Properties Sold

Sunset Hill Apartments
$7.1 million

Sunset Hill Apartments
2804 W 7th Ave, Spokane, WA
57-Unit

 

Sunset Hill is a 57 unit apartment complex just outside the Browne’s Addition which abuts High Bridge Park. The apartment is just two miles from downtown Spokane, and is right off the bus line making access easy to downtown.

The complex consists of five structures and spans over an acre and a half. The unit mix has twenty-five 1Bed/1Bath units and thirty-two 2Bed/1Bath units. 

Sunset Hill apartments traded at a 4.25% cap rate and is poised for rental increases of around 30-40% plus the implementation of a utility bill back. The complex is trending to a 7.5% cap rate after rehab. 

 

Current Cap Rate4.26%
Proforma Cap Rate7.48%
Built1979
Price per SqFt$176
Price per Unit$124,561

 

 

Listing Agents

Aaron Locke
P: 206.774.5436
E: Email Aaron

Ethan Szmania
P: 206.774.5419
E: Email Ethan

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