6511 Atlantic St Spokane, WA 99208
- Commercial real estate
- 7,950 SF
- 0.44 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 6511 Atlantic St
- Year built
- 1964
- Lot size
- 0.44 lot acres
- Property size
- 7,950 SF
- Property type
- Commercial real estate
Description
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.
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
- County
- Spokane
- State
- Washington
- Longitude
- -117.4129463
- Latitude
- 47.7175846
