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100813 . 62 Home SFR Spokane WA - Availability Details

100813 . 62 Home SFR Spokane WA, Spokane, WA 99207

  • For Sale $16,645,000
  • Property Type Multi-Family
  • Property Size 59,943 SF
  • Lot Size 5.79 Acre
  • Date Updated Apr 14, 2022
The City of Spokane is the largest city in Spokane County on the east side of the state of Washington. It lies roughly south of the Canada-US border and 18 miles west of the Washington-Idaho border, in the Inland Northwest Region. The city is considered to be the cultural and economic center of Spokane-Coeur d’Alene CSA(Combined Statistical Area), Spokane Metropolitan Area, and the Inland Northwest. According to the U.S. Census Bureau, the city of Spokane is the second-largest city in Washington, with a population of 217,353 people as of 2019. The Spokane Metropolitan Area has an estimated population of 573,493 people. The city of Spokane was named after the first people to live in the area known as the Spokane tribe. The completion of the Northern Pacific Railway in 1881 led to the initial settlement and development of Spokane into a city. Spokane became an important rail and shipping center because of its location between mining and farming areas. Today, a large share of the wheat produced in the region is shipped to Far East markets. The Inland Northwest also supports many vineyards and microbreweries as well. In Spokane, wood/food processing, printing and publishing, primary metal refining and fabrication, electrical and computer equipment, and transportation equipment are leaders in the manufacturing sector. Gold mining company Gold Reserve, and Fortune 1000 company Potlatch Corporation are both headquartered in Spokane. Although Mining, forestry, and agribusiness remain important to the local and regional economy, Spokane's economy has diversified to include other industries, including the high-tech and biotech sectors. The Fortune 1000 technology company Itron is headquartered in the Spokane MSA. Spokane is nicknamed “Hooptown USA”, due to the city annually hosting the world's largest basketball tournament, and spreading awareness about the city's growing popularity for the sport. The city hosts a First Friday Artwalk, which occurs on the first Friday of every month. The monthly event is dedicated to local vendors and performers displaying art throughout the downtown area in the Davenport Arts District. The Spokane International Film Festival, held every February, is a small, juried festival that features documentaries and shorts from around the world. The city has an active LGBTQIA+ community featuring, the Spokane Gay & Lesbian Film Festival, held every November, as well as its own Pride Parade in June. Other notable events in the Spokane region include the Spokane County Interstate Fair, Japan Week, and the Lilac City Comicon. Japan Week is held in April and celebrates the sister-city relationship with Nishinomiya, Hyogo, demonstrating the many commonalities shared between the two cities. Students from the Spokane campus of Mukogawa Fort Wright Institute, Gonzaga, Whitworth, and other area schools organize an array of Japanese cultural events.
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Location

  • City Spokane, WA
  • Neighborhood Nevada - Lidgerwood
  • Zip Code 99207
  • Market Spokane

Contacts

broker

Thomas C. Johnston

SVN | SFRhub Advisors

(602) 403-3695

Highlights

  • Average living square footage of 967 per home
  • 80% are 2 and 3 bedroom homes which are ideal for today’s renter profile
  • Value add as current rents are 22% below market rental rates
  • Stabilized Year One Cap Rate projected at 5.24%
  • Year One Leveraged IRR is projected at 24.86%
  • 100% occupied by fully vetted and background checked tenants
  • Spokane rents are up 21% Year-Over-Year
  • Spokane real estate appreciated 97.57% over the last ten years
  • With a 2020 population of 227,579, it is the 2nd largest city in Washington (after Seattle)
  • Spokane population grew 1.2% YOY 2021, higher than the average of 63 major SFR markets of 1% (JBREC)
  • Extremely low supply of existing homes, 19 day supply
  • Neighborhood average market rent of $1,620/month
  • All SVN® Offices Independently Owned & Operated
  • Local Broker License Information: www.SFRhub.com/realstatelicensing

Contact Listing Broker

broker

Thomas C. Johnston

SVN | SFRhub Advisors

(602) 403-3695

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