Listed by Kelly Right Real Estate
$269,999
230 SE Spring
Details
APN 1-0815-00-19-01-0000: 1-0815-00-19-02-0001: 1-0815-00-19-03-0002: 1-0815-00-19-06-0002
Property Type Multifamily
Sub Type Apartment Building
Square Footage 1,780
Units 3
Cap Rate 7.40%
NOI $22,140
Price per SqFt $168
Year Built 1937
Multifamily | 3 Units | $99,667/unit
Marketing description
MLS# 291335 Turnkey, high-demand investment opportunity in one of Pullman’s most sought-after locations. Just a few min walk to WSU campus and downtown! This charming home offers great bones and stunning panoramic views of Pullman, paired with strong, consistent rental performance. Currently configured as a duplex with potential to function as a triplex, this property provides excellent upside for investors & boast a cap rate over 10%! Middle Unit B is largest, feat. 2 beds, spacious living area, & in-unit wash/dry. The upper Unit C includes a cute private patio, while the bsmt level has infrastructure in place and just needs some TLC. Perfect for an owner-occupant setup. A large parking area provides ample tenant space. Demand is exceptional, with over 30 inquiries and 10 showings the last time a unit was listed (even in the off-season), plus multiple short-term rental showings already this week. Major updates include brand new sewer lines (over $40K) with routine maint consistently done.Situated on two lots, with the adjacent R3-zoned parcel available for separate purchase or as part of a package deal. The additional parcel is development-ready with building permits, survey, core and soil samples, and topography/site plans already completed. Truly an incredible opportunity for future expansion with the Quadplex located directly above also available for purchase. A developers dream! Further site plan info available upon request, and buyers are welcome to walk the parcel. Serious inquiries only; screening required for access to development materials. 24-hour notice required for showings due to tenant occupancy.
Investment highlights
- List Price: $_299,000
- Property Type: Duplex (previously 3 units – potential to restore)
- Current Unit Count: 2
- Potential Unit Count: 3
- Current Monthly Rent (per unit):
- Unit 1: $__$1,250.00
- Unit 2: $___$850.00
- Unit 3: $ 850.00 Projected if turned into unit (Small Construction Needed)
- As-Is (2 Units Rented)
- Total Monthly Gross Rent: $2,100 (Unit 1: $850, Unit 2: $1,250)
- Total Annual Gross Rent: $25,200
- Gross Rent Multiplier (GRM): 11.87 (299,000 ÷ 25,200)
- Estimated Vacancy (5%): $1,260
- Effective Gross Income (EGI): $23,940
- Estimated Annual Operating Expenses: $1,800 (Property Taxes only, owner pays no utilities)
- Net Operating Income (NOI): $22,140
- Cap Rate (NOI ÷ Price): 7.4% (22,140 ÷ 299,000)
- Price Per Unit: $99,667 (299,000 ÷ 3)
- Lease Terms / Expirations: Unit 1 and 2 leased; bottom unit vacant
- Utilities Paid By (Owner vs Tenants): Tenants pay all utilities, water/sewer/trash
- Recent Improvements: Yes, but do not have a current list.
- Value-Add Potential: Renovate bottom unit and lease at $850
- Stabilized / Projected (All 3 Units Leased)
- Total Monthly Gross Rent: $2,950 (Unit 1: $850, Unit 2: $1,250, Bottom Unit projected $850)
- Total Annual Gross Rent: $35,400
- Gross Rent Multiplier (GRM): 8.45 (299,000 ÷ 35,400)
- Estimated Vacancy (5%): $1,770
- Effective Gross Income (EGI): $33,630
- Estimated Annual Operating Expenses: $1,800
- Net Operating Income (NOI): $31,830
- Cap Rate (NOI ÷ Price): 10.6% (31,830 ÷ 299,000)
- Price Per Unit: $99,667 (299,000 ÷ 3)
Listing Contacts
Listed by Kelly Right Real Estate
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$22,140.00
$1,845.00/mo
Valuation Metrics
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DSCR
8.2%
Cap Rate
8.2%
ROI
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