425-773-2560
Real Estate Company
Listing Broker: The Paragon Group; Peter Clark; 509-471-6805; peter@multifamilymason.com
Offered at $799,000, or $114,143/unit, 10th Avenue Apartments presents a compelling cash-flow opportunity in Spokane’s historic Cliff/Cannon neighborhood. Individually metered and 100% occupied, the property provides immediate, stable income. A recently signed lease brings total monthly revenue to $7,792. At the asking price, the property offers an 8.01% in-place cap rate, with a path to an 8.56% pro forma cap rate, and is 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 covered porches, distinguishing the property from more typical apartment offerings. 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 location provides convenient access to major employers, shopping, recreation, and transit, supporting continued renter demand.
Based on information submitted to the MLS GRID as of . 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.
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