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The Fairview Apartments 547-557 E Fairview Ave 6 Unit Apartment Building $519,000 ($86,500/Unit) 6.50% Cap Rate Spokane, WA 99207
Investment Highlights
- Easy Maintenance/Efficient Units
- Central Location
- Individually Metered Heat, Lights & Hot Water
- Corner Lot
- Carports
Executive Summary
Compact and tidy, this 6 unit apartment property offers an excellent entry point or addition for multifamily investors. Each 1br/1ba unit has had a relatively recent facelift and has wall A/C and a covered parking spot. It may be possible to add a washer/dryer combo in each unit due to roughed in plumbing and electric in a closet. Membrane roof, irrigation for the small yard are also present.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$63,000
|
$12.85
|
| Other Income |
$1,000
|
$0.20
|
| Vacancy Loss |
$3,780
|
$0.77
|
| Effective Gross Income |
$60,220
|
$12.28
|
| Taxes |
$6,096
|
$1.24
|
| Operating Expenses |
$20,214
|
$4.12
|
| Total Expenses |
$26,310
|
$5.37
|
| Net Operating Income |
$33,910
|
$6.92
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $63,000 |
| Annual Per SF | $12.85 |
| Other Income | |
|---|---|
| Annual | $1,000 |
| Annual Per SF | $0.20 |
| Vacancy Loss | |
|---|---|
| Annual | $3,780 |
| Annual Per SF | $0.77 |
| Effective Gross Income | |
|---|---|
| Annual | $60,220 |
| Annual Per SF | $12.28 |
| Taxes | |
|---|---|
| Annual | $6,096 |
| Annual Per SF | $1.24 |
| Operating Expenses | |
|---|---|
| Annual | $20,214 |
| Annual Per SF | $4.12 |
| Total Expenses | |
|---|---|
| Annual | $26,310 |
| Annual Per SF | $5.37 |
| Net Operating Income | |
|---|---|
| Annual | $33,910 |
| Annual Per SF | $6.92 |
Property Facts
| Price | $519,000 | Apartment Style | Low-Rise |
| Price Per Unit | $86,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.50% | Building Size | 4,902 SF |
| Gross Rent Multiplier | 8.2 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 2.04/1,000 SF |
| Zoning | RSF | ||
| Price | $519,000 |
| Price Per Unit | $86,500 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Gross Rent Multiplier | 8.2 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,902 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | RSF |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 750 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 35082.0312 | Total Assessment | $598,100 (2025) |
| Land Assessment | $79,370 (2025) | Annual Taxes | $6,096 ($1.24/SF) |
| Improvements Assessment | $518,730 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
35082.0312
Land Assessment
$79,370 (2025)
Improvements Assessment
$518,730 (2025)
Total Assessment
$598,100 (2025)
Annual Taxes
$6,096 ($1.24/SF)
Tax Year
2026
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The Fairview Apartments | 547-557 E Fairview Ave
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