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Listed by:The Paragon Group • Peter Clark
$ 799,000
Est. payment /mo
Active
1414 W Tenth AVE Spokane, WA 99204
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/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.
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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