NOT LISTED FOR SALE
32 Beds
4 Baths
16,800 Sq Ft
0.92 Acres

Last Sold May 17, 2024

Last sale price $2,837,500 $169 Per Sq Ft

140 Days on Market

Highlights

  • 0.92 Acre Lot
  • Wood Flooring
  • Baseboard Heating
  • Territorial View
  • No HOA
  • Property is in very good condition

About This Home

As of May 2024

Great investment opportunity for a buyer looking to expand their portfolio in Eastern WA. Located in the highly desired North Spokane surrounded by shopping, restaurants, and job centers, buyers will benefit from increasing rental demand. Currently owned and operated as successful short-term rentals but can easily be transitioned to marketed rate apartments. Also can be purchased as a portfolio including the owner's 2017 vintage, 24 unit apartment located in Airway Heights (Autumn Leaf Apartments).

Last Agent to Sell the Property

Winslow Lee

Kidder Mathews License #136708 Listed on: 10/13/2023

Last Buyer's Agent

Winslow Lee

Kidder Mathews License #136708 Listed on: 10/13/2023

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 2171457

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $14,315

Year Built

  • Built in 1988

Lot Details

  • 0.92 Acre Lot
  • Property is in very good condition

Home Design

  • Poured Concrete
  • Composition Roof
  • Wood Composite

Interior Spaces

  • 16,800 Sq Ft Home
  • 2-Story Property
  • Wood Flooring
  • Territorial Views

Parking

  • 32 Parking Spaces
  • Open Parking

Utilities

  • Baseboard Heating

Community Details

  • No Home Owners Association
  • Spokane Subdivision

Listing and Financial Details

  • Assessor Parcel Number 152342601

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$14,315

Year Built

Built in 1988

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 56 - 10+ Units
  • Year Built: 1988
  • Buyer Agency Compensation: 1.5
  • MLS Status: Sold
  • Prev Status: Closed
  • New Construction: No
  • CalculatedSquareFootage: 16800
  • EffectiveYearBuiltSource: Public Records
  • SOCComments: 1.5%
  • Special Features: VirtualTour
  • Cumulative Days on Market: 448

Interior Features

  • Possible Use: Commercial
  • Possible Bedrooms: 32
  • Fireplace: No
  • Flooring: Hardwood
  • Interior Amenities: Hardwood
  • Stories: 2
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • BathsFullUpper: 0
  • BathsHalfUpper: 0
  • BathsThreeQuarterUpper: 0
  • BedroomsUpper: 0
  • Amenities: Coin Op Laundry

Exterior Features

  • Roof: Composition
  • View: Territorial
  • Lot Features: Curbs, Paved, Sidewalk
  • View: Yes
  • Waterfront: No
  • Exterior Features: Wood Products
  • Foundation Details: Poured Concrete
  • Property Condition: Very Good
  • Structure Type: Multi Family

Garage/Parking

  • Carport Y N: No
  • Open Parking Spaces: 32
  • Open Parking: Yes
  • Total Parking Spaces: 32
  • ParkingUncoveredSpaces: 32

Utilities

  • Sewer: Sewer Connected
  • Cooling: None
  • Cooling Y N: No
  • Heating: Baseboard
  • Heating Yn: Yes
  • WaterSewerGarbage: 26158

Condo/Co-op/Association

  • Senior Community: No
  • Association: No

Fee Information

  • Annual Fuel Expense: 26159

Schools

  • Junior High Dist: Sprague

Lot Info

  • Parcel Number: 152342601
  • Lot Size Acres: 0.9207
  • Lot Size: 40107
  • Lot Size Sq Ft: 40107
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • MLSLotSizeSource: SPV
  • ZoningJurisdiction: City
  • ZoningClass: Commercial

Green Features

  • Power Production Type: Electric

Rental Info

  • GrossRentMultiplier: 16
  • LeasedItems: Washer/Dryer
  • TotalMonthlyIncome: 37600

Multi Family

  • Gross Scheduled Income: 597633
  • Net Operating Income: 248582
  • Number Of Units Total: 1
  • Electric Expense: 26158
  • Insurance Expense: 4988
  • Leasable Area: 16800
  • EnergySource: Electric
  • UnitsInBuildingTotal: 32
  • UnitsBelowGrade: false
  • VacancyRate: 0

Tax Info

  • Year: 2023
  • Tax Annual Amount: 14315
  • AdditionalTaxIds: 152342601

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Oct 13, 2023
Closed on
May 15, 2024
Sold by
Turning Leaf Furnished Townhomes Llc
Bought by
Northside 32 Llc
Seller's Agent
Winslow Lee
Kidder Mathews
Buyer's Agent
Winslow Lee
Kidder Mathews
List Price
$4,025,000
Sold Price
$2,837,500
Premium/Discount to List
-$1,187,500
-29.5%
Views
96

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,000,000
Outstanding Balance
$1,977,151
Interest Rate
6.82%
Mortgage Type
New Conventional

Purchase Details

Closed on
Aug 9, 2016
Sold by
Turning Leaf Apartment Homes Llc
Bought by
Turning Leaf Furnished Townhomes Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$810,000
Interest Rate
3.42%
Mortgage Type
Commercial

Purchase Details

Closed on
Jun 10, 2013
Sold by
Northwest Property Llc
Bought by
Turning Leaf Apartments Homes Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$582,263
Interest Rate
3.38%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 12, 2013
Sold by
Daiichi Solar World Llc
Bought by
Northwest Property Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$582,263
Interest Rate
3.38%
Mortgage Type
Commercial

Purchase Details

Closed on
Jan 13, 2006
Sold by
Pineridge Apartments Lp
Bought by
Nw Apartment Portfolio I Llc

Purchase Details

Closed on
Jun 3, 2004
Sold by
Kalin Kenneth T and Kalin Donna J
Bought by
Daiichi Solar World Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,200,000
Interest Rate
6.27%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Northside 32 Llc $2,832,500 Chicago Title
Turning Leaf Furnished Townhomes Llc -- Ticor Title Company
Turning Leaf Apartments Homes Llc $860,000 Spokane County Title Co
Northwest Property Llc $3,600,000 Spokane County Title Co
Nw Apartment Portfolio I Llc $1,970,500 Transnation Title
Daiichi Solar World Llc $4,266,666 Pacific Nw Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Northside 32 Llc $2,000,000
Previous Owner Turning Leaf Furnished Townhomes Llc $1,540,000
Previous Owner Turning Leaf Furnished Townhomes Llc $70,000
Previous Owner Turning Leaf Furnished Townhom $327,000
Previous Owner Turning Leaf Furnished Townhomes Llc $3,270,000
Previous Owner Turning Leaf Furnished Townhomes Llc $810,000
Previous Owner Turning Leaf Apartment Homes Llc $171,439
Previous Owner Turning Leaf Apartments Homes Llc $582,263
Previous Owner Daiichi Solar World Llc $4,200,000
Closed Daiichi Solar World Llc $400,000
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
05/17/2024 05/17/24 Sold $2,837,500 -14.0% $169 / Sq Ft
03/01/2024 03/01/24 Pending -- -- --
01/11/2024 01/11/24 Price Changed $3,300,000 -18.0% $196 / Sq Ft
12/04/2023 12/04/23 For Sale $4,025,000 0.0% $240 / Sq Ft
10/31/2023 10/31/23 Pending -- -- --
10/13/2023 10/13/23 For Sale $4,025,000 -- $240 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $8,863 $949,740 $126,040 $823,700
2024 $8,863 $908,640 $126,040 $782,600
2023 $5,851 $769,420 $84,020 $685,400
2022 $5,239 $653,020 $84,020 $569,000
2021 $6,850 $633,920 $84,020 $549,900
2020 $7,354 $642,320 $70,020 $572,300
2019 $6,169 $551,120 $70,020 $481,100
2018 $6,757 $515,610 $45,510 $470,100
2017 $6,348 $488,110 $42,010 $446,100
2016 $6,437 $476,710 $42,010 $434,700
2015 $6,505 $496,210 $42,010 $454,200
2014 -- $493,750 $42,550 $451,200
2013 -- $0 $0 $0
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 2171457

Northwest Multiple Listing Service (NWMLS)

APN: 36203.2006