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The Historic Apartments 1102 W 6th Ave

6 Unit Block of Flats £871,563 (£145,261/Unit) 5.92% Net Initial Yield Spokane, WA 99204

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Investment Highlights

Completely Updated 2023
Seven New Detached Oversize Garages
Outstanding Location

Amazing City Views
In Unit Washer/Dryer

Executive Summary

Completely updated mid century modern six unit apartment with views overlooking the downtown Spokane skyline! 2 - 2br/1ba and 4 - studio units. Currently leased as furnished rentals, it is set up as an ideal Airbnb for an owner/operator or conversion to non furnished apartment rentals. Each unit has LVP flooring, new cabinets and appliances and an in unit washer/dryer. Additionally, the lower level has a storage/laundry room suitable for Airbnb janitorial and there are seven new garages below the units. Current rents in the proforma are estimated, unfurnished rental rates. Current furnished rents range from $1,400 - $,2000/m. Unfurnished rent comparisons are below the new 508 West property that was redeveloped at 6th Ave and Stevens Street. The existing furnishings could be negotiated to purchase or removed prior to closing. (subject to existing tenancies)

1102 W 6th Ave November 2024

Offering Memorandum

Property Facts Under Contract

Price	£871,563	Apartment Style	Low Rise
Price Per Unit	£145,261	Building Class	B
Sale Type	Investment	Lot Size	0.30 AC
Net Initial Yield	5.92%	Building Size	4,357 SF
Gross Rent Multiplier	11.9	Number of Floors	2
No. Units	6	Year Built/Renovated	1949/2023
Property Type	Residential	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Property Subtype	Apartment

Price	£871,563
Price Per Unit	£145,261
Sale Type	Investment
Net Initial Yield	5.92%
Gross Rent Multiplier	11.9
No. Units	6
Property Type	Residential
Property Subtype	Apartment
Apartment Style	Low Rise
Building Class	B
Lot Size	0.30 AC
Building Size	4,357 SF
Number of Floors	2
Year Built/Renovated	1949/2023
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.