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540 N Madison St
Tekoa, WA 99033

Whitman Area Rental

  • 17,754 Sqft
  • 3.30 Acre

$1,400,000

1 Month on market

MLS# 202622414

Listing courtesy of Spokane Association of REALTORS MLS as distributed by MLS GRID.

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.

SqFt: 17,754
County: Whitman
Year Built: 1982
Basement
  • None
Garage / Parking
  • Assigned
Heating / Cooling
  • Forced Air
Roof
  • Composition

Office Details
LT Real Estate  —  509-481-0373

Broker Reciprocity MLS Disclaimer: Copyright of the Spokane Association of REALTORS MLS. All rights reserved. Listing information deemed reliable but not guaranteed.

IDX listing information is provided exclusively for consumers’ personal, noncommercial use. All other uses are strictly prohibited. The listing information displayed herein is based on information submitted to the MLS GRID as of 8/28/2026, 4:03 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.