Hopkins4
A 4-unit multifamily opportunity in central Pasco offering naturally affordable workforce housing in the Tri-Cities' tightest rental segment, and steps from Memorial Park and the revitalized Lewis Street corridor.
Supply-Constrained Workforce Housing
Naturally affordable workforce housing in the Tri-Cities' tightest rental segment. Hopkins4's unit mix is ideally-positioned to serve this durable, supply-constrained renter base.
Efficient Fourplex Configuration
Hopkins4 features three 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. With straightforward management, the property provides an accessible entry point into the Tri-Cities multifamily market.
Significant Public Investment
The $36.2M Lewis Street Overpass opened in 2024, improving connectivity between downtown and east Pasco. A separate ~$2M pool-dome project made Memorial Aquatic Park into a year-round community amenity.
Expanding Pasco Employment Base
Pasco's expanding employment base includes Darigold's major new dairy processing facility, Amazon distribution facilities, and Reser's food processing plant. These employers broaden the local employment base supporting demand for attainable rental housing.
Offering Details
Offered at $575,000, or $143,750 per unit, Hopkins4 features a 5.38% in-place cap rate with a clear path to a 7.29% pro forma cap rate as rents move toward market and utility reimbursement expands.
Access DocumentsProperty Summary
Property Name
Hopkins4
Address
1304 W Hopkins St
City, State, Zip
Pasco, WA 99301
Year Built
1950
Parcel ID
112-271-097
Zoning
R-2
Acreage
0.23
# of Units
4
SF Per Unit
875
Net Rentable Space
3,500 SF
Pricing Summary
Price
$575,000
Price / Unit
$143,750
Price / SF
$164.29
Current CAP Rate
5.38%
Proforma CAP Rate
7.29%
The Opportunity
Workforce Housing Fourplex in Central Pasco
Hopkins4 is a 4-unit multifamily property located at 1304 W Hopkins Street in central Pasco. Built in 1950, the brick fourplex offers three 2-bedroom, 1-bath units averaging 900 square feet and one 1-bedroom, 1-bath unit of 800 square feet.
The property is located in an established central Pasco neighborhood within walking distance of Memorial Park and its year-round aquatic center, Longfellow Elementary, and the shops and restaurants of the Lewis Street corridor. Recent public works projects have improved connectivity between downtown and east Pasco, while an expanding employment base continues to support demand for attainable workforce rental housing.
The Location
Central Pasco location steps from Memorial Park and the Lewis Street corridor
1304 W Hopkins St, Pasco, WA 99301Photographs
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Market Overview
Tri-Cities, WA
The Tri-Cities, Kennewick, Pasco, and Richland, form the economic center of southeastern Washington. Located along the Columbia River, the region benefits from a diversified employment base spanning federal research and energy, healthcare, agriculture and food processing, logistics, manufacturing, and education.
Pasco continues to attract significant private investment, including Darigold’s new dairy-processing facility, Amazon distribution facilities, and Reser’s food-processing operations. The broader region also benefits from major employment anchors such as the Hanford Site and Pacific Northwest National Laboratory.
Relative affordability, extensive transportation infrastructure, short commute times, and access to year-round recreation continue to support population growth and long-term rental demand throughout the Tri-Cities.
Reasons To Invest Here
- 0.40%
Average Rent Growth
Q2 2026 (Pasco)
- 93%
Average Occupancy
Q2 2026
- 4.30%
Unemployment Rate
July 2026
- $1,490
Average Market Rent
Q2 2026
- 329k
Population
July 2025
- 1.30%
Population Growth
2025
- $90k
Median Household Income
- 3.08%
Home Price Growth
Q1 2026
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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