Contacts

Jordan Lester, CCIM, MBA

SVN | Cornerstone

Property Details

Property Type Multi-Family
Property Size 4,802 SF
Units 7
Lot Size 0.14 Acre
Building Class C
Year Built 1911
Date Updated Jun 8, 2026

Ash Apartments is a well-located 7-unit value-add apartment community in Spokane’s West Central neighborhood, offering immediate cash flow with a clear path to enhanced long-term returns through light interior upgrades and operational improvements. The property consists of two charming buildings and has benefited from nearly $115,000 in recent capital improvements including new electrical service and panels, upgraded windows, new siding and exterior paint, interior paint, LVP flooring, and a new furnace, significantly reducing near-term capital needs. The asset is ideally positioned for continued income growth through updated interiors and refreshed common areas, and its proximity to Downtown Spokane, Gonzaga University, transit, parks, and major employers supports strong and durable rental demand, making it an attractive opportunity for investors seeking a stabilized core holding with meaningful upside.

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Highlights

Attractive Basis – Offered at approximately $74K per unit, providing investors with an appealing entry point
Central Spokane Location – Conveniently located near major employers, parks, schools, shopping, and other everyday amenities
Recent Capital Improvements – Significant upgrades completed in the amount of nearly $115,000 including new electrical service and panels ($35,000), new exterior paint and siding ($30,000), upgraded windows ($20,000), LVP flooring ($10,000), interior paint ($10,000), and furnace replacement ($8,000)
Strong Accessibility – Walking distance to multiple bus stops, providing convenient transportation access throughout Spokane
Value Add Opportunity – Well maintained property with continued upside potential through future rent growth and operational improvements