Hey E WA investors! I grew up in Spokane Valley and moved to Seattle 15yrs ago. I'm actively researching the Spokane market as Seattle is out of control right now! I think the development of a Med School will be a huge catalyst for growth; Spokane has the opportunity to be a great market!
Anyone actively investing there? If so, what type of Cap Rates and COC returns are you seeing in SFR and small Multi-Family? Is the rental market strong? Any areas in particular that are growing the fastest?
Hey there, @Loren Buchanan , the rental manager I spoke with recently said he is renting places (SF, at least) just as fast as they come in, and he was optimistic that this trend would continue.
The med-school deal has been growing pretty rapidly for a while now, underwrites in the area are still strong though. It's starting to gain some attention, but seems to continue on with decent returns, rising rents and low vacancy.
I didn't consider this to be a major impact to the market in Spokane initially as within the region there are a good number of universities already, but you guys bring up a very good point of bringing in additional bodies that will be looking to stay in the area for an extended amount of time.
I'll for sure continue to monitor the trend and I appreciate the insight you guys have delivered.
What areas of Spokane will/are benefit the most from the Med School? I'm looking at Small Multi-Families (4 Units or Less). Anyone have ideas on Cap Rates, COC Returns, Vacancy Rates, etc?
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