Airfield Apartments Site
A 4.67 acre development site in Airway Heights, WA. Zoned C-2 Mixed Use, the site offers the potential to build 93 multifamily units.
Flexible Zoning
The City of Airway Heights recently updated their Commercial Zones to include Mixed-Use overlays. Possible uses include multifamily development with a diverse commercial component.
Multifamily Size
The site has previously received city approval to build up to 93 multifamily units, which is a manageable size for a single-phase development, mitigating lease-up risk for the submarket.
Opportunity Zone
The site is located in an opportunity zone, providing outstanding tax benefits assuming the investing criteria are met, including a step-up in bases at the end of 10 years.
Desirable Submarket
Airway Heights is a high-growth submarket of the Spokane MSA with seamless access to Spokane International Airport, and major employers such as Northern Quest Casino and Fairchild Air Base.
Offering Details
Offered at $850,000, the Airfield Apartments Site has the potential to house 93 multifamily units and an unspecified commercial component in a growing submarket.
Access DocumentsProperty Summary
Property Name
Airfield Apartments Site
Address
NO W 12th Ave
City, State, Zip
Airway Heights, WA 99001
Year Built
TBD
Parcel ID
15243.009 & 15243.0091
Zoning
C-2 Mixed Use
Acreage
4.67 acres
# of Units
93
SF Per Unit
969
Net Rentable Space
125,000 SF
Pricing Summary
Price
$850,000
Price / Unit
$9,140
Price / SF
$4.18
The Opportunity
Airway Heights Development Parcel for Potential 93 Multifamily Units
The Airfield Apartments Site is located in an Opportunity Zone, so future developers and investors will receive major tax benefits through this program.
The site is centrally located in the Airway Heights submarket and is only 15 minutes from Downtown Spokane. Located just 2 miles from Northern Quest, 4 miles from Fairchild AFB, and 2.5 miles from Spokane International Airport, the location is ideal for tenants seeking to live close to their employer in a high growth neighborhood.
Zoned C-2 Mixed Use, the site could hold up to 93 multifamily units and 14,400 square feet of commercial space. There is a clear demand for the multifamily units and the city is working with the development community to improve the approval and building process.
With the site not directly on Route-2, a benefit for the multifamily tenants, the best potential commercial uses are likely to serve as a multifamily tenant amenity, not just an additional source of income. The commercial income is conservatively underwritten due to the frontage and visibility of the site.
The Location
Central Airway Heights location near major employers and all local amenities
NO W 12th Ave, Airway Heights, WA 99001Photographs
Want to see these opportunities before they hit the broader market?
Market Overview
Airway Heights, WA
Airway Heights is a high-growth city located just 15 minutes west of downtown Spokane, positioned at the intersection of the region’s most significant economic engines. Within a two-mile radius are the Spokane International Airport, Fairchild Air Force Base, the Washington State Corrections Center, and the Spokane and Kalispel Tribes’ resort developments, including Northern Quest Casino. These institutional and tribal employers form a robust employment base that has fueled population growth and sustained housing demand for over a decade.
The recent addition of Amazon’s million-square-foot fulfillment center, employing more than 1,500 workers, has only amplified demand for housing in the immediate area. At the same time, the city has proactively supported infrastructure expansion, including utility upgrades and transportation investments, to accommodate further residential development.
Multifamily and mixed-use developers are increasingly focused on Airway Heights for its entitlement flexibility, competitive land pricing, and rapid path to permit. Unlike more saturated Spokane submarkets, Airway Heights still offers accessible sites in proximity to major employers, retail corridors, and commuter infrastructure. Rent growth has remained resilient, and lease-up activity for new developments has been strong, fueled by both in-migration and affordability relative to the urban core.
Reasons To Invest Here
- 1.10%
Market Rent Growth
(Spokane MSA Q1 2026)
- $1,250
Average Rent
(Q1 2026)
- 93.80%
Average Occupancy
(Q1 2026)
- 4.40%
Unemployment
(Spokane MSA Q1 2026)
- 2.30%
Population Growth
(Q1 2026)
- 11,950
Est. Population
(Q3 2024)
- 1.50%
Home Price Growth
(Last 12 Months)
- $64.6k
Median HH Income
(Q1 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
Mason Fiascone
Mason is the founder of Multifamily Mason and specializes in the sale and advisory services of multifamily properties across the Inland Northwest with a specific focus on Central Washington and Tri-Cities. Mason leads the sales and asset management organizations at Multifamily Mason, meaning he partners with owners, investors, and developers seeking to maximize their property returns, bringing valuable expertise to every interaction. He is committed to building long-term relationships by providing clients with market insights and unique deal opportunities.
Contact
Interested in
learning more?
Please fill out the contact form and we will be in touch.
Or feel free to contact us using the information below!