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3011 E Queen Ave 8 Unit Apartment Building $628,164 CAD ($78,521 CAD/Unit) 8.34% Cap Rate Spokane, WA 99217
INVESTMENT HIGHLIGHTS
- Strong 8.34% Cap Rate: Well above the 2025 Spokane County average of 6.41%.
- Growth Corridor Location: Hillyard poised for lift with the 2030 North–South Freeway.
- Easy, Low-Maintenance Asset: Single building, single roof, simple operations.
- Low Price Per Unit: $56,250/unit vs. county average of $124,413/unit.
- $150K+ in Upgrades: New shed, interior paint, and LVP flooring.
EXECUTIVE SUMMARY
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.
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $628,164 CAD | Building Class | C |
| Price Per Unit | $78,521 CAD | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 8.34% | Average Occupancy | 80% |
| No. Units | 8 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1902 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | CC1 | ||
| Price | $628,164 CAD |
| Price Per Unit | $78,521 CAD |
| Sale Type | Investment |
| Cap Rate | 8.34% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built | 1902 |
| Opportunity Zone |
Yes |
| Zoning | CC1 |
AMENITIES
UNIT AMENITIES
- Microwave
- Ceiling Fans
- Kitchen
- Oven
- Double Pane Windows
SITE AMENITIES
- Laundry Facilities
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | $977.14 CAD | - |
| 1+1 | 1 | $1,326 CAD | - |
| 2+1 | 1 | $1,536 CAD | - |
1 1
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 36343.1411 | Improvements Assessment | $561,178 CAD |
| Land Assessment | $56,174 CAD | Total Assessment | $617,352 CAD |
PROPERTY TAXES
Parcel Number
36343.1411
Land Assessment
$56,174 CAD
Improvements Assessment
$561,178 CAD
Total Assessment
$617,352 CAD
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3011 E Queen Ave
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