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Villa Maria Apartments 418 E Mission Ave 15 Unit Apartment Building $1,050,000 ($70,000/Unit) 7.05% Cap Rate Spokane, WA 99202
Investment Highlights
- Recent capital improvements include fully furnished bedrooms, upgraded copper electrical wiring, a newer asphalt shingle roof, and double pane windows
- All bedrooms and common areas are fully furnished, allowing for seamless leasing and making this a turnkey investment.
- Residential Utility Billing – Residential utility rates reduce operating expenses and enhance NOI.
- Prime Logan neighborhood location within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers.
- Strong Tenant Demand – Affordable by the room housing attracts a stable tenant base primarily consisting of students.
Executive Summary
SVN Cornerstone is pleased to present the Villa Maria Apartments for sale located at 418 E Mission Ave in Spokane's Logan neighborhood. The Villa Maria Apartments consist of a 15 bedroom shared housing residence with five bathrooms. The property features a large shared kitchen, furnished common living areas, a common laundry room with two washers and two dryers, and five off street parking spaces.
Property Facts
| Price | $1,050,000 | Building Class | C |
| Price Per Unit | $70,000 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 6,000 SF |
| Cap Rate | 7.05% | No. Stories | 2 |
| No. Units | 15 | Year Built | 1905 |
| Property Type | Multifamily | Parking Ratio | 0.83/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RSF | ||
| Price | $1,050,000 |
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 6,000 SF |
| No. Stories | 2 |
| Year Built | 1905 |
| Parking Ratio | 0.83/1,000 SF |
| Zoning | RSF |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Fireplace
- Washer/Dryer
- Kitchen
- Oven
- Range
- Carpet
- Yard
- Basement
- Den
- Porch
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 15 | - | - |
1 1
Moderately walkable
70/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 35172.0303 | Improvements Assessment | $826,100 |
| Land Assessment | $85,200 | Total Assessment | $911,300 |
Property Taxes
Parcel Number
35172.0303
Land Assessment
$85,200
Improvements Assessment
$826,100
Total Assessment
$911,300
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