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2716 E 37th Ave 2 Unit Apartment Building Offered at $599,900 at a 5.10% Cap Rate Spokane, WA 99223
Investment Highlights
- Well located with easy access to public transportation and South Hill everything
- Too many upgrades to mention; Roof, electrical, decks, paved parking, garages to mention a few
Executive Summary
Rare opportunity to acquire a fully leased, low-maintenance duplex in a highly desirable South Hill location with immediate, stable cash flow. Offered at $599,900, the property produces a 5.1% cap rate, $30,594 NOI, and a 12.78 GRM, backed by strong in-place rents and secured tenancy.
Both units are leased with reliable tenants, delivering consistent income from day one, while recent capital improvements, including new roof, electrical upgrades, deck improvements, and paved parking for up to 6 vehicles, position this asset for minimal ongoing maintenance.
Opportunities combining location, condition, and long-term income stability are increasingly difficult to find in today’s market. This property is ideally suited for investors seeking a secure, turnkey hold with predictable performance and limited future capital exposure.
Well-positioned for strong investor interest. Financials and lease details available upon request.
Both units are leased with reliable tenants, delivering consistent income from day one, while recent capital improvements, including new roof, electrical upgrades, deck improvements, and paved parking for up to 6 vehicles, position this asset for minimal ongoing maintenance.
Opportunities combining location, condition, and long-term income stability are increasingly difficult to find in today’s market. This property is ideally suited for investors seeking a secure, turnkey hold with predictable performance and limited future capital exposure.
Well-positioned for strong investor interest. Financials and lease details available upon request.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $599,900 | Property Type | Multifamily |
| Price Per Unit | $299,950 | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 2,776 SF |
| Cap Rate | 5.10% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.78 | No. Stories | 2 |
| No. Units | 2 | Year Built/Renovated | 1976/2020 |
| Zoning | RTF - Zoning information available upon request. Buyer to verify with the city of Spokane | ||
| Price | $599,900 |
| Price Per Unit | $299,950 |
| Sale Type | Investment |
| Cap Rate | 5.10% |
| Gross Rent Multiplier | 12.78 |
| No. Units | 2 |
| Property Type | Multifamily |
| Lot Size | 0.22 AC |
| Building Size | 2,776 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1976/2020 |
| Zoning | RTF - Zoning information available upon request. Buyer to verify with the city of Spokane |
Amenities
- Smoke Detector
Unit Amenities
- Balcony
- Washer/Dryer Hookup
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Range
- Carpet
- Yard
- Deck
- Dining Room
- Family Room
- Lawn
- Linen Closet
- Large Bedrooms
Site Amenities
- Walking/Biking Trails
- Wi-Fi
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | $1,950 | 1,388 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 35334.3402 | Total Assessment | $626,200 |
| Land Assessment | $100,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $526,200 | Tax Year | 2025 Payable 2025 |
Property Taxes
Parcel Number
35334.3402
Land Assessment
$100,000
Improvements Assessment
$526,200
Total Assessment
$626,200
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025 Payable 2025
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2716 E 37th Ave
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