What is the asking price for Queen Apartments?

The lease rate for space here is Contact for pricing.

What is the total size of Queen Apartments?

The property has a total square footage of 4,656 SF.

When was this property built?

Queen Apartments was built in 1902.

How many parking spaces are available at Queen Apartments?

Parking information for the property isn't currently listed. However, other nearby parking options include Greene Street Trailhead, located 1.81 miles away , and NorthTown Mall Parking, which is 1.91 miles away.

3011 E Queen Ave, Spokane, WA 99217

For Sale $395,000
Property Type Multi-Family
Property Size 4,656 SF
Units 8
Lot Size 0.11 Acre
Year Built 1902
Date Updated May 18, 2026

Description

Located in Spokane’s up and coming Hillyard neighborhood, the Queen Apartments present an affordable multifamily opportunity with significant upside. The units feature new flooring and fresh interior paint, making it easy for an investor to step in, lease the remaining vacant units, and start generating immediate cash flow. With a mix of 1 2bed/1bath unit, 1 1bed/1bath unit, and 6 single room occupancy units, along with a backyard storage shed and a basement that could be converted into a laundry room, this property offers a steady income stream and major upside potential. It is a compelling investment for anyone looking to capture strong returns in a rapidly improving area.

Highlights

Attractive Price Per Unit: Priced at $49,375/unit, this asset sits far below the countywide 2025 average of $124,413/unit, creating immediate value upside.
Compelling Cap Rate: The property offers a cap rate of 9.5%, compared to the Spokane County 2025 average of 6.41%, giving investors a clear return premium.
High Growth Neighborhood Outlook: The Hillyard area is expected to benefit significantly from the planned completion of the North South Freeway in 2030, bringing new activity, access, and long term appreciation potential.
Major Capital Improvements Completed: More than $150,000 in recent upgrades, including a new backyard storage shed, fresh interior paint, and new LVP flooring, provide a clean and updated building ready for new tenants.
Simple and Low Maintenance Operations: With one building, one roof, and an easy to manage layout, the property offers low maintenance and straightforward ownership for any investor.