CALLED TO RESCUE A STALLED LISTING & A 1031 EXCHANGE
EAST MAIN GARDEN
Client Goal
The client wanted to retire from apartment management and transition to a passive retail asset—while still deferring capital gains via a 1031 exchange.
Challenge
Inventory in Wyoming and Montana was limited, and the client’s property had already been circulated off-market by other agents, risking buyer fatigue. Visible deferred maintenance, plus several failed sales in the trade area, made it difficult to build momentum.
Action
Our team designed a hyper-targeted marketing campaign, resulting in 13 offers, nine at or above list. We secured a 30-day cash close with a buyer from outside the local market—someone who would’ve been invisible to traditional outreach.
Result
The client completed her 1031 exchange seamlessly, closing on a fully leased Gillette retail strip just one week after selling her Downleg. She realized:
$122,650 increase in NOI
Improved financing terms
Reset depreciation basis
And zero apartment management responsibilities
East Main Garden - Spokane Valley, WA
Relinquished: East Main Garden Apartments
Location: Spokane Valley, WA
Units: 22
Year Built: 1962
Sale Price: $2,595,000
Cap Rate: 5.39%
NOI: $139,870
Debt: $1,058,000 @ 4.85%
Closed: March 10, 2022
Acquired: Gillette Retail Strip & Ag
Location: Gillette, WY
Year Built: 2007
Purchase Price: $2,595,000
Cap Rate: 7.29%
NOI: $262,520
Debt: $1,446,250 @ 3.85%
Closed: March 17, 2022