Spokane County Multifamily Market Update – July 2026

by | Jul 21, 2026 | Advisor Insights, Blog, CRE Trends

This Spokane County multifamily market update for July 2026 highlights apartment valuation trends, new multifamily construction, seller financing, and recent market activity.

 

SPOKANE COUNTY MULTIFAMILY MARKET UPDATE – AROUND TOWN

1.

The Spokane County Assessor’s Office recently mailed more than 214,000 property valuation notices for 2027 property taxes, providing another snapshot of the local real estate market. For multifamily owners, assessed values declined across every apartment category, with downtown apartment complexes decreasing 5.64%, 5+ unit apartment complexes decreasing 2.32%, and 3-4 unit properties decreasing 0.27%. These assessments reflect market values as of January 1, 2026 and highlight how apartment values have moderated from the peak of 2022 as higher interest rates, rising expenses, and relatively flat income has tempered pricing. While assessed values are not the same as market value, they provide another indication of current market conditions. If you’d like a refresher on what your Spokane County apartment complex is worth in today’s market, I’d be happy to provide a complimentary valuation. (Spokane County Assessor Office Official Page)

2.

See below for the five largest multifamily properties currently under construction in Spokane County:

  • Mirabeau Place (2605 N Robie Rd, Spokane Valley, WA): 322 Units

  • Orchard Vista (9910 E Appleway Blvd, Spokane Valley, WA): 240 Units

  • The Vistas (4415 E Longfellow Ave, Spokane, WA): 227 Units

  • Koz on West 4th (307 W 4th Ave, Spokane, WA): 210 Units

  • North Woods Apartments (1565 E Farwell Rd, Spokane, WA): 192 Units

3.

With interest rates remaining elevated, seller financing continues to gain traction in the Spokane County multifamily market. Just last week, I closed two apartment transactions utilizing seller financing. While seller financing can be an excellent solution for both buyers and sellers, there are several pros and cons to consider:

  • Buyer Pros: More flexible financing terms, easier qualification, faster closing, lower upfront cash requirements, and the ability to purchase properties that may not qualify for conventional financing.

  • Buyer Cons: Possible higher interest rates, balloon payments, fewer lender protections, and less negotiating leverage if seller financing is the only option.

  • Seller Pros: Higher sale prices, recurring interest income, an expanded buyer pool, potential tax deferral, and faster transactions.

  • Seller Cons: Risk of buyer default, delayed receipt of sale proceeds, capital remaining tied to the property, and the potential need to foreclose if the buyer fails to perform.

APRIL SALES

FEATURED LISTINGS

FELTS TOWNHOMES
$3,095,000 | 12 UNITS

THE HOWARD BUILDING
UNDER CONTRACT!

EASTSIDE ESTATES
$1,495,000 | 5 UNITS

VILLA MARIA APARTMENTS
$1,050,000 | 15 UNITS

MONROE ST TRIPLEXES & DEVELOPMENT SITE
JUST SOLD!

SIXTH AVE APARTMENTS
$675,000 | 6 UNITS

SEVENTH APARTMENTS
$645,000 | 6 UNITS

ASH APARTMENTS
$495,000 | 7 UNITS

HOGAN DUPLEX & STORAGE UNITS
$395,000 | 2 UNITS

For a monthly comparison, see our Spokane County Multifamily Market Update – June 2026.

Want to learn how we can help you with your business? Reach out today!

Jordan Lester, CCIM, MBA, specializes in advising clients with the acquisition and disposition of multifamily investment properties. With a primary focus in Spokane County and an expert understanding of the latest market trends, Jordan is committed to maximizing his client’s financial goals to achieve their real estate objectives. Jordan began his real estate career as a broker’s assistant for three years with SVN Cornerstone, which gave him valuable knowledge and experience to jumpstart his career as a broker. To get in touch with Jordan, email jordan.lester@svn.com or call 509.496.6922