12002 E Valleyway Ave
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12002 E Valleyway Ave
16 Unit Apartment Building $4,341,675 CAD ($271,355 CAD/Unit) 4.29% Cap Rate Spokane, WA 99206
Investment Highlights
- Great Curb Appeal
- In unit washer/dryer
- 12 Ground Floor Units
- 16 Garages currently included in the rent
Executive Summary
Rents are way under market for this gem of a property in the heart of the Spokane Valley! All units include a full complement of appliances including in unit washer and dryer. 16 garages plus ample uncovered, off street parking. Mature landscaping attracts and retains residents. Built in 1993, the units haven't been updated but have wonderful layouts and 12 of the 16 units are ground floor. Room to raise rents, convert residents to RUBS and charge for garages. Seller financing offered at 20% down, 5.5% interest only for approximately five years. Seller to approve the buyer. Well located with close proximity to all services along Sprague Ave and easy access to I-90 via Pines.
Financial Summary (Pro forma - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$408,601
|
$25.54
|
| Other Income |
$20,498
|
$1.28
|
| Vacancy Loss |
$17,683
|
$1.11
|
| Effective Gross Income |
$411,417
|
$25.71
|
| Taxes |
$38,947
|
$2.43
|
| Operating Expenses |
$82,352
|
$5.15
|
| Total Expenses |
$121,299
|
$7.58
|
| Net Operating Income |
$290,118
|
$18.13
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $408,601 |
| Annual Per SF | $25.54 |
| Other Income (CAD) | |
|---|---|
| Annual | $20,498 |
| Annual Per SF | $1.28 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $17,683 |
| Annual Per SF | $1.11 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $411,417 |
| Annual Per SF | $25.71 |
| Taxes (CAD) | |
|---|---|
| Annual | $38,947 |
| Annual Per SF | $2.43 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $82,352 |
| Annual Per SF | $5.15 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $121,299 |
| Annual Per SF | $7.58 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $290,118 |
| Annual Per SF | $18.13 |
Property Facts Under Contract
| Price | $4,341,675 CAD | Apartment Style | Low Rise |
| Price Per Unit | $271,355 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.35 AC |
| Cap Rate | 4.29% | Building Size | 16,000 SF |
| Gross Rent Multiplier | 16.2 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1993 |
| Property Subtype | Apartment | Parking Ratio | 2.19/1,000 SF |
| Price | $4,341,675 CAD |
| Price Per Unit | $271,355 CAD |
| Sale Type | Investment |
| Cap Rate | 4.29% |
| Gross Rent Multiplier | 16.2 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.35 AC |
| Building Size | 16,000 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1993 |
| Parking Ratio | 2.19/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Range
- Double Pane Windows
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 16 | - | 970 - 1,000 |
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PROPERTY TAXES
| Parcel Number | 45164.0335 | Total Assessment | $3,598,922 CAD |
| Land Assessment | $329,729 CAD | Annual Taxes | $38,947 CAD ($2.43 CAD/SF) |
| Improvements Assessment | $3,269,193 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
45164.0335
Land Assessment
$329,729 CAD
Improvements Assessment
$3,269,193 CAD
Total Assessment
$3,598,922 CAD
Annual Taxes
$38,947 CAD ($2.43 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | MF-1 |
| MF-1 |
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12002 E Valleyway Ave
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