High-Upside Investment Near Liberty Park — Zoned for Growth

Price: $129,000
Listed on: Zillow
Location: 1823 E 5th Ave, Spokane, WA 99202

Located just steps from Liberty Park’s Aquatic Center, playfields, and local library, this property sits in one of the most desirable and walkable pockets of the area—something you can’t replicate once it’s gone. Opportunities like this aren’t about what’s there today, but what it can become.

This three-bedroom, one-bath home is a full-on value-add project. The interior shows clear signs of wear and needs a complete refresh, but the fundamentals are already working in your favor. With an updated furnace, newer water heater, and a roof that’s already been taken care of, some of the heavy lifting is done—leaving you to focus on the transformation that actually drives profit.

The lot is where this deal gets interesting. Zoned R2 with the potential to up-zone to four units, this isn’t just a flip—it’s a long-term play. Add in alley access, and you’ve got flexibility for additional structures, parking, or multi-unit development that most properties in this price range simply don’t offer.

The backyard is wide open and usable, giving you space to expand, build, or completely redesign the outdoor layout. Whether you’re an investor looking to maximize density or a buyer ready to create something from the ground up, this property gives you options.

This is not a turnkey home. It’s a project. But for the right buyer, that’s the entire point.

Bring your vision, bring your crew, and turn this into something the market actually wants.