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New West Apartments 7723 W Sunset Hwy 16 Unit Apartment Building $1,995,000 ($124,688/Unit) 6.33% Cap Rate Spokane, WA 99224
Investment Highlights
- Great Visibility
- Strong unit mix of 2b and 3br
- Close to all services
- Value Add
Executive Summary
Value Add play! This 16 unit has a solid unit mix and advantageous location on the fast growing West Plains in the Spokane metro area. It needs some TLC and new energy to enhance the return. Situated on a little more than two acres, there may be a development play along the highway frontage. Ample parking, covered and uncovered.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$245,388
|
$10.79
|
| Other Income |
$1,740
|
$0.08
|
| Vacancy Loss |
$14,723
|
$0.65
|
| Effective Gross Income |
$232,405
|
$10.22
|
| Taxes |
$14,570
|
$0.64
|
| Operating Expenses |
$91,538
|
$4.02
|
| Total Expenses |
$106,108
|
$4.66
|
| Net Operating Income |
$126,297
|
$5.55
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $245,388 |
| Annual Per SF | $10.79 |
| Other Income | |
|---|---|
| Annual | $1,740 |
| Annual Per SF | $0.08 |
| Vacancy Loss | |
|---|---|
| Annual | $14,723 |
| Annual Per SF | $0.65 |
| Effective Gross Income | |
|---|---|
| Annual | $232,405 |
| Annual Per SF | $10.22 |
| Taxes | |
|---|---|
| Annual | $14,570 |
| Annual Per SF | $0.64 |
| Operating Expenses | |
|---|---|
| Annual | $91,538 |
| Annual Per SF | $4.02 |
| Total Expenses | |
|---|---|
| Annual | $106,108 |
| Annual Per SF | $4.66 |
| Net Operating Income | |
|---|---|
| Annual | $126,297 |
| Annual Per SF | $5.55 |
Property Facts
| Price | $1,995,000 | Apartment Style | Low-Rise |
| Price Per Unit | $124,688 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.03 AC |
| Cap Rate | 6.33% | Building Size | 22,747 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 95% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Zoning | S-LI | ||
| Price | $1,995,000 |
| Price Per Unit | $124,688 |
| Sale Type | Investment |
| Cap Rate | 6.33% |
| Gross Rent Multiplier | 8.1 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.03 AC |
| Building Size | 22,747 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | S-LI |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- Oven
- Range
- Yard
- Lawn
- Window Coverings
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 13 | $1,250 | 850 |
| 3+1 | 3 | $1,600 | 950 |
1 1
Not walkable
10/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,422,560 (2025) | |
| Land Assessment | $427,760 (2025) | Annual Taxes | $14,570 ($0.64/SF) |
| Improvements Assessment | $994,800 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$427,760 (2025)
Improvements Assessment
$994,800 (2025)
Total Assessment
$1,422,560 (2025)
Annual Taxes
$14,570 ($0.64/SF)
Tax Year
2026
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New West Apartments | 7723 W Sunset Hwy
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