Lords Apartments
A stabilized multifamily opportunity in Walla Walla. Featuring 10 renovated units, this property has been meticulously maintained and is close to everything Walla Walla has to offer.
High Quality Renovation
Lords Apartments has been extensively improved with a thoughtful renovation program that elevates both the resident experience and the long-term durability of the asset. With a fully renovated six-unit building, four newer units at the rear, and a distinct carriage house unit, the property offers a high-quality finish level that stands out in the Walla Walla market.
Stable Financial History
The property offers a dependable operating profile supported by consistent in-place performance and a clear history of occupancy and collections. With in-place returns in the 6% range and a pricing basis that reflects current operations, Lords Apartments presents investors with a stabilized asset and immediate cash flow.
Impeccably Maintained Buildings
Few small multifamily assets combine this level of architectural character with meaningful renovation work. Each unit features a different floorplan, giving the property a boutique feel and reinforcing the charm, individuality, and appeal that define Lords Apartments as a differentiated investment opportunity.
Desirable Walla Walla Location
Located in a highly desirable in-town Walla Walla setting near downtown amenities, neighborhood services, and major employers. The walkable location enhances tenant demand and supports the property's positioning as a convenient, character-rich housing option in one of Eastern Washington's most established small markets.
Offering Details
Offered at $1,300,000, Lords Apartments offers stable cash-flow from 10 units close to all tenant amenities in downtown Walla Walla.
Access DocumentsProperty Summary
Property Name
Lords Apartments
Address
329 S 3rd Ave
City, State, Zip
Walla Walla, WA 99362
Year Built
1906
Parcel ID
360729720106
Zoning
RM
Acreage
0.38
# of Units
10
SF Per Unit
735
Net Rentable Space
7,346 SF
Pricing Summary
Price
$1,300,000
Price / Unit
$130,000
Price / SF
$176.97
Current CAP Rate
6.38%
Proforma CAP Rate
7.82%
The Opportunity
Stabilized Multifamily in Downtown Walla Walla
Lords Apartments offers the opportunity to acquire a thoughtfully improved multifamily asset that pairs strong physical quality with immediate in-place performance. The property has benefited from a substantial renovation program, including a fully renovated six-unit building, and four newer units at the rear in a distinctive carriage house, creating an attractive mix of updated living spaces with reduced near-term capital needs. The finish level and care put into the improvements are evident throughout the asset and help position the property above typical competing inventory in the market.
Beyond the renovation story, Lords Apartments is compelling because of its stability and uniqueness. The property has a dependable financial profile supported by consistent operations and in-place returns, giving investors confidence in the day-one income stream. At the same time, the buildings offer a level of character that is increasingly difficult to find, with distinctive architecture and varied floorplans that give each unit its own identity. That combination of stable performance and boutique appeal creates a differentiated investment opportunity with lasting tenant demand.
Located at 329 S 3rd Ave, the property benefits from an excellent in-town Walla Walla setting near downtown amenities, neighborhood services, and major employment drivers. The location complements the character of the asset, offering residents a convenient and walkable living experience in one of Eastern Washington's most established small markets. Altogether, Lords Apartments stands out as a high-quality, character-rich asset in a desirable location, backed by stable operations and thoughtful renovations.
The Location
Central Walla Walla location near all tenant amenities
329 S 3rd Ave, Walla Walla, WA 99362Photographs
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Market Overview
Walla Walla, WA
Walla Walla is the economic and cultural center of southeastern Washington, with a city population of approximately 33,901 and a county population of 62,068. Located near the Oregon border, the market benefits from a compelling mix of livability, institutional presence, and regional employment stability.
Historically rooted in agriculture, Walla Walla has grown into one of the Pacific Northwest's most recognizable wine and tourism destinations. The Walla Walla Valley is home to more than 120 wineries and earned national recognition as USA Today's Best Wine Region in both 2020 and 2021.
The county's economy is supported by a diverse base of employers led by government, health care, manufacturing, and agriculture, which together account for roughly 62.9% of covered employment. In 2024, Walla Walla County supported 29,090 jobs and more than $1.62 billion in annual payroll, underscoring the market's stability and long-term demand drivers.
Reasons To Invest Here
- 89.8%
Avg Occupancy
- 4.2%
Unemployment Rate
- $1,311
Avg Market Rent
- 34.6k
Population
- -.27%
Population Growth
- $76,249
Median HH Income
- 1.8%
Home Price Growth (Last 12 Months)
- 20.1k
Labor Force
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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