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Garland9
For Sale

Garland9

A well-maintained 9-unit triplex portfolio across three parcels in Spokane’s Garland District, Garland9 pairs proven in-place performance with clear rent upside as remaining units turn. Six of nine units are already renovated, with roofs, windows, and interiors updated.

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  • Prime submarket icon

    Stabilized Triplex Portfolio

    Three triplexes across three separate parcels provide an efficient 9-unit investment with diversified tenants and a straightforward operating profile. With 6 of 9 units already renovated, the portfolio offers proven in-place performance with a clear path to continued rent growth.

  • Student housing icon

    Renovated Units & Major CapEx Completed

    Current ownership has completed significant capital improvements, including roofs, windows, and interior renovations on the majority of the units. These upgrades reduce near-term buyer exposure while supporting stronger rents, easier leasing, and improved long-term cash flow.

  • Multifamily asset icon

    Remaining Value-Add Upside

    Long-term tenants in select units create a natural next phase of upside as units turn. As the remaining units are renovated, rents can continue moving toward proven renovated-unit levels, allowing for incremental cash flow growth while preserving the portfolio’s stabilized performance.

  • Regional growth icon

    Prime Garland District Location

    Located in Spokane’s Garland District, the property benefits from one of the city’s most recognizable neighborhood commercial corridors. The district is known for its historic Garland Theater, local restaurants, pubs, shops, and arts-oriented identity, offering tenants a walkable neighborhood setting with strong local character.

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Offering Details

Offered at $1,300,000, Garland9 is a stabilized 9-unit triplex portfolio in Spokane’s Garland District. 6 of 9 units have been renovated and major CapEx including roofs and windows has been completed. The portfolio delivers dependable in-place income and a clear path to upside as long-term tenants vacate and the remaining units are renovated.

Access Documents

Property Summary

Property Name

Garland9


Address

1332-36 W Garland Ave & 3906-16 N Cedar St


City, State, Zip

Spokane, WA 99205


Year Built

1973


Parcel ID

35062.2907-2909


Zoning

RMF


Acreage

0.42


# of Units

9


SF Per Unit

730


Net Rentable Space

6,570 SF


Pricing Summary

Price

$1,300,000


Price / Unit

$144,444


Price / SF

$197.87


Current CAP Rate

6.04%


Proforma CAP Rate

7.40%


9-Unit Stabilized Asset

The Opportunity

9-Unit Stabilized Asset

3906-3912 N Cedar St & 1332-1336 W Garland Ave offers three triplexes on three parcels in Spokane’s Garland District. The 9-unit portfolio has already benefited from meaningful ownership investment, including renovated interiors in 6 of 9 units, and major CapEx such as new roofs and windows. With stabilized performance and proven rent growth on renovated units, the portfolio offers dependable in-place income with additional upside remaining.

The remaining upside is straightforward and achievable. As long-term tenants naturally vacate, select units can be renovated to match the quality of the completed interiors, allowing rents to continue moving toward proven renovated unit levels. This creates a clear path to incremental cash flow growth while preserving the portfolio’s stabilized performance.

Located in the heart of the Garland District, the portfolio benefits from one of Spokane’s most recognizable neighborhood corridors. Known for its historic theater, local restaurants, shops, pubs, and neighborhood character, Garland provides tenants with a walkable, amenity-rich setting while remaining close to Spokane’s broader employment and commercial centers. Continued reinvestment in the district has strengthened its appeal, making the location a clear positive for long-term tenant demand.

The Location

Walkable Garland District near tenant amenities

Map icon1332-36 W Garland Ave & 3906-16 N Cedar St, Spokane, WA 99205

Want to see these opportunities before they hit the broader market?

Spokane, WA market overview

Market Overview

Spokane, WA

Spokane is the economic and cultural hub of the Inland Northwest and the largest urban market in eastern Washington. The city serves as a regional center for healthcare, education, government, logistics, manufacturing, and professional services, offering investors access to a diversified employment base at a lower cost than many West Coast markets. While population growth has moderated from the rapid gains seen during the prior cycle, Spokane continues to benefit from long-term in-migration, relative affordability, short commute times, and its role as the primary service center between Seattle and the Northern Rockies.

The market’s largest employers include Fairchild Air Force Base, Providence Inland Northwest Washington, the State of Washington, Spokane Public Schools, Amazon, and MultiCare Health System - Inland Northwest. Spokane is also a major higher education center, anchored by Gonzaga University, Whitworth University, Eastern Washington University, Washington State University - Spokane, and Community COlleges of Spokane. Spokane International Airport, located approximately seven miles west of downtown, is the second-largest commercial service airport in Washington and recorded its busiest year ever in 2025, with more than 4.35 million passengers.

Spokane’s lifestyle remains a key demand driver for residents and employers. The city is situated along the Spokane River and offers year-round access to outdoor recreation, including hiking, biking, skiing, boating, and lake activities throughout eastern Washington and North Idaho. Located between the Cascade and Rocky mountain ranges, Spokane offers four distinct seasons, access to multiple ski resorts within roughly two hours, and dozens of regional lakes, supporting a quality of life that continues to attract new residents and long-term investment capital.

Reasons To Invest Here

  • Graph icon
    2.9%

    Average Rent Growth

    (Q3 2024)

  • Occupancy icon
    92%

    Average Occupancy

    (Q3 2024)

  • Briefcase icon
    147K

    Labor Force

    (Q3 2024)

  • Money icon
    $1,458

    Median Rent

    (2024)

  • Population icon
    319K

    Tri-Cities Population

    (Richland)

  • Home icon
    1.15%

    Population Growth

    (Q3 2024)

  • Income icon
    11.91%

    Household Income Growth

    (Over 2020)

  • Household icon
    $92.5K

    Median Household Income

    (Richland)

Sources available upon request.

Our Team

Multifamily Mason

Contact Us

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

Mason Fiascone

Mason Fiascone

Contact Mason

Mason is the founder of Multifamily Mason and specializes in the sale and advisory services of multifamily properties across the Inland Northwest with a specific focus on Central Washington and Tri-Cities. Mason leads the sales and asset management organizations at Multifamily Mason, meaning he partners with owners, investors, and developers seeking to maximize their property returns, bringing valuable expertise to every interaction. He is committed to building long-term relationships by providing clients with market insights and unique deal opportunities.

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