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Seventh Apartments 1427 W 7th Ave 6 Unit Apartment Building $645,000 ($107,500/Unit) 6.12% Cap Rate Spokane, WA 99204
Investment Highlights
- 100% Occupied – Fully occupied property providing immediate and stable cash flow.
- Upgraded Copper Electrical Wiring – Copper electrical wiring reduces insurance concerns and future capital needs.
- Prime Central Location – Conveniently located near a bus stop, hospitals, downtown Spokane, I-90, shopping, dining, and major employers.
- Over $30K in Recent CapEx – Recent improvements include new water heaters and fresh exterior paint.
- Unique Property Layout – One unit is located in a separate building, offering added privacy and a distinctive unit mix.
Executive Summary
SVN Cornerstone is pleased to present the Seventh Apartments for sale located at 1427 W 7th Ave in Spokane's Cliff Cannon neighborhood. The Seventh Apartments consist of six total units including five 1bed/1bath units and 1 studio. The property features three on site parking spaces, ample street parking, and a dedicated room that can be converted into a laundry room.
Property Facts
| Price | $645,000 | Building Class | C |
| Price Per Unit | $107,500 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,919 SF |
| Cap Rate | 6.12% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1902 |
| Property Subtype | Apartment | Parking Ratio | 0.77/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RMF - Multi Family Residential | ||
| Price | $645,000 |
| Price Per Unit | $107,500 |
| Sale Type | Investment |
| Cap Rate | 6.12% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,919 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1902 |
| Parking Ratio | 0.77/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RMF - Multi Family Residential |
Amenities
Unit Amenities
- Kitchen
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| Studios | 1 | - | - |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 25244.3306 | Improvements Assessment | $481,500 |
| Land Assessment | $120,700 | Total Assessment | $602,200 |
Property Taxes
Parcel Number
25244.3306
Land Assessment
$120,700
Improvements Assessment
$481,500
Total Assessment
$602,200
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