Carlisle7
Fully renovated and 100% occupied, this 7-unit multifamily property in Spokane features a uniform 2-bedroom, one-bathroom unit mix which simplifies operations and appeals to a broad range of tenants.
Stabilized Turnkey Asset with Straightforward Operations
Fully renovated and 100% occupied, this 7-unit property offers immediate cash flow with limited near-term CapEx needs. All seven units feature two-bedroom, one-bathroom floorplans supporting consistent leasing and broad tenant appeal.
Operational Upside
While the asset is stabilized, there is remaining upside through minor operational fine-tuning, including rent adjustments and utility reimbursement implementation. This creates a clear path to improved income while benefiting from the current cash flow.
Path of Progress Neighborhood
Located in a tight residential pocket near Spokane Community College, the Spokane River, and the North-South Corridor, the property benefits from nearby sale and rent comps within a concentrated investment area. Recent activity, new construction, and nearby transactions all validate demand in the immediate submarket.
Well Located with Easy Access to Amenities
The property offers tenants convenient access to everyday amenities including nearby shopping, dining, schools, outdoor recreation, and major transportation corridors.
Offering Details
Offered at $965,000, Carlisle7 is a fully renovated and 100% occupied 7-unit apartment asset featuring all two-bedroom, one-bathroom floorplans. The property's proximity to nearby employment, education, transportation, and recreation amenities supports consistent tenant demand in a growing east Spokane submarket
Access DocumentsProperty Summary
Property Name
Carlisle7
Address
3123-3125 E Carlisle Ave
City, State, Zip
Spokane, WA 99207
Year Built
1979
Parcel ID
35102.3913 & 35102.3912
Zoning
RMF
Acreage
0.34
# of Units
7
SF Per Unit
750
Net Rentable Space
5,250 SF
Pricing Summary
Price
$980,000
Price / Unit
$140,000
Price / SF
$186.67
Current CAP Rate
5.95%
Proforma CAP Rate
7.16%
The Opportunity
Fully Occupied Multifamily Asset in Spokane
3123-3125 E Carlisle Ave is a fully renovated and 100% occupied 7-unit multifamily property in Spokane. The property features a uniform two-bedroom, one-bathroom unit mix, providing operational simplicity and broad tenant appeal. With updated interiors, stabilized occupancy, and limited near-term capital needs, the asset offers immediate cash flow supported by straightforward day-to-day operations.
The property is located in a tight residential pocket of east Spokane with convenient access to nearby employment, education, transportation, and recreation drivers. Tenants benefit from proximity to grocery stores, dining, parks, public transit, and major arterials, while investors benefit from a concentrated comp set supported by recent sales, new construction, and active investment within the immediate area. This localized momentum helps distinguish the property from the broader Southeast Spokane market and reinforces demand for well-maintained rental housing in the submarket.
As Spokane continues to grow, the area surrounding E Carlisle Ave is positioned to benefit from ongoing infrastructure improvements, including the continued development of the North-South Corridor. The combination of full occupancy, updated condition, straightforward two-bedroom floorplans, and remaining upside through rent adjustments and utility reimbursement creates a durable small-balance multifamily opportunity.
The Location
East Spokane location in the path of growth near the North-South Connector and Spokane Community College
3123-3125 E Carlisle Ave, Spokane, WA 99207Photographs
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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
- 0.60%
Average Rent Growth
(Q1 2026)
- 92.40%
Average Occupancy
(Q1 2026)
- 4.70%
Unemployment Rate
(Q1 2026)
- $1,386
Median Rent
(Q1 2026)
- 610k
Est Population
(Spokane MSA)
- $86.7k
Median HH Income
(Q1 2026)
- -0.10%
Home Price Growth
(YoY)
- $401k
Median Home Price
(May 2026)
Sources available upon request.
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.
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