80 units with proven leasing performance deliver durable income, while a favorable expense ratio maximizes net cash yields and protects the investment from inflation.
Highly Desirable Unit Mix
The property offers a balanced mix of studios (15%), one-bedroom (50%), and two-bedroom (35%) units. Brix apartments average a spacious 725 square feet with vinyl plank flooring, stainless steel appliances, private patios, and in-unit washers and dryers in select units.
Renovated Units & Significant Capital Improvements
Comprehensive renovations completed since 2023 have transformed every unit with upgraded appliances, modern cabinetry, contemporary lighting/fixtures, and premium vinyl plank flooring. Enhanced community amenities now command rent premiums that meet and exceed market rates.
Unlock Upside Potential Right Away
Current rents trail achievable market rates by $80–$100 per unit, creating an immediate opportunity. Highly affordable in-place rents, robust demographics, and constrained new supply put Brix in a position to drive income growth through operational improvements and minimal upgrades.
Recession-Resistant Employment Base
Immediate access to the region’s largest employers—including Battelle/PNNL (5,300 employees) and Kadlec Medical Center (3,800 employees)—ensures consistent renter demand that stabilizes occupancy through economic cycles.
Dominate a High-Rentership, High-Growth Market
The submarket’s 50% renter-occupied units within one mile (versus 38% regionally) creates a concentrated renter base positioned to expand as population growth adds thousands of households across the Tri-Cities over the next decade.
Superior Lifestyle Connectivity
Seamless access to major highways, top employers, and rapidly expanding business parks means easy commutes and an amenity-rich neighborhood that drives tenant retention.
Ride the Wave of Industrial Expansion
The adjacent North Horn Rapids master-planned industrial district is building a dynamic employment pipeline across 200–500 acres, targeting value-added agriculture, clean energy, and advanced manufacturing that fuels sustained rental demand for years to come.
