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Palouse Landing 1508 NW Leland St 31 Unit Apartment Building $3,750,000 ($120,968/Unit) 6.14% Cap Rate Pullman, WA 99163
Investment Highlights
- Comprehensive Interior Renovations
- Attractive In-Place Cash Flow with Upside
- Recent Exterior Capital Improvements
Executive Summary
Cushman & Wakefield is pleased to present Palouse Landing, a 31-unit, turnkey multifamily investment located in the heart of Pullman, Washington. The property has benefited from substantial exterior and unit renovations over recent years. Select units have been enhanced with in-unit washer and dryers, which have demonstrated an average rent premium of approximately $200 per unit. Palouse Landing currently offers a strong in-place cap rate of 6.5%, with a clear path to increasing returns to approximately 8.7% through the continued addition of washer and dryers. This asset represents an exceptional opportunity for investors seeking durable, long-term cash flow.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
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| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) 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 | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $120,968 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.09 AC |
| Cap Rate | 6.14% | Building Size | 23,465 SF |
| No. Units | 31 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | ||
| Zoning | R4 | ||
| Price | $3,750,000 |
| Price Per Unit | $120,968 |
| Sale Type | Investment |
| Cap Rate | 6.14% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.09 AC |
| Building Size | 23,465 SF |
| No. Stories | 3 |
| Year Built | 1971 |
| Zoning | R4 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Views
- Carpet
- Freezer
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Walking/Biking Trails
- Online Services
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $1,100 | 657 |
| 2+1 | 25 | $1,245 | 781 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 815100000000007 | Improvements Assessment | $1,786,089 |
| Land Assessment | $227,960 | Total Assessment | $2,014,049 |
Property Taxes
Parcel Number
815100000000007
Land Assessment
$227,960
Improvements Assessment
$1,786,089
Total Assessment
$2,014,049
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Palouse Landing | 1508 NW Leland St
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