Courtesy: Lee & Associates Commercial RE
206-267-1457
Nisha Tomar
Cascade School Apartments is a 51-unit historic adaptive-reuse multifamily community originally built in 1922 and thoughtfully redeveloped through 2024–2025, blending timeless architecture with modern residential upgrades. Designed by Tacoma-based firm Hill, Mock & Griffin, the property features high ceilings, expansive windows, and durable construction that create a distinctive living environment rarely found in today’s market. Supported by federal historic tax credits and a property tax reduction, the asset offers an attractive basis, reduced near-term Cap Ex, and improved long-term cash flow stability. Located in the heart of downtown Chehalis along the I-5 corridor between Seattle and Portland, the property benefits from strong regional connectivity, walkable access to local amenities, and a supply-constrained market supported by ongoing downtown revitalization. With four-sided site access, dual entry points, future development potential on the 2.08-acre site, and possible expansion through additional unit development (buyer to verify), Cascade School Apartments presents a rare opportunity to acquire a stabilized, tax-advantaged historic asset with differentiated product and embedded upside.
Courtesy: CENTURY 21 Lund, Realtors
360-748-8619
Gary Fox
Corner lot in quasi light industrial district. Very close to freeway and downtown. The lower level consists of approx. 3,000 of showroom, shop, warehouse, office and restrooms which has been the home of Northwest Cooling & Heating for decades. Exterior entrance at SW corner of the building, leads to stairway for the three 1 bedroom/1 bath apartments. There is also a common laundry for the apartment units which is also located upstairs. Roof on main part of building replaced 4 years ago, awning roof replaced 3 years ago.
Courtesy: Kidder Mathews
360-705-2800
Brian Richardson
Posted rent increases taking effect make this a true 8.06% cap on in-place income 7 expenses. Madlen Court Rental Homes & Self-Storage blends highly desired single-family type rental homes with the additional benefit of self-storage. Featuring 6 single-family style rentals (all 3BR/2BA, ~1,400 SF avg) plus 14 self-storage units. Tenants pay 100% of utilities; homes feature two-car garages, modern construction, and newer roofs—built for low-drama ownership. The tucked-away, off-street setting is walkable to Chehalis schools, Boys & Girls Club, parks, and athletic facilities, and is less than 10 minutes to I-5 and downtown. Chehalis sits almost exactly halfway between Seattle and Portland on the I-5 corridor, and the market’s recent positive economic activity include an announced Amazon operations facility projected at 500–1,000 jobs and the PSE takeover of the TransAlta power plant creating an estimated 700 jobs. There are two investment approaches an investor can take. Raise residential rents and push storage rents toward market. There is an estimated 87% increase feasible for storage based on rent comps. Alternatively, an investor can add additional units based on 24 du/acre density zoning for the property. Also, an investor subdivide and sell the residential units individually for a profit and keep the storage for pure cash-flow.
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Chehalis is located in Washington. Chehalis, Washington has a population of 7,427. Chehalis is less family-centric than the surrounding county with 25.55% of the households containing married families with children. The county average for households married with children is 26.85%.
The median household income in Chehalis, Washington is $52,717. The median household income for the surrounding county is $60,581 compared to the national median of $69,021. The median age of people living in Chehalis is 34 years.
The average high temperature in July is 78.4 degrees, with an average low temperature in January of 34.3 degrees. The average rainfall is approximately 51.7 inches per year, with 2.4 inches of snow per year.
