421 Mckinnon Rd Spokane Valley, WA 99212
- Commercial real estate
- 25,572 SF
- 0.99 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 421 Mckinnon Rd
- Year built
- 2024
- Lot size
- 0.99 lot acres
- Property size
- 25,572 SF
- Property type
- Commercial real estate
- APN
- 35231.1437
Description
This exceptional value-add investment opportunity presents a partially completed 24-unit apartment building in Spokane Valley, WA. Priced at $3,400,000, this Class A property boasts 25,572 square feet of net rentable space across two three-story buildings situated on a 0.99-acre lot (APN 35231.1437). The project, currently 75% building and 85% site work complete, offers a significant upside for a builder-contractor buyer. The property features twelve 2-bedroom/2-bathroom units (876 sq ft each) and twelve 3-bedroom/2-bathroom units (1,255 sq ft each), distributed evenly between the two buildings. With an estimated $1,000,000 to $1,200,000 remaining to complete construction, the projected stabilized value upon completion is estimated at $6,500,000 or more. The property is zoned MFR and offers a compelling 5.75% cap rate based on the asking price. This is a unique chance to acquire a nearly finished multifamily project in a desirable location, offering substantial potential for profit upon completion. The seller/contractor is open to contracting to finish the project as the general contractor. The property is being sold as-is. This represents a rare opportunity to acquire a high-potential asset at a significantly discounted price.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Spokane Valley
- County
- Spokane
- State
- Washington
- Longitude
- -117.33235499842
- Latitude
- 47.652621954473
