611 Bernard St Spokane, WA 99204

Property Details for 611 Bernard St

Year built

1900

Property size

4,888 SF

Property type

Commercial real estate

APN

35191.4902

Description

This exceptional Spokane, WA investment opportunity presents a charming 1900s Victorian-style apartment building located at 611 S Bernard St. The property, boasting 4,888 square feet on a 10,650 square foot lot, comprises eight income-producing units: one studio and seven one-bedroom apartments, totaling seven bedrooms and eight bathrooms. Currently operating at 90% occupancy, the building generates a substantial net operating income (NOI) of $51,701, yielding a 5.78% cap rate. The asking price is $895,000, translating to $111,875 per unit and $183.10 per square foot of net rentable area (4,700 sq ft). Recent upgrades include a new roof (August 2023), front and back stair repairs (August 2023), a new hot water tank (November 2023), and a new furnace (January 2025). The property features 15 parking spaces and is conveniently situated near local hospitals and downtown amenities, offering strong rental demand and potential for future appreciation. This Class C multifamily building presents a stabilized investment opportunity with significant upside potential for a savvy investor. The property is a four-story building with one building on the site. The APN is 35191.4902. The ownership entity is R & R Family Properties, LLC.