Description
Located in Spokane’s up-and-coming Hillyard neighborhood, the Queen Apartments offer an affordable, turnkey multifamily investment. Units feature new LVP flooring and fresh interior paint, allowing an investor to lease the remaining vacancies and generate immediate cash flow. The property includes a mix of 2bed/1bath, 1bed/1bath, and SRO units, plus a backyard storage shed and a basement with potential for a future laundry room. With an 8.34% cap rate (vs. the 2025 county average of 6.41%) and a price of $56,250/unit—well below the $124,413 county average—this asset provides clear value upside. Over $150,000 in recent improvements and a simple, low-maintenance layout make ownership easy, while the area’s expected growth from the North–South Freeway completion in 2030 adds long-term appreciation potential.
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0BEDS
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0.11ACRES
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0BATHS
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01/2 BATHS
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4,656SQFT
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$97$/SQFT
Description
Located in Spokane’s up-and-coming Hillyard neighborhood, the Queen Apartments offer an affordable, turnkey multifamily investment. Units feature new LVP flooring and fresh interior paint, allowing an investor to lease the remaining vacancies and generate immediate cash flow. The property includes a mix of 2bed/1bath, 1bed/1bath, and SRO units, plus a backyard storage shed and a basement with potential for a future laundry room. With an 8.34% cap rate (vs. the 2025 county average of 6.41%) and a price of $56,250/unit—well below the $124,413 county average—this asset provides clear value upside. Over $150,000 in recent improvements and a simple, low-maintenance layout make ownership easy, while the area’s expected growth from the North–South Freeway completion in 2030 adds long-term appreciation potential.
© 2026 of Spokane Association of REALTORS® MLS. All rights reserved. Listing information courtesy of Spokane Association of REALTORS® MLS. IDX data is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by the SARMLS. Data last updated 2026-02-07T00:20:33.047.