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Listed by Jim Lister • Windermere Manito, LLC
$ 450,000
Est. payment | /mo
4,656 SqFt
$ 450,000
Est. payment | /mo
4,656 SqFt
Key Details
Property Type Multi-Family
Sub Type Rental
Listing Status Active
Purchase Type For Sale
Square Footage 4,656 sqft
Price per Sqft $96
MLS Listing ID 202526996
Year Built 1902
Lot Size 4,791 Sqft
Lot Dimensions 0.11
Property Sub-Type Rental
Property Description
Located in Spokane's up-and-coming Hillyard neighborhood, the Queen Apartments offer an affordable, turnkey multifamily investment. Units feature new LVP flooring and fresh interior paint, allowing an investor to lease the remaining vacancies and generate immediate cash flow. The property includes a mix of 2bed/1bath, 1bed/1bath, and SRO units, plus a backyard storage shed and a basement with potential for a future laundry room. With an 8.34% cap rate (vs. the 2025 county average of 6.41%) and a price of $56,250/unit—well below the $124,413 county average—this asset provides clear value upside. Over $150,000 in recent improvements and a simple, low-maintenance layout make ownership easy, while the area's expected growth from the North–South Freeway completion in 2030 adds long-term appreciation potential.
Location
State WA
County Spokane
Rooms
Basement Unfinished
Interior
Heating Natural Gas
Exterior
Parking Features None
Amenities Available None
View Y/N true
Roof Type Composition
Building
Structure Type Vinyl Siding
Schools
School District Spokane Dist 81
Others
Acceptable Financing See Remarks
Listing Terms See Remarks
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