River Ridge Apartments (Status: New)
1608, Mission, Spokane, WA 99202
Property includes a full city block with 30 rental units. This complex includes 27 two and three bedroom apartments, one duplex, and a single family residence. The complex includes 24 two bedroom units and 3 three bedroom units.
The proforma cap rate assumes a $350,000 for the additional land value being deducted from the total purchase price. Therefore a net value of $2,430,000 is applied to existing units to obtain 5.80% cap rate.
Conveniently located to downtown, less than 1 mile to Gonzaga University, is on the Spokane River and across the street from Stevens Elementary School.
Potential to build an additional 20-27 units on approximately 29,000 SF of develop able land. The duplex and single family residence would be removed from the site to allow for this development
Asset Class: Multi-Family
Year Built: 1961
Building Total Square Feet: 24280
Available Lease Space Square Feet:
Number of Floors: 2
Total Parking Spaces: 0
Local Zoning Information:
Listing Courtesy of: SVN Cornerstone LLC
Disclaimer: The information contained in this listing has not been verified by Pacific Continental Realty, DBA North Sound Commercial and should be verified by the buyer, seller, or tenant.
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