304 Barker StMedical Lake, WA 99022

This exceptional 10-unit apartment building in Medical Lake, WA, presents a compelling investment opportunity. Located at 304 E Barker St, this property boasts a 9,000 square foot net rentable area across a two-story building constructed in 1966. The property sits on a 13,144 square foot lot and includes 10 parking spaces. Currently operating at 100% occupancy (as of July 9, 2024), the property offers a 7.06% cap rate and a pro-forma cap rate of 5.10%, with a pro-forma NOI of $61,226. The asking price is $1,200,000, or $120,000 per unit. The property is zoned R-3 and offers a mix of one and two-bedroom units averaging 900 square feet. Significant upside potential exists through renovations and operational improvements, with units currently renting below market rates, allowing for a potential $95 monthly increase per unit post-renovation. The property benefits from its location within 20 minutes of downtown Spokane and its proximity to major employers including Amazon, Fairchild Air Force Base, and Providence Health Care. The strong rental submarket in Medical Lake, a landlord-friendly community, further enhances the investment appeal. This property offers a clear path to significant returns for the savvy investor. The APN is 14181.4106.