3222-3224 N Madison St
Spokane, WA 99205
Listed by Jeff Hornberger, The Hornberger Group, LLC
- Units
- 8
- Built
- 1994
- Size
- 8,370 sq ft
- On market
- 166 days
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Purchase details
Loan details
Rents
Expenses
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What is left
The units
| Unit | Beds | Baths | Sq ft | Rent / mo |
|---|---|---|---|---|
| 1 | 2 | 1 | 1,045 | $1,250 |
| 2 | 2 | 1 | 1,045 | $1,250 |
| 3 | 2 | 1 | 1,045 | $1,250 |
| 4 | 2 | 1 | 1,045 | $1,250 |
| 5 | 2 | 1 | 1,045 | $1,250 |
| 6 | 2 | 1 | 1,045 | $1,250 |
| 7 | 2 | 1 | 1,045 | $1,250 |
| 8 | 2 | 1 | 1,045 | $1,250 |
These 8 units add up to $10,000 a month. Those rents were posted in the MLS by the listing agent.
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About the building
Well-maintained 8-unit investment opportunity consisting of two 4-plexes on separate residential parcels, offering the possibility of residential financing with more favorable terms than typical commercial loans, subject to buyer’s lender. Each unit features a spacious 2 bed / 1 bath layout of approximately 1000 SF with washer/dryer hookups—larger than typical Spokane rentals—supporting strong tenant demand and retention. Property has been carefully self-managed with excellent upkeep and a stable tenant base with consistent payment history. Recent improvements include multiple newer water heaters and washer/dryer units. In-place rents provide solid cash flow with clear upside through light interior updates; comparable renovated units are achieving ~$1,450–$1,550/mo. One unit has been left intentionally vacant for owner-occupancy or immediate lease-up at market rent. A well-performing, stabilized asset with consistent operations and a straightforward value-add opportunity in a high-dema
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