15917 Sprague Ave, Spokane Valley, WA 99037
56 Unit Apartment Building | $6,160,000 ($110,000/Unit) | 6.01% Cap Rate | Spokane Valley, WA 99037
Asking Price $6,160,000
- Property Type
-
Multifamily
- Square Feet
- 38,345 SF
Listing Contacts
- Property Info
Property Overview
Northmarq is pleased to introduce Parc Sprague, a 56-unit multifamily property located in Spokane Valley. The property comprises a mix of one-bedroom and two-bedroom units, with a majority of the units undergoing minor to full renovations. A compelling opportunity exists for an astute investor to renovate the remaining classic units and realize an additional 29% in rental income.
Parc Sprague consists of four buildings arranged in a square around a serene grassy area featuring a swimming pool, gazebo, playground, and clubhouse. Ample parking surrounds the buildings, providing a parking ratio of 1.94 spaces per unit. Parc Sprague presents an excellent value-add opportunity with an in-place 6.34% cap rate, with the potential to add value through renovation to stabilize at a 7.90% cap on cost.
Parc Sprague consists of four buildings arranged in a square around a serene grassy area featuring a swimming pool, gazebo, playground, and clubhouse. Ample parking surrounds the buildings, providing a parking ratio of 1.94 spaces per unit. Parc Sprague presents an excellent value-add opportunity with an in-place 6.34% cap rate, with the potential to add value through renovation to stabilize at a 7.90% cap on cost.
Property Details
- Class
- C
- Year Built
- 1979
- Stories
- 2
- Lot Size (sq. ft)
- 109,771 SF
- Units
- 56
Highlights
- 56-unit multifamily asset in Spokane Valley
- A mix of one-bedroom and two-bedroom units, averaging 685 SF
- Potential to renovate and capture an additional 29% in rental income, assuming a $1,008,000 renovation budget
- Ample parking, 1.94 space/unit parking ratio
- Community amenities include a large grass lawn, clubhouse, playground, gazebo, and swimming pool
- In place 6.34% cap rate stabilizing to a 7.90% cap on cost
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