Oasis Apartments
A 13-unit multifamily asset consisting of three triplex buildings and one fourplex with proven market rents in-place. Located in Spokane Valley, WA, this property offers immediate cash flow, value-add upside, and compelling value for entry-level investors or those looking to expand their portfolio in Spokane.
Stable 13-Unit Cashflow Investment
This offering includes three triplex buildings and one fourplex with stable in-place tenants, providing immediate cash flow and low operational complexity—ideal for entry-level investors or those expanding a Spokane Valley portfolio. The compelling price per unit and basis make this an attractive opportunity.
Attractive Unit Mix with Modern Finishes
The asset includes five two bedroom one bathroom units and eight one bedroom one bathroom units. Completed capital projects include updated electrical panels, new roofs, and LVP flooring.
Undersupplied Workforce Housing Submarket
Spokane Valley continues to experience robust demand for workforce housing positioning this asset to benefit from long-term rent growth and low vacancy trends.
Neighborhood Location
Located in a quiet residential area with easy access to Interstate 90, schools, and retail amenities, the property caters to families and commuters, supporting consistent occupancy and tenant retention.
Offering Details
Offered at $1,775,000, Oasis Apartments is a 13-unit multifamily asset in Spokane Valley, WA 99212. The property offers proven value-add upside, flexible exit strategies, and is located in the heart of Spokane Valley with strong rental fundamentals.
Access DocumentsProperty Summary
Property Name
Oasis Apartments
Address
5004-5010 E 1st Ave
City, State, Zip
Spokane Valley, WA 99212
Year Built
1955
Property Type
Multifamily Asset
Buildings
4 buildings on individual parcels
# of Units
13
Average SF Per Unit
776.92
Net Rentable SF
10,100
Pricing Summary
Price
$1,775,000
Price / Unit
$136,538
Price / SF
$175.74
Current CAP Rate
5.32%
Proforma CAP Rate
7.33%
The Opportunity
Operational Value-Add Upside
Oasis Apartments is a well-maintained 13-unit multifamily property located in Spokane Valley, consisting of three triplexes and one fourplex built in 1955. The property features spacious unit layouts with five two-bedroom one-bathroom units and eight one-bedroom one-bathroom units, private entrances, and minimal shared walls. These attributes contribute to strong tenant retention and rent premiums compared to traditional apartments.
With proven market rents and upside potential, Oasis Apartments stands out as a low-density, high-demand rental option in one of Eastern Washington's most resilient markets. Each of the four buildings sits on its own parcel, offering investors flexibility for future exit strategies—whether held as a single asset or sold off individually to maximize value.
The Location
Central Spokane Valley location near schools, shopping, and employers
429.897.587.985Photographs
Want to see these opportunities before they hit the broader market?
Market Overview
Spokane Valley, WA
Spokane Valley is a suburb located in Eastern Washington and west of Coeur d'Alene, Idaho. With a population of 110,291 and a labor force of 51,614, Spokane Valley is the 8th largest city in Washington state as of 2023. Major employers are abundant at the multiple business and industrial parks including the Spokane Business & Industrial Park which features top employers such as Kaiser Aluminum and Pyrotek.
From early days of agricultural production to now hosting several major manufacturers and distributors in a variety of industries, the city is a significant part of the growing Spokane metro. The Valley offers access to skilled labor, a major interstate and two Class 1 railroads, an average 20-minute commute time, low taxes, streamlined permitting, and other growth incentives that create a quality of life that makes businesses and employees want to stay.
Reasons To Invest Here
- -2.3%
Average rent growth
(Spokane Valley)
- 92.3%
Average occupancy
(Market rate)
- 2.05%
Population growth
(Annual growth)
- $60K
Median HH income
(Spokane Valley)
- 4.0%
Unemployment rate
(Low unemployment)
- 4
Individual parcels
(Exit flexibility)
- $1,129
Current avg rent
(Below market)
- Low-density
Asset type
(High demand)
Our Team
Multifamily Mason
Multifamily Mason is a brokerage firm specializing in multifamily property sales and advisory services within the Inland Northwest. We uphold the core values of integrity, mastery, and ownership. These principles guide all our business decisions and interactions with our clients, investors, and stakeholders.
Our extensive market knowledge, in-depth data analysis, valuable insights, and strong industry relationships have established us as trusted advisors and a go-to source for those exploring the Inland Northwest markets or investing in multifamily properties within tertiary markets.
We foster long-term relationships and prioritize our clients' best interests, even if it means delaying immediate deals. We believe in collaboration and creating opportunities for mutual success, including working with potential competitors.
Lead Broker
Peter Clark
Peter leads the Spokane/CDA region, leveraging his diverse background that includes eight years with Gonzaga Athletics, the development of a successful gym in Spokane, and the creation of a youth sports performance facility in the Tri-Cities. A Spokane native with degrees from Whitworth University (B.A.) and Gonzaga University (M.A.), Peter combines his sales and business acumen with deep local market knowledge. His commitment to his family and community, coupled with his drive for excellence, allows him to provide valuable expertise and build lasting relationships with multifamily property owners, investors, and developers in the Inland Northwest.
Contact
Interested in
learning more?
Please fill out the contact form and we will be in touch.
Or feel free to contact us using the information below!