Overview & Investment Thesis This 21-unit complex—comprised of two adjacent buildings at 2824 E Wabash Ave (12 units, built 1976) and 4822 N Nelson St (9 units, built 1973 with an effective update in 1996)—offers a rare opportunity in Spokane’s growing rental market. Priced at just $2,100,000, the asset is positioned well below current market valuations, creating immediate equity upside for the right buyer. Key Selling Points Below-Market Pricing & Attractive Unit Metrics Compelling Price Point: With 21 units, even a conservative market valuation of $150,000 per unit would suggest a value north of $3 million. In today’s environment, several similar properties have been transacting at or above that threshold. This property’s price represents significant built-in upside. Sales Comps: Recent transactions in Spokane’s multi-family segment have shown comparable assets fetching higher per-unit prices. For example, several multi-family complexes in similar neighborhoods have closed between $140,000 and $175,000 per unit, reinforcing that at $2.1 million, this asset is attractively priced. Value-Add Opportunity Through Operational Improvements Mismanaged Potential: Historically, these properties have seen mismanagement in expense controls and rent increases. A proactive new owner can streamline operations, implement modern management practices, and strategically raise rents to boost NOI. Ongoing Upgrades: Both buildings have benefited from steady improvements over the years (e.g., LVP flooring, updated appliances, fresh paint, and new carpeting), which reduces the immediate capital expenditure needed to attract quality tenants while still leaving margin for further upgrades. Favorable Local Market Dynamics Economic Growth & Rental Demand: Spokane continues to experience strong economic growth with a robust influx of new residents. This drives demand for quality rental housing, making multi-family properties particularly attractive. Location Advantages: Situated in a stable and transitional neighborhood, these properties benefit from proximity to key amenities, employment centers, schools, and transit corridors. Investors can expect steady occupancy and rent growth as the area continues to evolve. Future Appreciation: Given the ongoing trends in rent growth and an improving regional economy, properties that are currently underperforming operationally can see significant appreciation once management issues are addressed. Supporting the Price & Market Value Recent market data from Spokane indicates that multi-family properties—especially those with similar unit counts and layouts—are commanding higher prices. For instance, similar 20–unit assets have recently sold for $2.8–3.0+ million, depending on condition and management. This asset’s current price, therefore, is not only a bargain but also provides a margin for value creation through: Enhancing operational efficiencies. Strategically aligning rents with market trends. Capitalizing on the area's long-term growth prospects. Conclusion This 21-unit complex represents a compelling value-add opportunity in Spokane. With a price set well below market comparable and significant upside potential through improved management and strategic rent adjustments, investors looking to capitalize on Spokane’s strong rental market should take a closer look at these assets.