3011 E Queen Ave, Spokane, WA 99217 — Value-Add Multifamily Opportunity

3011 E Queen Ave is a strong value-add multifamily opportunity featuring an 8-unit building with a unique SRO configuration and significant upside through unit conversion. The bottom floor already features a 2 bed / 1 bath unit and a 1 bed / 1 bath unit, while the upper two floors consist of SRO units with shared bathrooms. By adding four additional bathrooms—two on the second floor and two on the third floor—the property can be repositioned into 8 fully independent units. With a tax assessed value of $439,000 this presents an opportunity to acquire below assessed value while executing a clear value-add strategy in Spokane’s growing Hillyard submarket.

Quick Property Facts

Lot Size: ~0.11 Acres
Property Type: 8-Unit Multifamily
Current Layout:
• 1 × 2 bed / 1 bath (main floor)
• 1 × 1 bed / 1 bath (main floor)
• 6 × SRO units (shared bathrooms across 2 upper floors)
Total Bathrooms: 4 (2 shared on upper floors)
Living Area: ~4,656 sq ft
Year Built: 1902
Tax Assessed Value: $439,000

Key Investor Highlights

Unit Conversion = Major Value Creation
Opportunity to add 4 additional bathrooms (2 per floor on upper levels) and convert the property into 8 fully independent units, significantly increasing rental income and overall asset value.

Strong Post-Renovation Income Profile
After renovations, projected rents support:
• $9,850/month
• $118,200/year

Below Assessed & Market Value
With an assessed value of $439K and current pricing below that, investors are stepping into immediate equity with additional upside through repositioning.

Below-Market Price Per Unit
Currently priced at ~$49K/unit, well below Spokane averages, leaving substantial room for forced appreciation.

Existing Cash Flow with Upside
Property is partially occupied with in-place income and additional upside through lease-up and repositioning..

Located in a Growing Submarket
Hillyard is seeing continued growth and infrastructure expansion, supporting long-term appreciation potential.

Multiple Exit Strategies
• Stabilize and hold for cash flow
• Refinance after increasing NOI (BRRRR)
• Sell as a stabilized 8-unit at higher valuation (~$800K ARV target)

Bring your vision — clear path to unit conversion, strong rent upside, and significant forced appreciation through a well-defined execution plan.

For any additional questions or details please contact Nathan Hall at (509) 425-5952.

Disclaimer:
The property values, projections, and figures provided on this website are for informational purposes only and represent rough estimates based on current market data. Buyers, sellers, and investors should conduct their own due diligence and consult with appropriate professionals before making any financial decisions. Hall Street and its agents assume no liability for decisions made based on this information.

Assignment of Contract Opportunity – Not a Listing

Hall St LLC is offering an equitable interest via assignment of contract for property at 3011 E Queen Ave, Spokane. This is not a brokered listing and we do not own the property.

This is an offer to assign our contractual rights to purchase the subject property. The seller has authorized contract assignment.

I am a Licensed Real Estate Broker (#24032461) with Amplify Real Estate Services. All disclosures required under Washington State real estate law will be provided.