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    6511 Atlantic St Spokane, WA 99208

    For Sale
    $1,790,000

    Prime Spokane multifamily investment. High occupancy.

    Property size:
    7,950 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 10-unit apartment building presents a compelling investment opportunity in Spokane, Washington. Located at 6511 N Atlantic St, 99208, this property boasts a prime location across from the retail plaza at N Division and Francis, offering convenient access to NorthTown Mall and other city amenities. The 7,950 square foot building, constructed in 1964 and renovated in 2015, sits on a sizable 0.44-acre lot (150' x 128'). The two-story structure features nine spacious 2-bedroom, 1-bathroom units (750 sq ft each) and one 1-bedroom, 1-bathroom unit (550 sq ft). All ten units are currently leased, resulting in 100% occupancy and a strong net operating income (NOI) of $111,550, yielding a 6.23% cap rate. The asking price is $1,790,000, or $179,000 per unit. The building offers covered parking and a well-maintained front yard with a sprinkler system. Interior features include spacious living rooms, kitchen/dining areas with ample white cabinetry, and appliances (free-standing range, dishwasher, and refrigerator). The property is zoned HDR. This turnkey investment offers significant potential for continued growth and strong returns. The net rentable square footage is 7,300 sq ft, with a price per square foot of $225.16.

    Property Features for 6511 Atlantic St

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,950 SF
    Lot Size
    19,166 SF

    Building Details

    Year Built/Renovated
    1964/2015
    Buildings
    1
    Stories
    2
    Units
    10

    HighLights

    • 10‑unit apartment building in Spokane, WA, at 6511 N Atlantic St, 99208.
    • Prime location across from N Division and Francis retail plaza, near NorthTown Mall.
    • 7,950 sq ft building on a 0.44‑acre lot (150' x 128'), built in 1964, renovated in 2015.
    • Nine 2‑bed/1‑bath units (750 sq ft each) and one 1‑bed/1‑bath unit (550 sq ft); all units currently leased.
    • $1,790,000 asking price ($179,000 per unit), $225.16 per sq ft; 6.23% cap rate, $111,550 NOI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.4129463
    Latitude
    47.7175846

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    FAQs

    What type of property is this?
    Multifamily property - Prime Spokane multifamily investment. High occupancy.
    Where is this multifamily property located?
    The property is located at 6511 Atlantic St Spokane, WA.
    What is the asking price?
    The asking price for this property is $1,790,000.
    What are key features of this property?
    This property features: 10-unit apartment building in Spokane, WA, at 6511 N Atlantic St, 99208.; Prime location across from N Division and Francis retail plaza, near NorthTown Mall.; 7,950 sq ft building on a 0.44-acre lot (150' x 128'), built in 1964, renovated in 2015.
    Request Owner's contact information
    6511 Atlantic St Spokane, WA 99208
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6511 Atlantic St Spokane, WA 99208
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