Property Details
101 SW 2nd St
Chehalis, WA 98532
$10,250,000
Active
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Property Overview
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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Lewis
Neighborhood
Chehalis
Listed
Mar 12, 2026
Original Price
$1,025,000
Structure Type
Multi Family
Parcel Number
004236002002
Tax & HOA
Annual Property Tax
$14,724 (2026)
Est. Monthly Tax
$1,227/mo
Financial Summary
Cap Rate
5.77%
Net Operating Income
$591,059
Gross Scheduled Income
$756,900
Gross Rent Multiplier
13.54
Total Expenses
$199,018
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
32,560
Leasable Area
32,560 sqft
Total Units
6
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
2.08 acres
Year Built
1922
Exterior & Lot
Lot Size
2.08 sqft
Year Built
1922
Exterior Materials
Brick
Sewer
Available
Water Source
Public
Lot Features
Curbs, Paved, Sidewalk
Exterior Features
Brick
Community & Access
Directions
From Seattle/Tacoma, take I-5 South, exit at 77 (Main St / WA-6), turn left, then left on SW 2nd St.
Location
City
Chehalis
County
Lewis
Coordinates
46.65900, -122.96336
Additional Information
Tax Year
2026
Annual Taxes
$14,724
Possession
Array
Based on information submitted to the MLS GRID as of August 11, 2026 7:45 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
