Listed by SVN | Cornerstone
$699,000
7307 East 6th Avenue
Details
Property Type Multifamily
Sub Type Low rise
Square Footage 2,940
Units 6
Cap Rate 6.16%
NOI $43,091
Year Built 1956
Acreage 0.420
Zoning R-3
Ground Lease No
Sale Condition N/A
Sixth Avenue Apartments
Marketing description
SVN Cornerstone is pleased to present the Sixth Avenue Apartments for sale located at 7307 E 6th Ave in the Spokane Valley. The Sixth Avenue Apartments consist of 6 units, including 1 two bedroom one bathroom unit, 4 one bedroom one bathroom units, and 1 studio cottage located on the same parcel. The property also features a common area coin operated washer and dryer, covered tenant carports, a storage shed, ample off street parking, and a patio area for tenants.
Investment highlights
- Investor Friendly Location – Spokane Valley location with lower utility costs, 120 day rent increase notices versus 180 days in the City of Spokane, and fewer regulatory restrictions
- Interior and Exterior Upgrades – Unit 7309 received new flooring, shower surround and valve, toilet, and fixtures, Unit 5-Basement received a new shower, flooring, paint, epoxy coating, and lighting, and Unit 7307-Cottage plus the storage shed were freshly painted with landscaping improvements completed throughout the property
- Exit Flexibility – The cottage sits on its own portion of the large 0.42 acre lot and may provide the opportunity for a future subdivision and separate sale
- Updated Systems – Romex electrical wiring, Siemens electrical panels, and updated PEX and galvanized plumbing will help simplify insurance and reduce future capital expenditures
- Additional Income Opportunities – Covered carports and common area washer and dryer facilities provide additional income potential
Listing Contacts
Listed by SVN | Cornerstone
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$43,091.33
$3,590.94/mo
Valuation Metrics
0
DSCR
6.16%
Cap Rate
6.16%
ROI
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