2623 Maxwell AveSpokane, WA 99201

Property Details for 2623 Maxwell Ave

Year built

1907

Property size (Sq ft)

9,683 SF

Property type

Residential income properties

Property subtype

Multifamily properties

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.

Location Insight

City

Spokane

County

Spokane

State

Washington

Latitude

47.671

Longitude

-117.451

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