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3 residential units, 2 commercial units 139 N Grand Ave 5 Unit Apartment Building $1,195,000 ($239,000/Unit) 6% Cap Rate Pullman, WA 99163
Investment Highlights
- Downtown Pullman mixed-use investment opportunity.
- Street-level commercial frontage offers visibility and accessibility.
- Three residential apartments provide diversified income potential.
- Historic architectural features have been retained in residential units.
Executive Summary
Prominent downtown Pullman mixed-use opportunity featuring street-level commercial space and three remodeled luxury apartments above. Formerly home of Alex’s Restaurant, the upper level retains original wood floors, high ceilings, and distinctive character in the 3apartment units. All leases run till 2027. The apartments offer spacious living areas, custom wood cabinetry, stone-surround fireplaces, hardwood and tile flooring, multiple bedrooms, and well-appointed bathrooms. Some of the apartment photos have been digitally decluttered. The commercial level provides storefront visibility, retail/display areas, customer seating, and flexible rooms suitable foroffice, studio, or event use. Garage bays offer valuable storage and parking utility. High-visibility N Grand Ave location near downtown businesses, services, and amenities. Palouse Games leases one of the commercial unit and the other office space is vacant and ready for occupancy.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$89,000
|
$11.21
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$89,000
|
$11.21
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$17,000
|
$2.14
|
| Net Operating Income |
$72,000
|
$9.07
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $89,000 |
| Annual Per SF | $11.21 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $89,000 |
| Annual Per SF | $11.21 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $17,000 |
| Annual Per SF | $2.14 |
| Net Operating Income | |
|---|---|
| Annual | $72,000 |
| Annual Per SF | $9.07 |
Property Facts
| Price | $1,195,000 | Apartment Style | Low-Rise |
| Price Per Unit | $239,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 6% | Building Size | 7,936 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2005 |
| Property Subtype | Apartment | ||
| Zoning | Commercial General - Commercial general | ||
| Price | $1,195,000 |
| Price Per Unit | $239,000 |
| Sale Type | Investment |
| Cap Rate | 6% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 7,936 SF |
| No. Stories | 2 |
| Year Built | 2005 |
| Zoning | Commercial General - Commercial general |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+4 | 5 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 108150047050001 | Improvements Assessment | $1,217,959 |
| Land Assessment | $43,000 | Total Assessment | $1,260,959 |
Property Taxes
Parcel Number
108150047050001
Land Assessment
$43,000
Improvements Assessment
$1,217,959
Total Assessment
$1,260,959
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3 residential units, 2 commercial units | 139 N Grand Ave