305 NE Spaulding St 12 Unit Apartment Building $1,600,000 ($133,333/Unit) 5.94% Cap Rate Pullman, WA 99163

Glenwood Arms presents the opportunity to acquire a fully renovated, stabilized 12-unit apartment community in the heart of Pullman, Washington. The property consists of a 7,800-square-foot building originally constructed in 1967 and extensively renovated in 2020, offering modern interiors while minimizing near-term capital expenditures. The asset is currently 100% occupied and provides immediate, stable cash flow.
Located just minutes from Washington State University and downtown Pullman, the property benefits from consistent demand driven by students, faculty, university staff, and local employers. The renovated units feature contemporary finishes designed to attract and retain tenants in one of Eastern Washington's strongest rental markets.
Property Highlights:
12-unit multifamily community
7,800 SF building
Extensive renovation completed in 2020
100% occupied
Asking Price: $1,600,000
Cap Rate: 5.69%
NOI: $91,088
Price/SF: $205.13
Strong in-place cash flow with upside through continued rental growth
Excellent location near Washington State University, downtown Pullman, shopping, dining, and major employment centers
Glenwood Arms offers investors the rare combination of stabilized occupancy, modernized improvements, and long-term appreciation potential in one of Washington's premier college markets.