Sharp Apartments

Investment Overview

SVN Cornerstone is pleased to present Sharp Apartments, a 16-unit multifamily investment opportunity in Spokane, Washington. Originally constructed in 1977, the property offers a well-maintained apartment community with stable in-place cash flow and attractive value-add potential. The unit mix consists of twelve 1-bed, 1-bath units averaging 576 square feet and four 2-bed, 1-bath units averaging 720 square feet. 12 of the 16 units have already been renovated, with the remaining four offered in classic condition. All units feature in-wall air conditioning, baseboard heat, dishwashers and ample closet space, and the property offers onsite laundry and covered parking at the rear. Offered at $1,900,000 ($118,750 per unit / $194 per NRSF), Sharp Apartments generates a 5.77% in-place capitalization rate at 100% occupancy, demonstrating strong tenant demand and operational stability. The four classic units rent approximately 17% below renovated comparables in the immediate area, presenting a new owner the opportunity to capture additional revenue growth by renovating the remaining four units. Sharp Apartments sits in Spokane’s West Central neighborhood, just northwest of downtown, with easy access to I-90 and US-2/Division Street. The Spokane County office campus, Spokane Arena and Riverfront Park are all within a few blocks. Residents enjoy convenient access to recreation, dining, employment centers and regional transportation routes, supporting continued tenant demand and long-term investment stability.

Investment Highlights

• Attractive In-Place Yield: Offered at a 5.77% capitalization rate with stable in-place cash flow and strong current operations.
• Value-Add Opportunity: 4 units are currently unrenovated, providing an opportunity to increase rents by up to 17% through renovations, based on rents achieved at nearby comparable properties.
• Strong Renovated Base: 12 units have been renovated, providing a stabilized income base and reducing the execution risk associated with a fully value-add strategy.
• Within the Heart of the West Central Spokane: Residents enjoy convenient access to recreation, dining, employment centers, and regional transportation routes, supporting continued tenant demand and long-term investment stability.