Furnished Updated Condo
For Sale
$225,000
1608 W 8TH Ave, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size770 SF
Price / SF$292.21
Days on Market65
Property Features for 1608 W 8TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Underground/Basement, Offsite
Appliances
Free-Standing Range, Dishwasher, Microwave
Subdivision
Maple Manor Condominiums
Lot features
Hillside, City Bus (w/in 6 blks), Fencing
View
City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.3517
Size
770 SF
Utilities
Heating system
Electric (Heating), Ductless (Heating)
Amenities
onsite laundry
gated secure entrance
Building Details
Year built
1959
Number of units
1
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Aaron Magner
(509) 217-0200
Added: Jun 17
Changed: Aug 19
Last Checked: Aug 20 at 12:06PM
MLS# 202619454
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.
Furnished updated condo unit in a brick building, offering a bright interior with hardwood floors and newer kitchen and bath. The home includes stainless appliances and a practical layout with large rooms and closets, plus dedicated bathroom and bedroom areas. Heating is electric with ductless systems, and the unit is complemented by free-standing kitchen appliances such as a range, dishwasher, and microwave. Parking and storage are supported by a shared garage and a secure, gated area for parking and extra storage. On-site laundry is also available within the building.
Rental allowed and the unit is currently leased through August 2026, which may appeal to an owner-occupant or investor looking for occupancy in place. The property is located in Spokane’s lower South Hill area, convenient to downtown shopping, dining, and attractions, and close to the hospital district.
Built in 1959 with a composition roof, this condo provides a straightforward residential income configuration with key resident conveniences such as gated parking, shared garage access, and laundry on site.
Rental allowed and the unit is currently leased through August 2026, which may appeal to an owner-occupant or investor looking for occupancy in place. The property is located in Spokane’s lower South Hill area, convenient to downtown shopping, dining, and attractions, and close to the hospital district.
Built in 1959 with a composition roof, this condo provides a straightforward residential income configuration with key resident conveniences such as gated parking, shared garage access, and laundry on site.
Key Highlights
- 770 SF condo unit with newer kitchen and bath and hardwood floors
- Furnished unit leased through August 2026
- Brick construction with composition roof
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
$7,658
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
3.40%
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%
$153,160
$153.2K
Cap Rate 7%
$109,400
$109.4K
Cap Rate 9%
$85,089
$85.1K
Market Conditions
NOI Build-Up for 770 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
$14.9K $19.32/SF
− Vacancy
−$952 −$1.24/SF
EGI
$13.9K $18.08/SF
− OpEx
−$6.3K −$8.14/SF
NOI
$7.7K $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%
$153,160
Cap Rate 7%
$109,400
Cap Rate 9%
$85,089
Alternative Uses
Best Use
Apartment 5plus
$109.4K
$95.7K – $127.6K
NOI $7,658 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$198.7K
$173.8K – $231.8K
NOI $13,906 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,709
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Furnished condo with appliances and leased through August 2026, offering a shared garage, gated secure parking, and on-site laundry.
Where is this residential income property located?
The property is located at 1608 W 8TH Ave Spokane, WA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 770 SF condo unit with newer kitchen and bath and hardwood floors; Furnished unit leased through August 2026; Brick construction with composition roof
