Listed by SVN | Cornerstone
Unpriced
Boone Apartments and Mini Storage
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,294
Units 8
Beds 1
Occupancy 100%
Tenancy Multi
Year Built 1976
Acreage 0.430
Zoning Light Industrial
Parking Spaces 10 spaces
Parking Per SqFt 1.08
Investment Type Stabilized
8 Units
Marketing description
SVN Cornerstone is pleased to present the Boone Apartments and Mini Storage for sale located at 3004 E Boone Ave in Spokane's Chief Garry Park neighborhood. The property consists of eight 1 bedroom 1 bathroom apartment units and 28 mini storage units. The property features five recently remodeled apartment units, a common laundry room with two washers and two dryers, 10 on site parking spaces for apartment tenants in addition to ample street parking, and a secured gated entrance for the mini storage tenants.
Investment highlights
- Diversified Income Stream - Combination of apartment and mini storage income provides multiple revenue sources with pricing below recent sales comparables at approximately $106,250 per apartment unit and $17,857 per mini storage unit
- Strong Occupancy & Valuable Amenities - Apartment units are currently 100% occupied and feature off street parking and common area laundry, while the mini storage portion of the property includes a locked gate for additional security
- Interior Unit Upgrades - Five units have been renovated with LVP flooring, new cabinets, countertops, appliances, windows, and paint
- Updated Major Systems - Copper electrical wiring and a newer roof completed approximately five years ago help simplify insurance and future capital expenditures
- Central Spokane Location - Convenient access to Downtown Spokane, Gonzaga University, I-90, and nearby amenities
Listing Contacts
Listed by SVN | Cornerstone
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$80,943.00
$6,745.25/mo
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