Queen Apartments
Multifamily | 8 Units | $49,375/unit
Marketing description
Located in Spokane’s up and coming Hillyard neighborhood, the Queen Apartments present an affordable multifamily opportunity with significant upside. The units feature new flooring and fresh interior paint, making it easy for an investor to step in, lease the remaining vacant units, and start generating immediate cash flow. With a mix of 1 2bed/1bath unit, 1 1bed/1bath unit, and 6 single room occupancy units, along with a backyard storage shed and a basement that could be converted into a laundry room, this property offers a steady income stream and major upside potential. It is a compelling investment for anyone looking to capture strong returns in a rapidly improving area.
Investment highlights
Strong 9.5% Cap Rate: Well above the 2025 Spokane County average of 6.41%.
Low Price Per Unit: $49,375/unit vs. county average of $124,413/unit.
Growth Corridor Location: Hillyard poised for lift with the 2030 North–South Freeway.
$150K+ in Upgrades: New shed, interior paint, and LVP flooring.
Easy, Low-Maintenance Asset: Single building, single roof, simple operations.
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