Queen Apartments

For Sale

3011 E Queen Ave, Spokane, WA 99217

This Spokane property for sale is located at 3011 E Queen Ave. The current listed sale price for Queen Apartments is $395,000. Queen Apartments is situated on a lot that is 0.11 acre in size.

Contacts

Jordan Lester, CCIM, MBA

SVN | Cornerstone

Property Details

  • Property Type Multi-Family
  • Property Size 4,656 SF
  • Units 8
  • Lot Size 0.11 Acre
  • Year Built 1902
  • Date Updated May 17, 2026
Located in Spokane’s up and coming Hillyard neighborhood, the Queen Apartments present an affordable multifamily opportunity with significant upside. The units feature new flooring and fresh interior paint, making it easy for an investor to step in, lease the remaining vacant units, and start generating immediate cash flow. With a mix of 1 2bed/1bath unit, 1 1bed/1bath unit, and 6 single room occupancy units, along with a backyard storage shed and a basement that could be converted into a laundry room, this property offers a steady income stream and major upside potential. It is a compelling investment for anyone looking to capture strong returns in a rapidly improving area.
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Highlights

  • Attractive Price Per Unit: Priced at $49,375/unit, this asset sits far below the countywide 2025 average of $124,413/unit, creating immediate value upside.
  • Compelling Cap Rate: The property offers a cap rate of 9.5%, compared to the Spokane County 2025 average of 6.41%, giving investors a clear return premium.
  • High Growth Neighborhood Outlook: The Hillyard area is expected to benefit significantly from the planned completion of the North South Freeway in 2030, bringing new activity, access, and long term appreciation potential.
  • Major Capital Improvements Completed: More than $150,000 in recent upgrades, including a new backyard storage shed, fresh interior paint, and new LVP flooring, provide a clean and updated building ready for new tenants.
  • Simple and Low Maintenance Operations: With one building, one roof, and an easy to manage layout, the property offers low maintenance and straightforward ownership for any investor.

Attachments

Getting around

  • 56/100

    Walk Score ®

  • 37/100

    Transit Score ®

  • 70/100

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Location

  • City Spokane, WA
  • Neighborhood Hillyard
  • Zip Code 99217
  • Market Spokane

Points of Interest

  • 76

    0.26 miles

  • Conoco

    0.46 miles

  • Safeway Fuel Station

    0.69 miles

  • Maverik

    0.88 miles

  • Chevron

    1.15 miles

  • Nomnom

    1.28 miles

  • Texaco

    1.44 miles

  • ChargePoint

    2.80 miles

  • Tesla Destination Charger - Hampton Inn Spokane

    6.98 miles

  • Greene Street Trailhead

    1.81 miles

  • NorthTown Mall Parking

    1.91 miles

  • Lot P11

    1.96 miles

  • Lot P9

    1.96 miles

  • Lot P8

    1.97 miles

  • Lot P14

    1.98 miles

  • Lot P10

    1.98 miles

  • Lot P7

    2.01 miles

  • Lot P5

    2.04 miles

  • Boone Avenue Retail Center (BARC)

    2.92 miles

  • Knights Inn Spokane North

    2.33 miles

  • Liberty Motel

    2.40 miles

  • Days Inn

    2.49 miles

  • Quality Inn Oakwood

    2.83 miles

  • Red Top Motel

    3.35 miles

  • Park Lane Motel

    3.43 miles

  • Best Western Plus Spokane North

    3.44 miles

  • Ruby River Hotel

    3.44 miles

  • Bel Air Seven Motel

    3.45 miles

  • Apple Tree Inn Spokane

    3.46 miles

  • Green's Fresh Market

    0.10 miles

  • Safeway

    0.72 miles

  • G&B Grocery

    0.92 miles

  • Bargain Giant

    0.97 miles

  • Vina Asian Market

    1.13 miles

  • Kiev Euro Market

    1.60 miles

  • Albertsons

    1.61 miles

  • JCPenney

    1.95 miles

  • Kohl's

    1.96 miles

  • NorthTown Mall

    2.01 miles

Contact Listing Broker
Jordan Lester, CCIM, MBA

SVN | Cornerstone

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