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    South Hill 5-Plex Investment Title is generated by Realmo AI

    1621 W 9TH Ave, Spokane, WA 99223

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    For Sale
    $535,000

    MULTI_FAMILY - Craftsman - Spokane, WA

    Property size:
    4,535 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $117/SF
    Added:
    Jan 14, 2026
    Days on Market:
    140
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 1621 W 9TH Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    4
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 3
    Parking
    1862
    Parking features
    Alley
    Patio and Porch features
    Patio
    Interior features
    Kitchen Island, Natural Woodwork
    Basement
    Full, Partially Finished
    Appliances
    Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer, Hard Surface Counters
    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
    Electric (Heating), Forced Air, Baseboard

    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

    We can help!

    Listing Contact
    Danny Pontius

    Listing agent Danny Pontius License #117555

    Listing office RE/MAX Citibrokers 2607 S Southeast Blvd - Ste A1, Spokane, WA

    Listing date Jan 14, 2026

    MLS# 202610810 Listing URL

    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.

    HighLights

    • Stable, long‑term tenants and solid rental history provide immediate income.
    • Opportunity to expand with adjacent triplex purchase and potential to build.
    • Five units offer diverse rental options.
    • Each unit is separately metered for electricity, simplifying utility management.
    • Professionally managed and thoughtfully restored/updated over time.
    • South Hill location with craftsman architectural style and natural woodwork.

    Overview

    This well-maintained 5-plex is located in Spokane, WA. The property has a solid rental history and timeless charm. The main residence contains four units, with a detached cottage in the backyard serving as the fifth unit. Each unit is separately metered for electricity. The basement provides individual storage areas for tenants along with a shared laundry facility. The property has been thoughtfully restored and updated over time and is professionally managed. It is an excellent investment opportunity with stable, long-term tenants. The property size is 4535 square feet and the lot size is 0.163 acres. The adjacent triplex on an oversized lot is also available for purchase, offering the potential to expand and build an additional rental property.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $87.6k $19.32
    − Vacancy −$5.6k −$1.24
    EGI $82.0k $18.08
    − OpEx −$36.9k −$8.14
    NOI $45.1k $9.95
    4,535 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $644.4K
    $563.8K – $751.8K (±1% cap)
    NOI $45,105 @ 7.0% cap · market cap 8.43%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.17M
    $1.02M – $1.37M (±1% cap)
    NOI $81,902 @ 7.0% cap · market cap 15.31%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Satya Yoga and Chant Gym & Fitness Center One Source Design ... Interior Design

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.436689
    Latitude
    47.647076

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 5-plex with rental history in Spokane, WA.
    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 $535,000.
    What are key features of this property?
    This property features: Stable, long‑term tenants and solid rental history provide immediate income.; Opportunity to expand with adjacent triplex purchase and potential to build.; Five units offer diverse rental options.
    (509) 953-9539
    We can help!
    Listing Contact
    Danny Pontius
    Real Estate License ID: 117555
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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