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New West Apartments 7723 W Sunset Hwy 16 Unit Apartment Building $2,548,720 CAD ($159,295 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 |
$348,426
|
$15.32
|
| Other Income |
$2,471
|
$0.11
|
| Vacancy Loss |
$20,905
|
$0.92
|
| Effective Gross Income |
$329,992
|
$14.51
|
| Taxes |
$20,688
|
$0.91
|
| Operating Expenses |
$129,975
|
$5.71
|
| Total Expenses |
$150,663
|
$6.62
|
| Net Operating Income |
$179,329
|
$7.88
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $348,426 |
| Annual Per SF | $15.32 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,471 |
| Annual Per SF | $0.11 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $20,905 |
| Annual Per SF | $0.92 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $329,992 |
| Annual Per SF | $14.51 |
| Taxes (CAD) | |
|---|---|
| Annual | $20,688 |
| Annual Per SF | $0.91 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $129,975 |
| Annual Per SF | $5.71 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $150,663 |
| Annual Per SF | $6.62 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $179,329 |
| Annual Per SF | $7.88 |
Property Facts
| Price | $2,548,720 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $159,295 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 | $2,548,720 CAD |
| Price Per Unit | $159,295 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 | $1,775 CAD | 850 |
| 3+1 | 3 | $2,272 CAD | 950 |
1 1
Not walkable
10/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $2,062,246 CAD | |
| Land Assessment | $604,831 CAD | Annual Taxes | $20,688 CAD ($0.91 CAD/SF) |
| Improvements Assessment | $1,457,415 CAD | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$604,831 CAD
Improvements Assessment
$1,457,415 CAD
Total Assessment
$2,062,246 CAD
Annual Taxes
$20,688 CAD ($0.91 CAD/SF)
Tax Year
2026
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New West Apartments | 7723 W Sunset Hwy
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