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Listings/Kneeland Park Apartments

Kneeland Park Apartments

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On the Market

Price: $2,850,000

Offer Date: TBD

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Executive Summary

1997-Vintage Apartment Community in Supply-Constrained Shelton

Site Details

ADDRESS

215 Turner Ave

CITY

Shelton

UNITS

YEAR BUILT

1997

AVG UNIT SIZE

1,149 SF

STORIES

LAUNDRY

In-unit

NRSF

24,125 SF

LAND SIZE

0.82 AC

PARCEL NUMBER

32019-41-00140

Unit Mix

2x1

4 (932 Avg SF)

3x2

13 (1,165 Avg SF)

4x2

4 (1,313 Avg SF

TOTAL

21 (1,149 Avg SF)

Opportunity

SUPPLY CONSTRAINTS DRIVE DURABLE RENTAL DEMAND

A 20-YEAR DEVELOPMENT DROUGHT

Shelton’s multifamily development pipeline is functionally empty. The economics of ground-up construction in Mason County do not pencil at current cost levels – construction costs have risen over 6% annually in recent years, and the financing environment provides no relief. What exists is the market. An investor acquiring Kneeland Park today is buying into a supply vacuum with structural permanence.

DEMAND KEEPS BUILDING

Mason County’s population has grown steadily, driven by a diverse employment base anchored by Washington Corrections Center, Mason General Hospital, Sierra Pacific Industries, Simpson Lumber, and the Port of Shelton. Shelton also benefits from spillover demand out of the Olympia and Bremerton MSAs, where workers increasingly look west for attainable housing. More households, more jobs, and no new units — a tightening market with less expansions.

Frozen Supply. Growing Demand. Shelton offers what few submarkets in the Puget Sound region can: a completely static supply base paired with steady demographic and employment tailwinds. Every new household that moves to Mason County is absorbed into the existing rental stock — there is no new inventory to compete for them.

Ideal Unit Mix

21-units which consists of large 2, 3, and 4 bedroom units - the exact product type most undersupplied in Shelton's workforce housing market. Larger units attract longer tenancies, lower turnover, and stronger per-unit rent performance.

1997 Built - 1990s Vintage

Modern structural systems and functional layouts 30+ years newer than the dominant competing stock in Mason County. The 1990s build era hits the sweet spot − materially newer than legacy product, without the premium pricing of post-2000 development.

Recent Capital Investment

$250,000 in capital improvements over the past two years. The next owner inherits a maintained, de-risked asset − not a deferred maintenance problem. The heavy lifting is already done.

Limited Market Supply

Zero new units in pipeline. Shelton's multifamily development pipeline is empty. What exists is the market − and Kneeland Park operates without near-term competitive pressure.

Location

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on the market

Kneeland Park Apartments

215 Turner Ave, Shelton, WA 98584
Units: 21
Price: $2,850,000

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About the Area

Located in Shelton, the county seat of Mason County and the gateway to the Olympic Peninsula, 215 Turner Ave sits within a tight-knit community anchored by a deep industrial and institutional employment base and unmatched access to Puget Sound waterfront, timberland, and recreation. The property is positioned minutes from US-101 and State Route 3, providing direct connectivity to Olympia, Bremerton, and the broader South Sound corridor. Shelton’s economy is driven by long-standing employers including Washington Corrections Center, Sierra Pacific Industries, Simpson Lumber, Rayonier, Taylor Shellfish Farms, and the Port of Shelton industrial area — a diversified mix of state institutional employment, timber, manufacturing, aquaculture, and logistics that supports steady workforce housing demand. Residents also benefit from proximity to Olympia’s state government employment base and Joint Base Lewis-McChord, reinforcing the property’s long-term rental demand profile.