6603 Standard StSpokane, WA 99208

Property Details for 6603 Standard St

Year built

1971

Lot size

1.30 AC

Property size (Sq ft)

4,560 SF

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

36293.0087

APU

362930087

Description

This exceptional 20-unit apartment complex, situated on a 1.3-acre lot in Spokane, WA, presents a compelling investment opportunity. The property boasts a desirable location in North Spokane, offering convenient access to an array of amenities including restaurants, shopping centers, and schools. Comprising five 4,560 square foot buildings, each housing four units, the complex features a mix of ten 3-bedroom/1-bathroom and ten 2-bedroom/1-bathroom units. A significant portion of the property has undergone recent renovations, completed in 2024, with 17 units fully modernized. The property also includes 20 covered carports and automatic security gates, enhancing both convenience and security. Built in 1971, the roofs were replaced in 2016. The complex offers on-site laundry facilities. The property's current Net Operating Income (NOI) is $144,931, resulting in a 4.27% capitalization rate. The asking price is $3,395,000. Further value-add potential exists through the conversion of an existing owner's unit and a large space (previously a recreation room) with a fireplace into two additional rental units, increasing the total unit count to 22. This property offers a strong return on investment with significant upside potential. The total square footage is 22,800. The property is a two-story building.

• CAP approach

  CAP return

  Valuation

  6%

  $925,093

  6.5%

  $853,932

  7%

  $792,937

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,506,968

  Geo Method

  $1,506,968

• Alternative Use

  Use

  Valuation

  Residential

  $853,932

  Hospitality

  $782,197

  Educational

  $650,779

  Medical

  $673,160

  Retail

  $1,012,322

Location Insight

City

Spokane

County

Spokane

State

Washington

Latitude

47.718

Longitude

-117.401

CBSA code

44060

CBSA name

SPOKANE-SPOKANE VALLEY, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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