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Lincoln Heights Manor 3115 E 29th Ave 36 Unit Apartment Building $4,500,000 ($125,000/Unit) 5.78% Cap Rate Spokane, WA 99223
Investment Highlights
- Well-maintained, prime value-add opportunity
- Primarily large 2-bedroom units and 3-bedroom townhomes
- Walking distance to shopping, schools, parks, jobs and more
- Located in one of Spokane's most sought-after neighborhoods, Lincoln Heights
- Quaint, private units featuring balconies and patios
- Potential to convert the clubhouse into an additional unit
Executive Summary
Lincoln Heights Manor presents a compelling value-add opportunity in one of Spokane’s most desirable neighborhoods. This well-maintained 36-unit community offers a mix of primarily spacious 2-bedroom apartments and 3-bedroom townhomes featuring private balconies or patios. Residents enjoy a convenient location within walking distance of shopping, schools, parks, employment, and a variety of everyday amenities. In addition to its strong location and attractive unit mix, the property offers further upside through the potential conversion of the existing clubhouse into an additional residential unit.
Property Facts
| Price | $4,500,000 | Apartment Style | Garden |
| Price Per Unit | $125,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.67 AC |
| Cap Rate | 5.78% | Building Size | 31,100 SF |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.74/1,000 SF |
| Price | $4,500,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 5.78% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.67 AC |
| Building Size | 31,100 SF |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 1.74/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Deck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 600 |
| 2+1 | 24 | - | 850 |
| 3+2 | 5 | - | 1,300 |
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Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 35273.0026 | Improvements Assessment | $2,814,240 |
| Land Assessment | $725,960 | Total Assessment | $3,540,200 |
Property Taxes
Parcel Number
35273.0026
Land Assessment
$725,960
Improvements Assessment
$2,814,240
Total Assessment
$3,540,200
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Contact the Sale Advisor
Lincoln Heights Manor | 3115 E 29th Ave