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Maxwell Apartments 1101 W Maxwell Ave 9 Unit Apartment Building $539,000 ($59,889/Unit) 7.75% Cap Rate Spokane, WA 99201
INVESTMENT HIGHLIGHTS
- Priced at $59,889 per unit, significantly below comparable sales, offering immediate equity potential
- Brand new heat boiler ensures efficient heating and tenant comfort
- R2 zoning allows for redevelopment of site with no maximum number of units provided all other development requirements are met
- Select units updated with new flooring and fresh paint; strong upside remains through further renovations including new cabinets, countertops, applia
- Features timeless architectural charm, enhancing tenant appeal and marketability
EXECUTIVE SUMMARY
SVN Cornerstone is pleased to present the Maxwell Apartments for sale - a value-add nine-unit apartment building in the West Central neighborhood of Spokane. The property includes six 1 bedroom 1 bathroom units, three studio units, and two storage sheds.
PROPERTY FACTS
| Price | $539,000 | Building Class | C |
| Price Per Unit | $59,889 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 5,183 SF |
| Cap Rate | 7.75% | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1897 |
| Property Subtype | Apartment | Parking Ratio | 0.77/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R2 | ||
| Price | $539,000 |
| Price Per Unit | $59,889 |
| Sale Type | Investment |
| Cap Rate | 7.75% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 5,183 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1897 |
| Parking Ratio | 0.77/1,000 SF |
| Zoning | R2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
| Studios | 3 | - | - |
1 1
Walk Score®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 35182.2301 | Improvements Assessment | $560,400 |
| Land Assessment | $42,600 | Total Assessment | $603,000 |
PROPERTY TAXES
Parcel Number
35182.2301
Land Assessment
$42,600
Improvements Assessment
$560,400
Total Assessment
$603,000
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Maxwell Apartments | 1101 W Maxwell Ave
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