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The Fairview Apartments 547-557 E Fairview Ave 6 Unit Apartment Building $730,233 CAD ($121,705 CAD/Unit) 6.50% Cap Rate Spokane, WA 99207
Investment Highlights
- Easy Maintenance/Efficient Units
- Central Location
- Individually Metered Heat, Lights & Hot Water
- Corner Lot
- Carports
Executive Summary
Compact and tidy, this 6 unit apartment property offers an excellent entry point or addition for multifamily investors. Each 1br/1ba unit has had a relatively recent facelift and has wall A/C and a covered parking spot. It may be possible to add a washer/dryer combo in each unit due to roughed in plumbing and electric in a closet. Membrane roof, irrigation for the small yard are also present.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$88,641
|
$18.08
|
| Other Income |
$1,407
|
$0.29
|
| Vacancy Loss |
$5,318
|
$1.08
|
| Effective Gross Income |
$84,730
|
$17.28
|
| Taxes |
$8,577
|
$1.75
|
| Operating Expenses |
$28,441
|
$5.80
|
| Total Expenses |
$37,018
|
$7.55
|
| Net Operating Income |
$47,711
|
$9.73
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $88,641 |
| Annual Per SF | $18.08 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,407 |
| Annual Per SF | $0.29 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $5,318 |
| Annual Per SF | $1.08 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $84,730 |
| Annual Per SF | $17.28 |
| Taxes (CAD) | |
|---|---|
| Annual | $8,577 |
| Annual Per SF | $1.75 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $28,441 |
| Annual Per SF | $5.80 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $37,018 |
| Annual Per SF | $7.55 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $47,711 |
| Annual Per SF | $9.73 |
Property Facts Under Contract
| Price | $730,233 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $121,705 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 6.50% | Building Size | 4,902 SF |
| Gross Rent Multiplier | 8.2 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 2.04/1,000 SF |
| Zoning | RSF | ||
| Price | $730,233 CAD |
| Price Per Unit | $121,705 CAD |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Gross Rent Multiplier | 8.2 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 4,902 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | RSF |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 750 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 35082.0312 | Total Assessment | $780,181 CAD |
| Land Assessment | $111,674 CAD | Annual Taxes | $8,577 CAD ($1.75 CAD/SF) |
| Improvements Assessment | $668,508 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
35082.0312
Land Assessment
$111,674 CAD
Improvements Assessment
$668,508 CAD
Total Assessment
$780,181 CAD
Annual Taxes
$8,577 CAD ($1.75 CAD/SF)
Tax Year
2026
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The Fairview Apartments | 547-557 E Fairview Ave
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