Value-Add Downtown Apts | Rehab Upside 2 Immeuble de logements Vente aux enchères en ligne Spokane, WA

Urban Commercial Partners is pleased to exclusively offer the opportunity to acquire a cash-flowing multifamily portfolio with exceptional growth potential and a prime location in the heart of Downtown Spokane, Washington, at 325 W 2nd Avenue and 236 W Sprague Avenue. Both properties require rehabilitation, providing a savvy investor with significant upside to rejuvenate the buildings and bring rents in line with the surrounding submarket.

Comprising a total of 150 units across approximately 48,405 square feet, the communities are placed just 0.3 miles apart, allowing for significant operational efficiencies. The New Washington Apartments building, at 325 W 2nd Avenue, offers 65 units across 20,100 square feet. Placement at the corner of 2nd Avenue and Washington Street provides the apartments with robust daily exposure to more than 25,000 passing vehicles. The Wolfe Apartments building, at 236 W Sprague Avenue, spans 85 units and a total of 28,305 square feet. The apartments are just blocks from the riverfront and can be seen by more than 9,500 daily vehicles. The Wolfe Apartments building is currently ___% occupied, and the New Washington Apartments building is currently ___% occupied. With rents lagging the submarket average, an investor can reinvent the communities to meet the growing demand for quality residential units in the area and capture increased revenue. Forecasts anticipate an acceleration of rent growth in Downtown Spokane, reaching an annual growth rate of about 4% within the next 12 months.

Downtown Spokane is a scenic destination that offers the city’s best shopping, dining, and entertainment experiences within walking distance of the Wolfe and New Washington Apartments buildings. Residents love the convenient proximity to the Metropolitan Theatre, the Mobius Discovery Center, The Spokane Convention Center, and the beautiful views and vibrant attractions of Riverfront Park. Additionally, the location makes it easy to enjoy some of the area’s numerous popular eateries, including The Onion Bar & Grill, Boots Bakery & Lounge, Pure Northwest, Wild Sage Bistro, Madeleine’s Café & Patisserie, and many more. The location is perfect for students, sitting within a short walk of Gonzaga University and Washington State University – Spokane. Reaching the apartments is made simple, with easy access to Interstate 90 and the Spokane Amtrak Station within walking distance. Additionally, the Spokane International Airport is reachable in just 15 minutes.

A new owner of the Wolfe and New Washington Apartments buildings can leverage a growing demographic profile within 5 miles of the properties. The population of more than 232,000 has increased by 4% since 2020, and approximately 104,000 of these locals currently rent their homes. The increasing demand for quality residential housing presents a valuable opportunity for the revitalization of these well-situated communities.

With a great location near the best that Spokane has to offer and massive value-add rehabilitation potential, the Wolfe and New Washington Apartments buildings are the perfect multifamily acquisition to enter this cultural and commercial Northwest hub.