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New West Apartments 7723 W Sunset Hwy 16 Unit Apartment Building $2,500,991 CAD ($156,312 CAD/Unit) 7.04% Cap Rate Spokane, WA 99224
Investment Highlights
- Great Visibility
- Strong unit mix of 2b and 3br
- Close to all services
- Value Add
Executive Summary
Value Add play! This 16 unit has a solid unit mix and advantageous location on the fast growing West Plains in the Spokane metro area. It needs some TLC and new energy to enhance the return. Situated on a little more than two acres, there may be a development play along the highway frontage. Ample parking, covered and uncovered.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$341,902
|
$15.03
|
| Other Income |
$2,424
|
$0.11
|
| Vacancy Loss |
$20,514
|
$0.90
|
| Effective Gross Income |
$323,812
|
$14.24
|
| Taxes |
$20,301
|
$0.89
|
| Operating Expenses |
$127,541
|
$5.61
|
| Total Expenses |
$147,841
|
$6.50
|
| Net Operating Income |
$175,971
|
$7.74
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $341,902 |
| Annual Per SF | $15.03 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,424 |
| Annual Per SF | $0.11 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $20,514 |
| Annual Per SF | $0.90 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $323,812 |
| Annual Per SF | $14.24 |
| Taxes (CAD) | |
|---|---|
| Annual | $20,301 |
| Annual Per SF | $0.89 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $127,541 |
| Annual Per SF | $5.61 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $147,841 |
| Annual Per SF | $6.50 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $175,971 |
| Annual Per SF | $7.74 |
Property Facts
| Price | $2,500,991 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $156,312 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 2.03 AC |
| Cap Rate | 7.04% | Building Size | 22,747 SF |
| Gross Rent Multiplier | 8.1 | Average Occupancy | 95% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | Parking Ratio | 1.14/1,000 SF |
| Zoning | S-LI | ||
| Price | $2,500,991 CAD |
| Price Per Unit | $156,312 CAD |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| Gross Rent Multiplier | 8.1 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.03 AC |
| Building Size | 22,747 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1962 |
| Parking Ratio | 1.14/1,000 SF |
| Zoning | S-LI |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Heating
- Kitchen
- Oven
- Range
- Yard
- Lawn
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 13 | $1,742 CAD | 850 |
| 3+1 | 3 | $2,229 CAD | 950 |
1 1
Not walkable
10/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,052,109 CAD | |
| Land Assessment | $601,858 CAD | Annual Taxes | $20,301 CAD ($0.89 CAD/SF) |
| Improvements Assessment | $1,450,251 CAD | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$601,858 CAD
Improvements Assessment
$1,450,251 CAD
Total Assessment
$2,052,109 CAD
Annual Taxes
$20,301 CAD ($0.89 CAD/SF)
Tax Year
2026
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New West Apartments | 7723 W Sunset Hwy
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