Equity Pacific is pleased to announce the sale of the 65-Unit Cedar Village Apartments located at 8805 N Colton Street in Spokane, Washington, which has sold for $3.7M ($56,923 per unit and $88 per SF). Built in 1976 and located in the Hill n’ Dale neighborhood in North Spokane, Cedar Village comprises forty nine (49) 1BR/1BA units and sixteen (16) 2BR/1BA units in an attractive and quiet garden courtyard setting.
Listed for $3.5M in September, Equity Pacific presented multiple offers which led to an above asking price sale in what has become an increasingly strong Spokane multi-family investment market. At the time of the sale, the owner had remodeled the majority of the 65 units. Quality upgrades to the unit interiors included new flooring, paint, appliances, countertops, doors and fixtures. Additionally, the baseboard electric heaters were removed and replaced with an electric Cadet-style in-wall heater in each room. Exterior upgrades to the property included all new exterior paint as well as removing all the fireplace chimneys from the roofs, creating a much more appealing, streamlined look.
Cedar Village comprises four multi-family buildings, along with a fifth structure used as a Manager’s leasing office on the upper floor and common area laundry service on the lower level which adds additional income. There is also a seasonal outdoor pool situated directly in front of the Manager’s office.
Jason Waxberg represented the seller to the transaction.
8805 N Colton Street | Spokane, Washington 99218