This Multifamily Property is Off-Market.

1515 & 1519 W. Sharp
Spokane, WA 99201 ·

16 Units · Multifamily For Sale

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Multifamily Property For Sale

Price N/A Commission Split 3%
No. Units 16 Cap Rate 8.20%
Building Size 10,272 SF Gross Rent Multiplier 7.05
Property Type Multifamily No. Stories 3
Property Sub-type Garden/Low-Rise Year Built 1977
Property Use Type Investment Lot Size 16,800 SF
Listing ID: 17888438 Date Created: 10/24/2012 Last Updated: 08/26/2013

Description

This sixteen unit apartment complex was completely renovated in 2007. Each apartment has a dishwasher, air conditioner and assigned carport space and the layouts are extremely functional. There are secure laundry rooms with leased equipment (50/50 split) in each building. Located on several bus lines and within walking distance of downtown Spokane. Excellent rental history. Property is easy to maintain and has two utility rooms on site for storage. The complex is made up of two side by side eight-plexes on separate tax parcels. Unit mix is 4 two bedrooms and 12 one bedrooms. Originally built in 1977. Managed by current owner since 2006. Property is being marketed by owner, but courtesy will be given to agents representing buyers. Please see attachments for link to a complete property profile.

Spokane, Washington has a population of approximately 210,000 people. It is a relatively stable real estate market and multi-family properties have held their value over the last 5 years. This property is located in the West Central Neighborhood, which is adjacent to downtown. There is a significant amount of redevelopment happening in the neighborhood, spearheaded by the Kendall Yards Project which is a major mixed use project. The apartment complex is on several bus lines and provides easy access to local freeways and major arterial streets. Most tenants work or go to school within a few miles of the property.

Highlights

  • Fully Remodeled in 2006-2007
  • Strong Rental History
  • Extensive New Development Occurring Nearby

Research

1515 & 1519 W. Sharp, Spokane, WA 99201 (Spokane County)

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