Spokane County
· 7,244 sq.ft · 9 Bedrooms · 7 Baths · House
· Fireplace · Parking
Spokane County · 7,244 sq.ft · 9 Bedrooms · 7 Baths · House · Fireplace · Parking
Offered at $725,000, or $103,571/unit, 10th Avenue Apartments presents a compelling cash-flow opportunity in Spokane’s historic Cliff/Cannon neighborhood. Individually metered, the property is currently 100% occupied, with total monthly revenue at $7,797. At the current asking price, the property offers a path to a 9.52% pro forma cap rate, while remaining well positioned for straightforward continued operation. Significant capital improvements have been completed, reducing near-term capital needs for new ownership, including a new roof in 2022, exterior paint, a new hot water heater, interior paint in the common areas, parking area updates, and a new electronic garage door opener. Residents also benefit from onsite laundry, garage storage, and off-street parking. Four of the seven units have been renovated, combining updated interiors with the character of the original construction. The residences feature a mix of high ceilings, original wood floors and LVP, skylights, fireplaces, and
Offered at $725,000, or $103,571/unit, 10th Avenue Apartments presents a compelling cash-flow opportunity in Spokane’s historic Cliff/Cannon neighborhood. Individually metered, the property is currently 100% occupied, with total monthly revenue at $7,797. At the current asking price, the property offers a path to a 9.52% pro forma cap rate, while remaining well positioned for straightforward continued operation. Significant capital improvements have been completed, reducing near-term capital needs for new ownership, including a new roof in 2022, exterior paint, a new hot water heater, interior paint in the common areas, parking area updates, and a new electronic garage door opener. Residents also benefit from onsite laundry, garage storage, and off-street parking. Four of the seven units have been renovated, combining updated interiors with the character of the original construction. The residences feature a mix of high ceilings, original wood floors and LVP, skylights, fireplaces, and