1306-1320 3rd St - Apartments FOR SALE


Cheney, WA 99004
$3,900,000 USD
509-669-3930
1306-1320 3rd St, Cheney, WA for Sale
$3,900,000 USD
Apartments - FOR SALE
1/21
null | 6.6% Cap Rate

1306-1320 3rd St
Cheney, WA 99004


HIGHLIGHTS

  • Located Blocks from Eastern Washington University
  • Strong Connectivity Within the Greater Spokane Metro
  • University-Anchored Submarket with Diversified Regional Demand
  • Recently Completed Capital Improvements
  • Walkable Location with Owned On-Site Laundry Income
  • Value-Add Opportunity Through Below- Market Rents and Continued Unit Upgrades

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,900,000 USD

PRICE/SF

$224 USD /SF

# OF UNITS

30

PRICE/UNIT

$130,000

CAP RATE

6.6%

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Eagle's Landing

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

26

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

5-2

APN/PARCEL ID

13124.2906,13124.2907

ASK ABOUT THIS PROPERTY

Joe BoyleMMGMore Info
509-669-3930

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Joe BoyleMMGMore Info
509-669-3930

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.