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540 N Madison St 18 Unit Apartment Building $1,951,712 CAD ($108,428 CAD/Unit) 8.31% 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
18-Unit Senior Housing Investment Opportunity offering 3.30 acres and 17,754 SF of building space, originally constructed in 1982. The community is 100% project-based Section 8 senior housing with a long-term HUD HAP contract, providing stable, government-backed rental income and predictable cash flow with limited economic vacancy. The property features on-site laundry facilities, a clubhouse, and storage space, with current monthly rental income of $22,188. Offered at $77,778 per unit with a 8.31% cap rate and $116,342 NOI, this is an attractive investment opportunity for buyers seeking stable multifamily income with strong occupancy and long-term affordability program support.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$162,189
|
$9.14
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $162,189 |
| Annual Per SF | $9.14 |
Property Facts
| Price | $1,951,712 CAD | Building Class | C |
| Price Per Unit | $108,428 CAD | Lot Size | 3.30 AC |
| Sale Type | Investment | Building Size | 17,754 SF |
| Cap Rate | 8.31% | 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 | ||
| Zoning | Commercial | ||
| Price | $1,951,712 CAD |
| Price Per Unit | $108,428 CAD |
| Sale Type | Investment |
| Cap Rate | 8.31% |
| 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 |
| Zoning | Commercial |
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
Not walkable
10/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,655,516 CAD (2026) | |
| Land Assessment | $24,168 CAD (2026) | Total Assessment | $1,679,684 CAD (2026) |
Property Taxes
Parcel Numbers
Land Assessment
$24,168 CAD (2026)
Improvements Assessment
$1,655,516 CAD (2026)
Total Assessment
$1,679,684 CAD (2026)
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540 N Madison St
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