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Listed by:The Paragon Group • Peter Clark
$799,000
Est. payment /mo
9 Beds
7 Baths
7,249 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,249 sqft
Price per Sqft $110
Subdivision Spokane
MLS Listing ID 2562023
Style 55 - 5-9 Units
Bedrooms 9
Year Built 1909
Annual Tax Amount $4,993
Lot Size 7,810 Sqft
Property Sub-Type Multi Family
Property Description
Offered at $799,000, or $114,143 per unit, 10th Avenue Apartments presents a compelling cash-flow opportunity in Spokane's historic Cliff/Cannon neighborhood. The property is currently 100% occupied with high-quality tenants, providing immediate and stable income. A new lease was recently signed, bringing total monthly revenue to $7,792. At the current asking price, the property offers an 8.01% in-place cap rate, with a path to an 8.56% pro forma cap rate. Significant capital improvements have already been completed, reducing near-term capital needs for new ownership. Recent improvements include exterior paint, a new hot water heater, interior paint throughout the common areas, updates to the parking area, and more Four of the seven units have been renovated, establishing a clear improvement standard for the three remaining unrenovated units. This defined renovation scope provides new ownership with an opportunity to further improve unit quality and increase rental income without undertaking a full property repositioning. Located on the lower South Hill, the property is minutes from downtown Spokane, the Medical District, neighborhood parks, Huckleberry's Natural Market, and other South Hill amenities. Its established residential location provides convenient access to major employers, shopping, recreation, and transit, supporting continued renter demand.
Location
State WA
County Spokane
Area 561 - Spokane County
Interior
Fireplace false
Exterior
Exterior Feature Metal/Vinyl
View Y/N No
Roof Type Composition
Building
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Buyer To Verify
Middle Schools Buyer To Verify
High Schools Buyer To Verify
School District Spokane
Others
Senior Community No
Acceptable Financing Conventional
Listing Terms Conventional
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