805 W Alice Ave
Spokane, WA 99205
Listed by Jeff Hornberger, The Hornberger Group, LLC
- Units
- 5
- Built
- 1961
- Size
- 5,820 sq ft
- On market
- 140 days
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The units
| Unit | Beds | Baths | Sq ft | Rent / mo | Rentometerestimated | RentCastestimated |
|---|---|---|---|---|---|---|
| 1 | 2 | 1 | 900 | $1,055estimated Rentometer $1,315 · RentCast $1,430 | $1,315 | $1,430 |
| 2 | 2 | 1 | 900 | $1,055estimated Rentometer $1,315 · RentCast $1,430 | $1,315 | $1,430 |
| 3 | 2 | 1 | 900 | $1,055estimated Rentometer $1,315 · RentCast $1,430 | $1,315 | $1,430 |
| 4 | 1 | 1 | 700 | $1,000estimated Rentometer $1,214 · RentCast $1,290 | $1,214 | $1,290 |
| 5 | 1 | 1 | 700 | $1,000estimated Rentometer $1,214 · RentCast $1,290 | $1,214 | $1,290 |
These 5 units add up to $5,165 a month. Those rents were confirmed with the listing agent.
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About the building
Well-maintained 5-unit investment property (3 two-bedroom units and 2 one-bedroom units) with space for an optional 6th unit, offering strong in-place income and clear upside potential. Current operations show approx. $66,554 in annual gross income and ~$47,740 NOI, with low expenses around $18,800/year. Durable brick exterior and recently replaced roof help minimize future capital expenditures. One unit has been fully updated, while the remaining units offer a mix of hardwood floors and functional layouts with room for additional value-add improvements. Property features both off-street and on-street parking, including a large covered carport, along with a community coin-operated laundry room providing additional income. Low-maintenance lot with a small shared yard space for tenant enjoyment. Currently 100% occupied with strong rental demand, making this a solid opportunity for investors seeking stable cash flow with future growth potential.
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