507 S Howard St - Apartments FOR SALE


Spokane, WA 99204- Cliff Cannon
$4,250,000 USD
360-518-9381
507 S Howard St, Spokane, WA for Sale
$4,250,000 USD
Apartments - FOR SALE
1/41
null | 7.34% Cap Rate

507 S Howard St
Spokane, WA 99204
Cliff Cannon


HIGHLIGHTS

  • 1 Retail space with 5 yr. Lease Signed
  • 29 Apartment Units
  • Rent Upside of 10-20%

OVERVIEW

Includes retail space valued at $315K at an 8% cap rate. The apartment portion of the property is valued at $3,935,000, or $135K per unit (29 units). 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.

FOR SALE DETAILS

PRICE

$4,250,000 USD

PRICE/SF

$129 USD /SF

# OF UNITS

30

PRICE/UNIT

$141,667

CAP RATE

7.34%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Knickerbocker Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1912

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,374 SF

ZONING

OR

APN/PARCEL ID

35191.4301

ASK ABOUT THIS PROPERTY

Derek RaivioLT Real EstateMore Info
360-518-9381

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Derek RaivioLT Real EstateMore Info
360-518-9381

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.