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Multifamily

Bavarian VIllas

12903 E Sprague Ave, Spokane Valley, WA 99216

Listing Price: $2,750,000

Cap Rate
5.89%
Number of Units
20
GRM
10.06
Price/Unit
$137,500

Investment Overview

Bavarian Villas is a three structure complex consisting of 20 units and situated on a 0.79-acre parcel in Spokane Valley, Washington. All of the units are two bedroom one bath with an average area of 1,035 square feet. In unit amenities include electric oven/range, refrigerator, dishwasher, electric wall heaters, air conditioning, patio/deck, washer and dryer. Community amenities include off street parking.

The property is located off of Sprague Avenue, one of the main arterials in Spokane Valley. The property has a Walk Score of 61, Somewhat Walkable, and a Bike Score of 70, Very Bikeable. A bus stop for route
98 between Spokane Valley and Liberty Lake can be found just outside of the building. Valley Transit Center is a short stop from the property and provides access to Downtown Spokane via route 90. Several grocery stores are in close proximity including, Grocery Outlet, Lieng & Phane Oriental Market, Rosauers, Safeway, and WinCo. Broadway Elementary, North Pines Middle School, and Dishman Hills High School are all a short drive from the property. Nearby parks include Terrace View and Mirabeau Point.

Spokane Valley is part of the Spokane Metro Area, the second largest metro in the State of Washington. The City of Spokane Valley was incorporated in 2003. It boast a population of nearly 110,000. Major employers in the metro area include Providence Inland Northwest, Amazon, Multicare, CHAS Health, Walmart, Kaiser Aluminum, and Spokane Teachers Credit Union. Spokane Valley experiences all four seasons and residents can enjoy year-round outdoor recreational activities including hiking, skiing, rafting, mountaineering, camping, and fishing. For those who call Spokane Valley home, it is a unique region that presents the best the Inland Northwest has to offer.

As the average home sale in Spokane Valley nears $430,000 and interest rates remain above 7%, new home buyers are looking at all in cost of nearly $3,000 per month. As Bavarian Villas market rents are well below that figure, it is well-positioned to capture a quality pool of renters who are seeking an affordable, yet spacious alternative to call home. A new investor will do well targeting this renter pool.

Investment Highlights

  • Spacious Floor Plans: The property offers large two bedroom floor plans that average approximately 1,035 square feet.
  • Well Amenitized Units: All of the units are equipped with air conditioning, washer, dryer.
  • Strategic Location: The property is located less than 2 miles from Valley Transit Center, the primary park and ride for the area. In addition, the property is approximately 15 minutes from Downtown
  • Consistent Population and Rent Growth: Spokane Valley has consistently seen population growth in excess of 2% every year for the past 15 years. Rent growth has been consistent. Increasing by almost 43% over the past 10 years.
  • Well Maintained Asset with Value-Add Potential: The property has been well maintained since it was constructed. Replacement of the vintage fixtures and appliances presents a value add opportunity for an investor looking to capture a pool renters that have been priced out of purchasing a home.

Exclusively Listed By

Financing By

Multifamily

Bavarian VIllas

Listing Price: $2,750,000

Cap Rate
5.89%
Number of Units
20
GRM
10.06
Price/Unit
$137,500

Investment Highlights

  • Spacious Floor Plans: The property offers large two bedroom floor plans that average approximately 1,035 square feet.
  • Well Amenitized Units: All of the units are equipped with air conditioning, washer, dryer.
  • Strategic Location: The property is located less than 2 miles from Valley Transit Center, the primary park and ride for the area. In addition, the property is approximately 15 minutes from Downtown
  • Consistent Population and Rent Growth: Spokane Valley has consistently seen population growth in excess of 2% every year for the past 15 years. Rent growth has been consistent. Increasing by almost 43% over the past 10 years.
  • Well Maintained Asset with Value-Add Potential: The property has been well maintained since it was constructed. Replacement of the vintage fixtures and appliances presents a value add opportunity for an investor looking to capture a pool renters that have been priced out of purchasing a home.

Investment Overview

Bavarian Villas is a three structure complex consisting of 20 units and situated on a 0.79-acre parcel in Spokane Valley, Washington. All of the units are two bedroom one bath with an average area of 1,035 square feet. In unit amenities include electric oven/range, refrigerator, dishwasher, electric wall heaters, air conditioning, patio/deck, washer and dryer. Community amenities include off street parking. The property is located off of Sprague Avenue, one of the main arterials in Spokane Valley. The property has a Walk Score of 61, Somewhat Walkable, and a Bike Score of 70, Very Bikeable. A bus stop for route 98 between Spokane Valley and Liberty Lake can be found just outside of the building. Valley Transit Center is a short stop from the property and provides access to Downtown Spokane via route 90. Several grocery stores are in close proximity including, Grocery Outlet, Lieng & Phane Oriental Market, Rosauers, Safeway, and WinCo. Broadway Elementary, North Pines Middle School, and Dishman Hills High School are all a short drive from the property. Nearby parks include Terrace View and Mirabeau Point. Spokane Valley is part of the Spokane Metro Area, the second largest metro in the State of Washington. The City of Spokane Valley was incorporated in 2003. It boast a population of nearly 110,000. Major employers in the metro area include Providence Inland Northwest, Amazon, Multicare, CHAS Health, Walmart, Kaiser Aluminum, and Spokane Teachers Credit Union. Spokane Valley experiences all four seasons and residents can enjoy year-round outdoor recreational activities including hiking, skiing, rafting, mountaineering, camping, and fishing. For those who call Spokane Valley home, it is a unique region that presents the best the Inland Northwest has to offer. As the average home sale in Spokane Valley nears $430,000 and interest rates remain above 7%, new home buyers are looking at all in cost of nearly $3,000 per month. As Bavarian Villas market rents are well below that figure, it is well-positioned to capture a quality pool of renters who are seeking an affordable, yet spacious alternative to call home. A new investor will do well targeting this renter pool.

Exclusively Listed By

Financing By

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