Listing courtesy of The Paragon Group.
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.
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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