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Listed by Jim Lister • Windermere Manito, LLC
$ 895,000
Est. payment | /mo
5,040 SqFt
$ 895,000
Est. payment | /mo
5,040 SqFt
Key Details
Property Type Multi-Family
Sub Type Rental
Listing Status Active
Purchase Type For Sale
Square Footage 5,040 sqft
Price per Sqft $177
MLS Listing ID 202515656
Year Built 1912
Lot Size 0.340 Acres
Lot Dimensions 0.34
Property Sub-Type Rental
Property Description
Pleased to present the Union Apartments for sale. A low-maintenance, value-add apartment building with strong upside potential. The property includes eight 1-BD/1BA units, onsite laundry, yard area, and dedicated parking for each unit plus additional street parking. Competitive price point at $111,875 per unit, this asset outperforms market comps with an average of $128,073 per unit. Upside potential, opportunity to increase rents by 3.32% to market rates with as-is unit interiors offering strong immediate and long term income potential w/ 6.20% pro forma cap rate. Located in Chief Garry Park, this property offers quick access to Downtown Spokane and Feltz field, making it a desirable rental spot. Valuable amenities include onsite laundry and dedicated parking for each unit to enhance tenant satisfaction & retention. 1BD/1BA units are in strong demand, appealing to singles, couples, and professionals which supports steady occupancy and income!
Location
State WA
County Spokane
Rooms
Basement None
Interior
Heating See Remarks
Cooling Other
Exterior
Parking Features Shared Driveway
Amenities Available See Remarks
View Y/N true
Roof Type See Remarks
Building
Structure Type See Remarks
Schools
Elementary Schools Orchard Center
Middle Schools Centennial
High Schools West Valley
School District West Valley
Others
Acceptable Financing See Remarks
Listing Terms See Remarks