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RIVER RIDGE APARTMENTS1608 E MISSION AVESPOKANE, WA 99202
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
SVN | CORNERSTONE | 1311 N. WASHINGTON STREET, SUITE D, SPOKANE, WA 99201 OFFERING MEMORANDUM
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty orrepresentation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
PROPERTY OVERVIEW
Property includes a full city block with 29 rental units. This complex includes 27 twoand three bedroom apartments, one duplex, and a single family residence.Located along the Spokane River just east of the Gonzaga University District.
PROPERTY HIGHLIGHTS
• Conveniently located to downtown, less than 1 mile to Gonzaga University and onthe Spokane River.
• Potential to build an additional 20-27 units on approximately 29,000 SF ofdevelopable land.
• Potential for rental rate increases
• Call Listing Agents for more details.
Sale Price $2,780,000
OFFERING SUMMARY
Building Size: 24,280 SF
Lot Size: 79,594 SF
Price / SF: $109.97
Cap Rate: 5.4%
NOI: $150,001
Year Built: 1961
Zoning: Multi-Family
APN:351620505 351620504351620503 351620502
351620501
River Ridge Apartments1608 E Mission Ave, Spokane, WA 99202
East Mission Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty orrepresentation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
River Ridge Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty orrepresentation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
LOCATION INFORMATION
Building Name River Ridge Apartments
Street Address 1608 E Mission Ave
City, State, Zip Spokane, WA 99202
County Spokane
Signal Intersection No
BUILDING INFORMATION
NOI $150,001.22
Cap Rate 5.4
Building Class B
Year Built 1961
Free Standing Yes
Number of Units 29
Traffic Count 19564
River Ridge Apartments
INCOME SUMMARY
Total Income $280,440
EXPENSE SUMMARY
Property Taxes $16,545Insurance $11,996Management $22,761Repairs/Maintenance $20,412Water/Sewer/Garbage $39,075Electricity $3,776Landscape & Snow Removal $15,873
Gross Expenses $130,438
Net Operating Income $150,001
River Ridge Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirmaccuracy and completeness. All SVN® offices are independently owned and operated.
INVESTMENT OVERVIEW
Price $2,780,000
Price per Unit $95,862
GRM 9.4
CAP Rate 5.4%
Cash-on-Cash Return (yr 1) 5.4 %
Total Return (yr 1) $150,001
OPERATING DATA
Total Scheduled Income $295,200
Vacancy Cost $14,760
Gross Income $280,440
Operating Expenses $130,438
Net Operating Income $150,001
River Ridge Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirmaccuracy and completeness. All SVN® offices are independently owned and operated.
1311 N. Washington StreetSuite DSpokane, WA 99201T 509.499.9229C [email protected] #44400
PROFESSIONAL BACKGROUND
Matthew Byrd is co-owner and founding partner of SVN Cornerstone aNational Commercial Real Estate firm in Spokane, Washington offeringservices in office, retail, investment, multi-family, and developmentproperties.Matthew offers over 24 years experience in the Spokane real estate industry.Matthew’s primary focus is office, multi-family, multi-use, and investmentproperties, primarily in the Spokane Area. Matthew has been involved in over20 sales and leasing transactions in the downtown core in the past 5 years.His client list includes the City and County of Spokane, Next IT, Venture Data,Avista Labs, DCI Engineers, Spokane CHAS Clinic, and People to PeopleAmbassador Programs.A native of the Spokane area, Matthew has many associations andrelationships providing valuable experience and knowledge to his clients.
EDUCATION
Gonzaga University - Bachelor of Arts Finance
MEMBERSHIPS & AFFILIATIONS
Spokane Trader's ClubSpokane Association of RealtorsCCIM Candidate
MATTHEW BYRD
Senior Advisor
River Ridge Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirmaccuracy and completeness. All SVN® offices are independently owned and operated.
1311 N. Washington StreetSuite DSpokane, WA 99201T 509.993.4440C [email protected]
PROFESSIONAL BACKGROUND
Nate Gant is an Associate Advisor with SVN Cornerstone. Nate has been anactive member of the Eastern Washington real estate community since 2010.He has brokered more than $75 million in real estate transactions,specializing in land development, REO and investment properties.
Nate is originally from Southwest Iowa where his family are active farmers.He has had the opportunity to live in Iowa, Maryland, Nevada, Missouri,Colorado and has called Spokane, WA home since 2000.
He has two sons and they enjoy all the outdoor activities that Eastern, WAand Northern Idaho have to offer. From an occasional round of golf tomountain biking, paddle boarding in the summer, to snowboarding in thewinter!
2019 – Present: SVN Cornerstone, Advisor Commercial RE Broker2013 – 2019: RE/MAX of Spokane, Broker2010-2013: Windermere Manito
EDUCATION
Missouri Valley College
MEMBERSHIPS & AFFILIATIONS
National Association of Realtors
NATE GANT
Associate Advisor
River Ridge Apartments
Matthew ByrdSenior [email protected]
Nate GantAssociate [email protected]
The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirmaccuracy and completeness. All SVN® offices are independently owned and operated.
