Pend Oreille Apartments and Miners Hotel 101 W Fourth Ave

101 W 4th Ave is your rare opportunity to own a 57 unit, five story apartment building! Property has 29 one bedroom, 18 studio, and 10 two bedroom units, all with single bathrooms and a full basement with community laundry, bathrooms, and rec area. All floors accessible by elevator, and each unit has the opportunity to be individually metered. Each room is serviced by electric heat, and newer vinyl thermo pane windows have been installed throughout the building. The units are very spacious, clean and well maintained. The building is a concrete and brick structure that was originally started in 1929 as two levels and was never finished until the early 1950's when the additional 3 levels were added and the building was completed! Property currently has over a 8.52% cap rate, with a projected 9%+ cap rate in 2024! The building is serviced by the local PUD for electric, water, and sewer services.
Property has Art Deco style, matching the designs of famous Spokane architect Kirtland Cutter who designed several other local buildings in the early 1900's. When the building was first built is was labeled as the Miners Hotel, and in 1996 when the movie "The Postman" was filmed in the area, the top two floors were remodeled by the movie company.