
10th Avenue Apartments
A seven-unit, light value-add multifamily investment opportunity in Spokane's desirable South Hill neighborhood.
Targeted Value-Add
Three remaining unrenovated units provide a defined path to increased rental income through interior upgrades. Improve unit quality and capture upside while benefiting from established operating history.
Historic Character & Stable Tenancy
Built in 1909, the property retains the architectural character associated with Spokane's historic neighborhoods. Four renovated units establish a baseline for operations with stable tenants.
Engaged Ownership
Ownership is prepared to evaluate the market and engage with qualified investors, providing an opportunity to obtain a well-located asset with identified upside.
Desirable South Hill Location
Located on Spokane's South Hill, the property offers convenient access to neighborhood services, transit connections, the South Hill's extensive park system, and downtown Spokane.
Offering Details
Offered at $849,000, or $121,286 per unit, 10th Avenue Apartments features a 7.42% in-place cap rate with a clear path to an 8.02% pro forma cap rate through targeted unit renovations.
Access DocumentsProperty Summary
Property Name
10th Avenue Apartments
Address
1414 W 10th Avenue
City, State, Zip
Spokane, WA 99204
Year Built
1909
Parcel ID
25244.4114
Zoning
RMF
Acreage
0.18
# of Units
7
SF Per Unit
821
Net Rentable Space
5,750 SF
Pricing Summary
Price
849,000
Price / Unit
$121,286
Price / SF
$147.65
Current CAP Rate
7.42%
Pro Forma CAP Rate
8.02%

The Opportunity
Historic South Hill Value-Add
10th Avenue Apartments is a seven-unit multifamily property offering immediate income with a clear path to additional growth. Four units have already been renovated, establishing a standard for the three remaining unrenovated units. The property's historic character, established tenancy, and excellent South Hill location provide an accessible entry point into the Spokane multifamily investment market.
The Location
Lower South Hill Location Near Downtown and Spokane's Medical District
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Market Overview
Spokane, WA
Spokane is the economic and cultural hub of the Inland Northwest and the largest urban market in eastern Washington. The city serves as a regional center for healthcare, education, government, logistics, manufacturing, and professional services, offering investors access to a diversified employment base at a lower cost than many West Coast markets. While population growth has moderated from the rapid gains seen during the prior cycle, Spokane continues to benefit from long-term in-migration, relative affordability, short commute times, and its role as the primary service center between Seattle and the Northern Rockies. The market’s largest employers include Fairchild Air Force Base, Providence Inland Northwest Washington, the State of Washington, Spokane Public Schools, Amazon, and MultiCare Health System - Inland Northwest. Spokane is also a major higher education center, anchored by Gonzaga University, Whitworth University, Eastern Washington University, Washington State University - Spokane, and Community Colleges of Spokane. Spokane International Airport, located approximately seven miles west of downtown, is the second-largest commercial service airport in Washington and recorded its busiest year ever in 2025, with more than 4.35 million passengers. Spokane’s lifestyle remains a key demand driver for residents and employers. The city is situated along the Spokane River and offers year-round access to outdoor recreation, including hiking, biking, skiing, boating, and lake activities throughout eastern Washington and North Idaho. Located between the Cascade and Rocky mountain ranges, Spokane offers four distinct seasons, access to multiple ski resorts within roughly two hours, and dozens of regional lakes, supporting a quality of life that continues to attract new residents and long-term investment capital.
Reasons To Invest Here
- 0.6%
Average Rent Growth
(Q1 2026)
- 92.4%
Average Occupancy
(Q1 2026)
- 4.7%
Unemployment Rate
(Q1 2026)
- $1,386
Median Rent
(Q1 2026)
- 610K
Est Population(Spokane MSA)
(Q1 2026)
- $86.7k
Media HH Income
(Q1 2026)
- -0.1%
Home Price Growth(YOY)
(Q1 2026)
- $401K
Median Home Income
(Q1 2026)
Sources available upon request.
Our Team
Multifamily Mason
Multifamily Mason is a brokerage firm specializing in multifamily property sales and advisory services within the Inland Northwest. We uphold the core values of integrity, mastery, and ownership. These principles guide all our business decisions and interactions with our clients, investors, and stakeholders.
Our extensive market knowledge, in-depth data analysis, valuable insights, and strong industry relationships have established us as trusted advisors and a go-to source for those exploring the Inland Northwest markets or investing in multifamily properties within tertiary markets.
We foster long-term relationships and prioritize our clients' best interests, even if it means delaying immediate deals. We believe in collaboration and creating opportunities for mutual success, including working with potential competitors.
Lead Broker
Peter Clark

Peter leads the Spokane/CDA region, leveraging his diverse background that includes eight years with Gonzaga Athletics, the development of a successful gym in Spokane, and the creation of a youth sports performance facility in the Tri-Cities. A Spokane native with degrees from Whitworth University (B.A.) and Gonzaga University (M.A.), Peter combines his sales and business acumen with deep local market knowledge. His commitment to his family and community, coupled with his drive for excellence, allows him to provide valuable expertise and build lasting relationships with multifamily property owners, investors, and developers in the Inland Northwest.
Contact
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