Fourplex with Additional
For Sale
$669,000
1023 W 6th Ave, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size3,016 SF
Lot Size0.46 Acres
Price / SF$221.82
Days on Market175
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
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 4
Parking features
Offsite, Alley
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
City, Territorial
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
Hot Water(Heating), Natural Gas
Building Details
Year built
1900
Floors in Building
2
Number of units
4
Flooring type
Wood
Building materials
Brick, Shake Siding
Roof type
Flat, Composition
Architectural style
Colonial
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Dan McLaughlin · License #93712
(509) 434-9219
Added: Apr 6
Changed: Sep 13
Last Checked: Sep 27 at 6:06PM
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.
This 3,016-square-foot fourplex occupies 0.46 acres at 1023 W 6th Ave in Spokane’s South Hill area. The property includes four residential units with separately metered services, updated kitchens and bathrooms, wood flooring, natural woodwork, and cathedral ceilings. Brick and shake siding, a Colonial architectural style, composition and flat roofing, natural gas hot-water heat, and a fireplace contribute to the existing improvements.
Finished space in the main home may be converted into a fifth unit. The parcel also includes land to the west that the source information identifies as having potential for separate development. Parking is provided offsite and through the alley. Built in 1900, the property is near the 99204 postal area and includes appliances such as gas and free-standing ranges, an indoor grill, and a microwave.
Finished space in the main home may be converted into a fifth unit. The parcel also includes land to the west that the source information identifies as having potential for separate development. Parking is provided offsite and through the alley. Built in 1900, the property is near the 99204 postal area and includes appliances such as gas and free-standing ranges, an indoor grill, and a microwave.
Key Highlights
- Fourplex with 3,016 square feet of building area on 0.46 acres
- Four units with separately metered services and updated utility service
- Updated kitchens and bathrooms across the residential units
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
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Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,737
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Four separately metered units feature updated kitchens and baths, with finished space that may support an additional unit.
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: Fourplex with 3,016 square feet of building area on 0.46 acres; Four units with separately metered services and updated utility service; Updated kitchens and bathrooms across the residential units
