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April 27, 2023
You don't see many sales these days for single room occupancy residential buildings. Such SROs were essentially outlawed in Seattle following the 1970 Ozark Hotel fire. Most have since been demolished, but a few do remain. One surviving example is the 39-unit Pioneer Pathway House in Spokane. The century-old, four-story building operates as affordable housing, accepting Section 8 vouchers, and also has a two retail bays. It also just sold for $1 million, in a deal entirely arranged by Max Frame and Henry Ruf at Kidder Mathews. The seller was Pioneer Human Services, whose Bob Thompson said in a statement, “It was our hope to keep the building in the affordable community. Timely communication, professionalism and knowledge helped both sides of the deal navigate the transfer process with the Washington State Housing Finance Commission with surprising ease.” The unnamed Spokane buyer will continue to operate the SRO as affordable housing.