Craftsman 5-Unit Apartment
For Sale
$529,000
1621 W 9TH Ave, Spokane, WA 99223
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size4,535 SF
Lot Size0.16 Acres
Price / SF$116.65
Days on Market22
Property Features for 1621 W 9TH Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 3, Bathroom 2
Parking
1862
Parking features
Alley
Patio and Porch features
Patio
Interior features
Kitchen Island, Natural Woodwork
Basement
Partially Finished, Full
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer, Hard Surface Counters
Lot features
Sprinkler - Partial, Treed, Level
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.4304
Size
4,535 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
5552
Utilities
Heating system
Forced Air, Electric (Heating), Baseboard
Amenities
individual storage areas
shared laundry
Building Details
Year built
1907
Floors in Building
2
Number of units
5
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
RE/MAX Citibrokers
(509) 444-0365
Listed By:
Danny Pontius · License #117555
(509) 953-9539
Added: Jul 17
Changed: Aug 2
Last Checked: Aug 7 at 12:06AM
MLS# 202621087
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.
Craftsman-style 5-unit apartment building on Spokane’s South Hill, featuring four units in the main residence plus a detached cottage in the backyard that serves as the fifth unit. Each unit is separately metered for electricity. The basement includes individual storage areas for tenants and a shared laundry facility. Interior touches include kitchen island elements and natural woodwork, along with wood flooring, hard surface counters, and in-unit appliances such as a free-standing range, dishwasher, refrigerator, washer, and dryer. The property includes a patio, wood siding exterior, and a composition roof. Parking is provided via alley.
Built in 1907, this well-maintained property has been thoughtfully restored and updated over time and is professionally managed. The same family has owned it for many years.
The adjacent triplex on an oversized lot is also available for purchase, offering a way to expand and build an additional rental property.
Built in 1907, this well-maintained property has been thoughtfully restored and updated over time and is professionally managed. The same family has owned it for many years.
The adjacent triplex on an oversized lot is also available for purchase, offering a way to expand and build an additional rental property.
Key Highlights
- 0.163‑acre South Hill 5‑plex with 4 units plus a detached backyard cottage fifth unit
- Each unit is separately metered for electricity
- Basement offers individual tenant storage plus a shared laundry facility
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
$45,105
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
8.53%
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%
$902,100
$902.1K
Cap Rate 7%
$644,357
$644.4K
Cap Rate 9%
$501,167
$501.2K
Market Conditions
NOI Build-Up for 4,535 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
$87.6K $19.32/SF
− Vacancy
−$5.6K −$1.24/SF
EGI
$82.0K $18.08/SF
− OpEx
−$36.9K −$8.14/SF
NOI
$45.1K $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%
$902,100
Cap Rate 7%
$644,357
Cap Rate 9%
$501,167
Alternative Uses
Best Use
Apartment 5plus
$644.4K
$563.8K – $751.8K
NOI $45,105 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.37M
NOI $81,902 @ 7.0% cap · market cap 15.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,611
Businesses Nearby
Explore this area
Business Placement
Demographics for 99223, WA
34,201
Population
15,252
Households
2.2
Avg Household Size
41
Median Age
51%
College-Educated
96%
High-School Grad
32.1 sq mi
ZIP Area
1,065
Density / Sq Mi
$91,377
Median Household Income
$53,132
Median Earnings
$1,221
Median Rent
$457,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit South Hill apartment property with separately metered electricity and basement storage plus shared laundry.
Where is this apartment building located?
The property is located at 1621 W 9TH Ave Spokane, WA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 0.163‑acre South Hill 5‑plex with 4 units plus a detached backyard cottage fifth unit; Each unit is separately metered for electricity; Basement offers individual tenant storage plus a shared laundry facility
