2623 W Maxwell Ave Spokane, WA 99201
- Commercial real estate
- 9,683 SF
Current Use by Public Records
- Commercial real estate
Property Details for 2623 W Maxwell Ave
- Year built
- 1907
- Property size
- 9,683 SF
- Property type
- Commercial real estate
- APN
- 25132.1501
Description
This exceptional 11-unit apartment building presents a compelling investment opportunity in Spokane, Washington. Located at 2623 W Maxwell Ave, 99201, this property boasts a substantial 9,683 square feet of living space situated on a generous 15,968 square foot double lot. The building, constructed in 1907 and renovated in 1989, is a four-story structure offering a mix of studio and one-bedroom/one-bathroom units. The unit breakdown includes four studio apartments and seven one-bedroom/one-bathroom units. The property is well-maintained, features a newer roof, and benefits from individually metered electricity for each unit, simplifying utility management. Currently operating with a Net Operating Income (NOI) of $54,058 and an attractive 6.63% capitalization rate, this property offers a strong return on investment. Operating expenses totaled $39,842. One unit is currently utilized as an Airbnb, adding to the income potential. The asking price for this multifamily investment property is $815,000. The property's APN is 25132.1501. This is a rare opportunity to acquire a well-positioned, income-generating asset in a desirable Spokane location.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spokane
- County
- Spokane
- State
- Washington
- Longitude
- -117.450896
- Latitude
- 47.67100016
