3011 E Queen Ave
- Compelling Cap Rate: The property offers a cap rate of 9.5%, compared to the Spokane County 2025 average of 6.41%, giving investors a clear return premium.
- Attractive Price Per Unit: Priced at $49,375/unit, this asset sits far below the countywide 2025 average of $124,413/unit, creating immediate value upside.
- High Growth Neighborhood Outlook: The Hillyard area is expected to benefit significantly from the planned completion of the North South Freeway in 2030, bringing new activity, access, and long term appreciation potential.
- Major Capital Improvements Completed: More than $150,000 in recent upgrades, including a new backyard storage shed, fresh interior paint, and new LVP flooring, provide a clean and updated building ready for new tenants.
- Simple and Low Maintenance Operations: With one building, one roof, and an easy to manage layout, the property offers low maintenance and straightforward ownership for any investor.
Property Description
Located in Spokane’s up and coming Hillyard neighborhood, the Queen Apartments present an affordable multifamily opportunity with significant upside. The units feature new flooring and fresh interior paint, making it easy for an investor to step in, lease the remaining vacant units, and start generating immediate cash flow. With a mix of 1 2bed/1bath unit, 1 1bed/1bath unit, and 6 single room occupancy units, along with a backyard storage shed and a basement that could be converted into a laundry room, this property offers a steady income stream and major upside potential. It is a compelling investment for anyone looking to capture strong returns in a rapidly improving area.Broker Details
SVN | Cornerstone 509-321-2000
MLS ID: 13291 State License Number: 1271842
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $395,000 |
| No. of Units: | 8 |
| Year Built: | 1902 |
| Lot Size: | 0.11 Acres |
| Opportunity Zone: | No |
| Price per unit: | $49,375 |
| Property Website | Click Here |
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