Gonzaga Investment Property Near
For Sale
$349,000
1217 E Indiana Ave, Spokane, WA 99207
MULTI_FAMILY - Bungalow - Spokane, WA
Property Size1,974 SF
Lot Size0.15 Acres
Price / SF$176.80
Days on Market110
Property Features for 1217 E Indiana Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Laundry Room, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Utility Room, Bedroom 4
Parking features
Alley
Window features
Vinyl Frames
Patio and Porch features
Deck
Basement
Partial
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Washer, Dryer
Lot features
Sprinkler - Automatic, Level
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35084.2211
Size
1,974 SF
Lot size
0.15 Acres
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1907
Number of units
1
Building materials
Masonite, Vinyl Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Holly Stockton · License #140106
(360) 339-5093
Added: May 6
Changed: Jun 2
Last Checked: Aug 23 at 11:06AM
MLS# 202616846
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 investment property, leased for the 2026-2027 school year, is located blocks from Gonzaga University. The property features 4 bedrooms and 2 bathrooms. Recent updates include newer appliances and a spacious primary suite with a 5-piece en suite bathroom. The home offers functional living spaces designed for student housing. The property includes a sprinkler system and a detached 2-car garage. Currently generating $1,950 per month in gross rent, this property offers investors an opportunity to expand their portfolio in one of Spokane's consistent rental markets. The property size is 1,974 square feet and the lot size is 0.1467 acres.
Key Highlights
- Leased for the 2026‑2027 school year, providing immediate income.
- Located blocks from Gonzaga University, ensuring consistent rental demand.
- Generates $1,950/month in gross 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
$19,633
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
5.63%
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%
$392,660
$392.7K
Cap Rate 7%
$280,471
$280.5K
Cap Rate 9%
$218,144
$218.1K
Market Conditions
NOI Build-Up for 1,974 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
$38.1K $19.32/SF
− Vacancy
−$2.4K −$1.24/SF
EGI
$35.7K $18.08/SF
− OpEx
−$16.1K −$8.14/SF
NOI
$19.6K $9.95/SF
Area
Spokane, WA
Vacancy
6.40%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$392,660
Cap Rate 7%
$280,471
Cap Rate 9%
$218,144
Alternative Uses
Best Use
Apartment 5plus
$280.5K
$245.4K – $327.2K
NOI $19,633 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$509.3K
$445.6K – $594.2K
NOI $35,650 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Investment property near Gonzaga University with immediate income potential.
Where is this single family property located?
The property is located at 1217 E Indiana Ave Spokane, WA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Leased for the 2026‑2027 school year, providing immediate income.; Located blocks from Gonzaga University, ensuring consistent rental demand.; Generates $1,950/month in gross rent.
