An Exceptional Value-Add Investment with Expansion Potential
Brooks Square Apartments is a well-located, 38-unit garden-style community in Spokane Valley, Washington, offering investors a unique combination of strong in-place cash flow, significant rent upside, and land for future development or amenity expansion. Built in 1972 and situated on 1.69 acres, the property features 26 one-bedroom and 12 two-bedroom units with desirable amenities, including a swimming pool, community room, landscaped grounds, and A/C in units.

Immediate Upside Through Rent Growth and Operational Improvements
In-place rents at Brooks Square significantly lag behind comparable properties in the submarket. The average current rent of $1,104/unit ($1.66/SF) trails nearby communities that achieve $1,250–$1,395 for similar units, including unrenovated properties. This provides a clear and achievable path to enhanced returns through modest unit upgrades and operational improvements such as covered parking fees, storage income, and continued utility bill-back increases.

Below Market Pricing Relative to Recent Sales
At an offering price of $5,175,000 ($136,184/unit), Brooks Square is priced well below recent area transactions:
- Kair Glen (1996 build) sold for $175,000/unit
- Standard Street Oasis (1971, mostly renovated) is listed at $169,750/unit
- Park Place Apartments (1977) sold for $166,923/unit
This below-market entry point provides a strong basis for long-term appreciation and flexibility for investors targeting yield and growth.

Adjacent Land Option – Rare Infill Development or Amenity Expansion Opportunity
The adjacent 0.45-acre parcel (223 N Felts Rd) with a single-family home is also offered for sale at $300,000. Zoned Multifamily Residential (MFR) and capable of supporting up to 9 additional dwelling units under current density regulations, this site allows for:
- Future apartment expansion
- New amenity development (e.g., dog park, community garden, fitness facility)
- Additional parking or storage structures
The parcel benefits from flexible zoning with no minimum lot size and SEPA exemptions for projects under 60 units, reducing entitlement barriers and streamlining the development process.

Positioned for Long-Term Demand
Brooks Square is directly adjacent to the newly expanded Balfour Park, which now includes a public library, amphitheater, sports courts, splash pad, and playground. These civic investments improve tenant quality of life and make the asset increasingly attractive to renters. Major employers such as Providence Health, Gonzaga University, and Avista Corporation drive consistent housing demand in the submarket.