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33289214
33289205

722 N Superior St, Spokane, WA 99202

MM
WA: 27702, ID: SP46325, MT: RRE-BRO-LIC-93077
Marcus & Millichap - Seattle
Listed by Marcus & Millichap - Seattle
$1,900,000
1 day on market
Updated 1 day ago

Iron Bridge Apartments

Details
APN 35174.0225
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,413
Net Rentable (SqFt) 6,413
Units 6
Beds 2
Cap Rate 4.48%
NOI $85,033
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 4.78%
Pro-Forma NOI $90,806
Price per SqFt $296
Class A
Year Built 2015
Buildings 1
Acreage 0.520
Zoning Center and Corridor Type 1 - Employment Center (CC1-EC)
Parking Spaces 11 spaces
Parking Per SqFt 1.72
Investment Type Stabilized
Ownership Fee Simple

Multifamily | 4.48% CAP | 6 Units

Marketing description

Marcus & Millichap has been selected to exclusively market for sale the Iron Bridge Apartments, a modern, high-end six-unit apartment building in Spokane, Washington. The 0.52-acre property sits directly along the Spokane River offering rare and highly desirable waterfront living with river views from four of the six units. Built in 2015, this turnkey property pairs exceptional contemporary craftsmanship with custom designed interiors and refined architectural detail. The building features 6 two-bedroom/two-bathroom units with an average area of 1,069 square feet. Unit amenities include a dedicated single-car garage for each unit, covered deck/patio, washer and dryer, gas fireplace (in "view" units), and stainless-steel kitchen appliances including refrigerator, gas range, microhood, dishwasher, and garbage disposal. Community amenities include a private yard/patio, secure entry system, and off-street parking (5 spaces). Uniquely positioned in the vibrant University District, the property offers convenient access to Downtown Spokane and the nearby Gonzaga University and Washington State University Spokane campuses.

The Iron Bridge Apartments presents a rare opportunity to acquire an income-producing waterfront asset in a core urban market. With a proven rental history, the property provides stable, consistent cash flow, while the strategic University District location underpins its long-term value.

Spokane is a thriving urban metropolitan area that serves as the economic, educational, and cultural hub of the Inland Northwest. Total population estimates for the region are near 800,000 and continue to grow year-over-year.

Investment highlights

  • Waterfront Property
  • Modern Construction
  • Spacious Units
  • Upscale Amenities
  • Strategic Location
  • Core Spokane MSA

Listing Contacts

MM
WA: 27702, ID: SP46325, MT: RRE-BRO-LIC-93077
Marcus & Millichap - Seattle
Listed by Marcus & Millichap - Seattle

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$85,033.00
$7,086.08/mo

Valuation Metrics

0
DSCR
4.48%
Cap Rate
4.48%
ROI

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