3011 E Queen Ave, Spokane, WA, 99217

About This Home

Located in Spokane’s up-and-coming Hillyard neighborhood, the Queen Apartments offer an affordable, turnkey multifamily investment. Units feature new LVP flooring and fresh interior paint, allowing an investor to lease the remaining vacancies and generate immediate cash flow. The property includes a mix of 2bed/1bath, 1bed/1bath, and SRO units, plus a backyard storage shed and a basement with potential for a future laundry room. With an 9.5% cap rate (vs. the 2025 county average of 6.41%) and a price of $49,375/unit—well below the $124,413 county average—this asset provides clear value upside. Over $150,000 in recent improvements and a simple, low-maintenance layout make ownership easy, while the area’s expected growth from the North–South Freeway completion in 2030 adds long-term appreciation potential.