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Eagle's Landing 1306-1320 3rd St 30 Unit Apartment Building $3,900,000 ($130,000/Unit) 6.60% Cap Rate Cheney, WA 99004
Investment Highlights
- Located Blocks from Eastern Washington University
- University-Anchored Submarket with Diversified Regional Demand
- Walkable Location with Owned On-Site Laundry Income
- Strong Connectivity Within the Greater Spokane Metro
- Recently Completed Capital Improvements
- Value-Add Opportunity Through Below- Market Rents and Continued Unit Upgrades
Executive Summary
MMG Real Estate Advisors is pleased to present Eagles Landing, a 30-unit multifamily community built in 1966 and renovated in 2021, located just a few blocks from Eastern Washington University (EWU). With enrollment of roughly 10,000+ students, EWU stands as one of the largest single demand drivers in the submarket, while the property's strong regional connectivity to Downtown Spokane, Spokane International Airport (GEG), Fairchild Air Force Base, and Gonzaga University broadens the renter pool to include military personnel, faculty, and traditional working professionals alongside students. Ownership has recently completed interior renovations and unit updates, a new roof, and exterior walkway updates, reducing near-term capital risk for a buyer. Eagles Landing is a stabilized, occupied asset with rents currently below market, offering investors a clear, executable path to rent growth through continued interior upgrades, along with an existing ancillary income stream from owned on-site laundry.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,900,000 | Building Class | C |
| Price Per Unit | $130,000 | Lot Size | 0.56 AC |
| Sale Type | Investment | Building Size | 17,400 SF |
| Cap Rate | 6.60% | Average Occupancy | 93% |
| No. Units | 30 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | 5-2 | ||
| Price | $3,900,000 |
| Price Per Unit | $130,000 |
| Sale Type | Investment |
| Cap Rate | 6.60% |
| No. Units | 30 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 17,400 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 1.26/1,000 SF |
| Zoning | 5-2 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 19 | $895.00 | 555 |
| 2+1 | 11 | $1,050 | 875 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,318,600 | |
| Land Assessment | $145,200 | Total Assessment | $2,463,800 |
Property Taxes
Parcel Numbers
Land Assessment
$145,200
Improvements Assessment
$2,318,600
Total Assessment
$2,463,800
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Contact the Sale Advisor
Eagle's Landing | 1306-1320 3rd St