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540 N Madison St 18 Unit Apartment Building $1,400,000 ($77,778/Unit) 8.30% Cap Rate Tekoa, WA 99033
Investment Highlights
- Option 1a Project Based Section 8 designated for Seniors
- Attractive Risk Adjusted Returns
- Within 1 hour to Spokane and Pullman
Executive Summary
The Tekoa Apartments is a high-performing, 100% Project-Based Section 8 community under a Senior Option 1a HAP contract. This offering presents investors with the opportunity to acquire a well-maintained, stabilized asset at an attractive cap rate and a basis in a strong Washington State market. With the Security of long-term HAP income, limited deferred maintenance, and significant spread over cost of capital, this property provides a superior risk-adjusted return-ideal for investors seeking reliable cashflow with minimial vacancy risk.
Property Facts
| Price | $1,400,000 | Building Class | C |
| Price Per Unit | $77,778 | Lot Size | 3.30 AC |
| Sale Type | Investment | Building Size | 17,754 SF |
| Cap Rate | 8.30% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1982/2020 |
| Property Subtype | Apartment | Parking Ratio | 1.69/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $1,400,000 |
| Price Per Unit | $77,778 |
| Sale Type | Investment |
| Cap Rate | 8.30% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.30 AC |
| Building Size | 17,754 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1982/2020 |
| Parking Ratio | 1.69/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Refrigerator
- Views
- Carpet
- Grill
Site Amenities
- Clubhouse
- Laundry Facilities
- Storage Space
- Multi Use Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 800 |
| 2+1 | 2 | - | 969 |
1 1
Property Taxes
| Parcel Numbers | Improvements Assessment | $724,730 | |
| Land Assessment | $14,375 | Total Assessment | $739,105 |
Property Taxes
Parcel Numbers
Land Assessment
$14,375
Improvements Assessment
$724,730
Total Assessment
$739,105
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540 N Madison St
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