Brooks Square 10211 E Main Ave 38 Unit Apartment Building $5,175,000 ($136,184/Unit) 6.56% Cap Rate Spokane Valley, WA 99206
INVESTMENT HIGHLIGHTS
- An Exceptional Value-Add Investment with Expansion Potential
- Below Market Pricing Relative to Recent Sales
- Immediate Upside Through Rent Growth and Operational Improvements
- Positioned for Long-Term Demand
EXECUTIVE SUMMARY
For the full Offering Memorandum, please visit: https://www.marcusmillichap.com/properties/73226/brooks-square
Brooks Square Apartments is a well-located, 38-unit garden-style community in Spokane Valley, Washington, offering investors a unique combination of strong in place cash flow, significant rent upside, and land for future development or amenity expansion. Built in 1972 and situated on 1.69 acres, the property features 26 one-bedroom and 12 two-bedroom units with desirable amenities, including a swimming pool, community room, landscaped grounds, and A/C in units.
In-place rents at Brooks Square significantly lag behind comparable properties in the submarket. The average current rent of $1,104/unit ($1.66/SF) trails nearby communities that achieve $1,250–$1,395 for similar units, including unrenovated properties. This provides a clear and achievable path to enhanced returns through modest unit upgrades and operational improvements such as covered parking fees, storage income, and continued utility bill-back increases.
Brooks Square Apartments is a well-located, 38-unit garden-style community in Spokane Valley, Washington, offering investors a unique combination of strong in place cash flow, significant rent upside, and land for future development or amenity expansion. Built in 1972 and situated on 1.69 acres, the property features 26 one-bedroom and 12 two-bedroom units with desirable amenities, including a swimming pool, community room, landscaped grounds, and A/C in units.
In-place rents at Brooks Square significantly lag behind comparable properties in the submarket. The average current rent of $1,104/unit ($1.66/SF) trails nearby communities that achieve $1,250–$1,395 for similar units, including unrenovated properties. This provides a clear and achievable path to enhanced returns through modest unit upgrades and operational improvements such as covered parking fees, storage income, and continued utility bill-back increases.
PROPERTY FACTS
| Price | $5,175,000 |
| Price Per Unit | $136,184 |
| Sale Type | Investment |
| Cap Rate | 6.56% |
| Gross Rent Multiplier | 10.16 |
| No. Units | 38 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.69 AC |
| Building Size | 26,700 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 2.1/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Clubhouse
- Laundry Facilities
- Pool
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 26 | $1,029 | 600 |
| 2+1 | 12 | $1,245 | 800 |
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PROPERTY TAXES
| Parcel Number | 45174.2513 | Improvements Assessment | $3,641,800 |
| Land Assessment | $368,100 | Total Assessment | $4,009,900 |
