Exclusive Multifamily Opportunity
229 S. Adams Road | Spokane Valley, WA 99216
OPPORTUNITY
Berkadia Seattle Investment Sales is pleased to announce it has been retained as the exclusive listing broker for Adams Square in Spokane, WA.
Located in the Spokane Valley, Adams Square sits directly between downtown Spokane and Post Falls – providing seamless access to all nearby amenities and employers. The Spokane MSA has a robust workforce largely led by Providence Health & Services, Amazon Distribution Centers, Aerospace and Education providers, and most recently, a rapidly growing industrial presence led by the Douglass Business Park. As a County, Spokane is projected to achieve rent growth surpassing 35% by 2035, while maintaining average occupancy of 95.5% (YardiMatrix).
At a property level, Adams Square is setting the standard for operations in the market – highlighted by .27% Bad Debt (T3/12 figure of $3,738).
Built in 1976, Adams Square consists of 106 classic homes primed for a programmatic renovation during the next owner’s hold period and will be an ideal asset for buyers looking to either plant a flag or grow scale throughout the Spokane Valley.
- Address
- City, State, Zip
- County
- Parcel Number
- Zoning
- Site Size/Acreage
- Year Built
- Units
- Buildings
- Stories
- Rentable SF
- Avg. Unit SF
- Avg. Market Rent
- Avg. Market Rent/SF
106
units
1976
YEAR BUILT
638
Average SF
ASSET
Adams Square is a vibrant community offering 106 quality one and two-bedroom homes, averaging 638 square feet. Centrally located in Spokane Valley, it is perfectly situated near hiking trails, shops, and restaurants, providing convenience and accessibility. The community boasts unique amenities, including a dog park, a new barbecue area, a laundry facility, and a playground, all designed to enhance the residents’ living experience.
Unit Mix:
1 BEDROOM
68 Units
568 SF
2 BEDROOM
38 Units
764 SF
Value-Add
Throughout the next owner’s hold period, Adams Square will be primed for a full interior renovation – including stainless steel appliances, new countertops and cabinet fronts, lighting, fixtures, and paint. Along with new vinyl flooring throughout the living room. Such an improvement could move NOI north of $254,000 as rents increase roughly $214.
$214+
Renovated Premiums
In-Place Standard Rents to
Berkadia Reno Pro Forma
Berkadia Reno Pro Forma
$254k+
Potential NOI Growth
December T-12 to
Berkadia Reno Pro Forma
Berkadia Reno Pro Forma
CONTACT US
Investment Sales
GEORGE PALLIS
Senior Director
WA CRE #138339
206.801.3070
[email protected]
BEN JOHNSON
Managing Director
WA CRE #114515
206.801.3144
[email protected]
DAVID SORENSEN
Managing Director
WA CRE #26603
206.801.3102
[email protected]
PETER DUDUNAKIS
Associate Director
WA CRE #24008898
206.795.4169
[email protected]
Mortgage Bankers
ROBERT DOXSEE
Managing Director
425.777.0235
[email protected]
MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]
CONNOR LEMLEY
Associate Director
206.455.1592
[email protected]
Bellevue Office
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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