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Altura 930 N Washington St 84 Unit Apartment Building $12,000,000 ($142,857/Unit) 6.61% Cap Rate Spokane, WA 99201
Investment Highlights
- Value-add opportunity in the highly desirable Riverside Neighborhood
- Strong in-place rents with the ability to increase 6% to market & 34% through renovations
- Significant upside through operational performance
- Centrally located surrounded by bars, restaurants, shopping, parks & more
- Large unit layouts featuring unobstructed views of the Spokane's Downtown
- Ample property amenities including pool, lounge, BBQ, balconies & air conditioning
Executive Summary
Altura Apartments is a premier 84-unit value-add opportunity located in Spokane’s highly desirable Riverside neighborhood, offering residents walkable access to popular bars, restaurants, shopping, parks, and downtown amenities. The property features large unit layouts with unobstructed views of downtown Spokane, complemented by an attractive amenity package including a pool, resident lounge, BBQ area, private balconies, and air conditioning. With strong in-place rents and the potential to achieve approximately 6% upside to market rents and up to 34% through unit renovations, Altura Apartments presents investors with significant operational and revenue growth potential in one of Spokane’s most central and sought-after locations.
Property Facts
| Price | $12,000,000 | Building Class | C |
| Price Per Unit | $142,857 | Lot Size | 1.41 AC |
| Sale Type | Investment | Building Size | 87,960 SF |
| Cap Rate | 6.61% | No. Stories | 10 |
| No. Units | 84 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.02/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | DTG | ||
| Price | $12,000,000 |
| Price Per Unit | $142,857 |
| Sale Type | Investment |
| Cap Rate | 6.61% |
| No. Units | 84 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 1.41 AC |
| Building Size | 87,960 SF |
| No. Stories | 10 |
| Year Built | 1972 |
| Parking Ratio | 1.02/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | DTG |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Heating
- Eat-in Kitchen
- Kitchen
- High Speed Internet Access
- Refrigerator
- Range
- Views
- Walk-In Closets
- Wi-Fi
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Laundry Service
- Maintenance on site
- Online Services
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 49 | - | 642 - 850 |
| 2+1 | 35 | - | 952 - 1,015 |
1 1
Very walkable
80/100
Very drivable
80/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 35181.1108 | Improvements Assessment | $8,717,620 |
| Land Assessment | $524,880 | Total Assessment | $9,242,500 |
Property Taxes
Parcel Number
35181.1108
Land Assessment
$524,880
Improvements Assessment
$8,717,620
Total Assessment
$9,242,500
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Altura | 930 N Washington St
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