Talsman Apartments
$4,750,000
1118 Oakland St, Cheney, WA 99004
41,184 sqft
Building Size
1.2781 acres
Lot Area
Details:
Highlights:
- Prime Location: Adjacent to Eastern Washington University, Cheney’s largest employer and economic driver.
- Proven Rental Demand: Consistent tenant base of students, faculty, and local workforce.
- Unit Mix Diversity: Combination of 1-, 2-, and 3-bedroom units appeals to a broad renter profile.
- Additional Income: On-site coin-operated laundry generates ancillary revenue.
- Tenant-Paid Utilities: Electricity and sewer paid by tenants; water and garbage included in rent.
- Parking Availability: Plentiful On-site & Off-street parking provided for residents.
- Management Flexibility: New owner may select preferred property manager.
- Value-Add Potential: Vintage 1967 construction with upside via unit renovations and amenity upgrades. New exterior paint.
- Stable Cash Flow: Strong historical occupancy and consistent rent collections.
- Proximity to Spokane: ~20 minutes to Spokane, providing access to a larger metro economy.
- Investment Growth Opportunity: Opportunity to reposition asset for higher rents and improved operational efficiency.
Description:
Talsman Apartments, located at 1118 Oakland Street in Cheney, WA, is a well-positioned multifamily community directly adjacent to Eastern Washington University. Built in 1967, the property has a proven rental history and benefits from strong, consistent demand from students, faculty, and local workforce tenants. The community offers a mix of one-, two-, and three-bedroom units, many with private patios or balconies, along with an on-site coin-operated laundry facility that provides additional income. Water and garbage are included in rent, while tenants pay electricity and sewer, reducing landlord expense exposure. Buyers have the flexibility to implement their own management strategy and reposition the asset for greater efficiency. Combining a prime location, stable occupancy, and clear value-add potential, Talsman Apartments presents an attractive investment opportunity in the growing Cheney market.
Talsman Apartments is located in the heart of Cheney, WA, less than a mile from Eastern Washington University, the city’s primary economic driver and source of steady rental demand. The property benefits from close proximity to downtown Cheney’s retail, dining, and services, as well as direct access to Highway 904 connecting to Spokane. This combination of university adjacency and convenient neighborhood amenities makes Talsman a consistently desirable housing option.
Documents:
| Title | ||
|---|---|---|
| Talsman_Apartments_Sale_Brochure.pdf |
Location
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