The Historic Apartments | 1102 W 6th Ave
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The Historic Apartments 1102 W 6th Ave
6 Unit Apartment Building $1,564,200 CAD ($260,700 CAD/Unit) 5.92% Cap Rate Spokane, WA 99204
Investment Highlights
- Completely Updated 2023
- Seven New Detached Oversize Garages
- Outstanding Location
- Amazing City Views
- In Unit Washer/Dryer
Executive Summary
Completely updated mid century modern six unit apartment with views overlooking the downtown Spokane skyline! 2 - 2br/1ba and 4 - studio units. Currently leased as furnished rentals, it is set up as an ideal Airbnb for an owner/operator or conversion to non furnished apartment rentals. Each unit has LVP flooring, new cabinets and appliances and an in unit washer/dryer. Additionally, the lower level has a storage/laundry room suitable for Airbnb janitorial and there are seven new garages below the units. Current rents in the proforma are estimated, unfurnished rental rates. Current furnished rents range from $1,400 - $,2000/m. Unfurnished rent comparisons are below the new 508 West property that was redeveloped at 6th Ave and Stevens Street. The existing furnishings could be negotiated to purchase or removed prior to closing. (subject to existing tenancies)
Data Room Click Here to Access
- Offering Memorandum
Property Facts Under Contract
| Price | $1,564,200 CAD | Apartment Style | Low Rise |
| Price Per Unit | $260,700 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 5.92% | Building Size | 4,357 SF |
| Gross Rent Multiplier | 11.9 | No. Stories | 2 |
| No. Units | 6 | Year Built/Renovated | 1949/2023 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment |
| Price | $1,564,200 CAD |
| Price Per Unit | $260,700 CAD |
| Sale Type | Investment |
| Cap Rate | 5.92% |
| Gross Rent Multiplier | 11.9 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.30 AC |
| Building Size | 4,357 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1949/2023 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer
- Views
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Furnished Units Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 410 |
| 2+1 | 2 | - | 820 |
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Walk Score ®
Very Walkable (80)
Transit Score ®
Rider's Paradise (90)
PROPERTY TAXES
| Parcel Number | 35192.4306 | Improvements Assessment | $1,094,493 CAD |
| Land Assessment | $218,618 CAD | Total Assessment | $1,313,112 CAD |
PROPERTY TAXES
Parcel Number
35192.4306
Land Assessment
$218,618 CAD
Improvements Assessment
$1,094,493 CAD
Total Assessment
$1,313,112 CAD
zoning
| Zoning Code | OR-150 |
| OR-150 |
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The Historic Apartments | 1102 W 6th Ave
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