Palouse Landing
Multifamily | 31 Units | $120,968/unit
Marketing description
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.
Investment highlights
Comprehensive Interior Renovations
All units have been fully renovated, featuring stainless steel appliances, quartz countertops, vinyl plank flooring, upgraded lighting and plumbing packages, and in-unit washer/dryers in select units.
Recent Exterior Capital Improvements
The property has benefited from significant exterior upgrades in recent years, including new roofs across all buildings, resealed and restriped parking lots, and refreshed landscaping.
Attractive In-Place Cash Flow with Upside
Palouse Landing offers a strong in-place 6.5% cap rate on trailing performance, with a clear path to a north of a 8.7% cap rate through continued installation of in-unit washer/dryers.
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