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LCR
206 S Post Street, Spokane, WA 99201
- $6,400,000
- 56,800
- SqFt
Listing Broker: Kidder Mathews; Max Frame; 360-705-2800; max.frame@kidder.com
- List Price
- $6,400,000
- Status
- ACTIVE
- MLS#
- 2595441
- Style
- 56 - 10+ Units
- Building Condition
- Updated/Remodeled
- Finished SqFt
- 56,800
- Area Total SqFt
- 56800
- Annual Tax Ammount
- 21819
- Lot Size (sq ft)
- 14,200
- Sewer
- Sewer Connected
Property Description
Kidder Mathews is pleased to present 206 Flats, a 74-unit apartment community with three ground-floor commercial spaces located in the heart of Downtown Spokane. Originally constructed in 1890, this seven-story, 56,800 SF historic property has undergone millions of dollars in renovations, including updated electrical and plumbing systems, fire sprinklers, renovated unit interiors, and significant mechanical upgrades. The property features 60 studio apartments, 14 one-bedroom units, central air conditioning, shared laundry facilities, two elevators, and underground parking. 206 Flats offers investors a stabilized, income-producing asset with a history of 95%+ occupancy, established commercial tenants with long-term leases and annual rent increases, and additional upside through rental growth and potential repurposing of underutilized common areas. Ideally positioned near Spokane's Hospital District, University District, Riverfront Park, shopping, dining, and major employment centers, 206 Flats represents a compelling opportunity to acquire a renovated mixed-use investment property in Downtown Spokane.
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Additional Information
- Community
- Spokane
- Net Operating Income
- $397,213
- Gross Adjusted Income
- $872,129
- Gross Scheduled Income
- $703,563
- Total Monthly Income
- $67,795
- Insurance Expenses
- $54,502
- Water/Sewer/Garbage Expenses
- $48,948
- Gross Rent Multiplier
- 15
- Total Expenses
- $474,916
- Cap Rate
- 6.2
- Vacancy Rate
- 4
- Total Number of Units
- 5
- Unit Name
- 206
- Potential Terms
- Cash, Conventional
- Year Built
- 1890
- View
- City
- Roof
- Flat
- Electric Expenses
- 48948
- Other Expenses
- 251751
- Energy Source
- Electric
- School District
- Spokane
- Total Monthly Income
- $67,795
- Gross Scheduled Income
- $703,563
- Vacancy Rate
- 4
- Gross Adjusted Income
- $872,129
- Tax Year
- 2026
- Insurance Expense
- $54,502
- W/S/G Expenses
- $48,948
- Total Expenses
- $474,916
- Net Operating Income
- $397,213
- Gross Rent Multiplier
- 15
- Cap Rate
- 6.2
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.