Project Description

Spokane, Washington

The Wedgewood Park Apartments was built in 1981 and consist of 120 units spread over 8 buildings, plus a pool. There is a single studio unit which was formerly part of a 2 bedroom unit. The remainder of the 2 bedroom is now used as storage and maintenance space. There is also one additional 2 bedroom unit which is currently being used for maintenance and another 2 bedroom unit serves as the leasing office. All of these spaces could be easily turned back into income generating square footage. The property is served by 2 common laundry facilities. Every unit has air conditioning and 90 of the units have microwaves. Parking is plentiful and there are 48 carports in addition to the uncovered parking stalls.

Transaction Details

CLOSING PRICE

$5,930,000

CAP RATE

6.5%

BUYER

Private Investor

SELLER

Goodman Real Estate

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