Brick Colonial
For Sale
$669,000
1023 W 6th Ave, Spokane, WA 99204
MULTI_FAMILY - Colonial - Spokane, WA
Property Size3,016 SF
Lot Size0.46 Acres
Price / SF$221.82
Days on Market129
Property Features for 1023 W 6th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Parking features
Alley, Offsite
Interior features
Cathedral Ceiling(s), Natural Woodwork
Fireplace
1
Basement
Daylight, Full, Unfinished
Appliances
Free-Standing Range, Indoor Grill, Gas Range, Microwave
Lot features
Views, Treed, City Bus (w/in 6 blks), Oversized Lot
View
Territorial, City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
South on Monroe, West on 6th to Jefferson. Take alley east to property on Left just past yellow station.
Standard status
Active
APN
35192.4701
Size
3,016 SF
Lot size
0.46 Acres
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Wood
Building materials
Brick, Shake Siding
Roof type
Composition, Flat
Architectural style
Colonial
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Dan McLaughlin · License #93712
(509) 747-1051
Added: Apr 6
Changed: Aug 1
Last Checked: Aug 12 at 1:06AM
MLS# 202614879
Copyright © 2026 Spokane Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
South Hill fourplex with a Colonial architectural style, brick and shake siding, and a 1900 build date. The main home includes finished space that may convert to a fifth unit. All four units are separately metered with updated service. Interior features include cathedral ceilings and natural woodwork, with wood flooring and a fireplace.
The property sits on 0.46 acres, with private grounds and a portion of land to the west that may be suitable for parceling and development. Kitchens and baths have been updated, and the units are described as well kept and ready to rent.
Heating is provided via natural gas and hot water systems. Roof consists of composition and flat sections, and parking is available via alley access with offsite parking.
The property sits on 0.46 acres, with private grounds and a portion of land to the west that may be suitable for parceling and development. Kitchens and baths have been updated, and the units are described as well kept and ready to rent.
Heating is provided via natural gas and hot water systems. Roof consists of composition and flat sections, and parking is available via alley access with offsite parking.
Key Highlights
- 0.46‑acre South Hill fourplex with private grounds
- All four units are separately metered with updated service
- Updated kitchens and baths in all four units, ready to rent
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,501
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$690,020
$690.0K
Cap Rate 7%
$492,871
$492.9K
Cap Rate 9%
$383,344
$383.3K
Market Conditions
NOI Build-Up for 3,016 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.5K $17.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$49.3K $16.34/SF
− OpEx
−$14.8K −$4.90/SF
NOI
$34.5K $11.44/SF
Area
Spokane, WA
Vacancy
6.08%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$690,020
Cap Rate 7%
$492,871
Cap Rate 9%
$383,344
Alternative Uses
Best Use
Multifamily LT 5
$492.9K
$431.3K – $575.0K
NOI $34,501 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$428.5K
$375.0K – $500.0K
NOI $29,997 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$778.1K
$680.9K – $907.8K
NOI $54,469 @ 7.0% cap · market cap 8.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - South Hill fourplex on 0.46 acres with separately metered units and updated kitchens and baths, ready to rent.
Where is this quadplex located?
The property is located at 1023 W 6th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: 0.46‑acre South Hill fourplex with private grounds; All four units are separately metered with updated service; Updated kitchens and baths in all four units, ready to rent
