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Knickerbocker Apartments 507 S Howard St 29 Unit Apartment Building $4,500,000 ($155,172/Unit) 6.23% Cap Rate Spokane, WA 99204
INVESTMENT HIGHLIGHTS
- Retail space with 5 yr. Lease Signed
- Rent Upside of 10-20%
- 29 Apartment Units
EXECUTIVE SUMMARY
Prime mixed-use property in Spokane’s sought-after South Hill neighborhood. The building features 1,015 sqft retail space with a coffee tenant in place with five years left on the lease and twenty-nine apartments above. Located in an Opportunity Zone, the property offers valuable tax benefits and strong income potential. The unit mix includes eighteen one-bedroom and eleven two-bedroom apartments, all with spacious layouts and quality finishes. Rent upside of 10%-20% provides additional growth potential. A solid investment opportunity in a high-demand location close to downtown, shopping, and dining.
PROPERTY FACTS
| Price | $4,500,000 | Building Class | C |
| Price Per Unit | $155,172 | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 42,500 SF |
| Cap Rate | 6.23% | Average Occupancy | 100% |
| No. Units | 29 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1912 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | OR | ||
| Price | $4,500,000 |
| Price Per Unit | $155,172 |
| Sale Type | Investment |
| Cap Rate | 6.23% |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 42,500 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1912 |
| Opportunity Zone |
Yes |
| Zoning | OR |
AMENITIES
SITE AMENITIES
- Controlled Access
- Courtyard
- Laundry Facilities
- Smoke Free
- Vintage Building
- Elevator
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 18 | - | 780 |
| 2+1 | 11 | - | 1,015 |
1 1
Walk Score®
Walker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 35191.4301 | Improvements Assessment | $3,274,030 |
| Land Assessment | $314,270 | Total Assessment | $3,588,300 |
PROPERTY TAXES
Parcel Number
35191.4301
Land Assessment
$314,270
Improvements Assessment
$3,274,030
Total Assessment
$3,588,300
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Knickerbocker Apartments | 507 S Howard St
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