Four-Unit
New
For Sale
$514,999
1815 W 10th Ave, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size2,925 SF
Lot Size0.14 Acres
Price / SF$176.07
Days on Market4
Property Features for 1815 W 10th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Parking
2
Parking features
Offsite, Alley
Interior features
High Speed Internet
Fireplace
1
Basement
Full, Walk-Out Access, Finished, Daylight
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Sprinkler - Automatic, Level, Open Lot
View
Territorial
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.1803
Size
2,925 SF
Lot size
0.14 Acres
Utilities
Heating system
Ductless (Heating)
Building Details
Year built
1947
Floors in Building
1
Number of units
4
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Khalil Beznaiguia · License #79117
(509) 475-2802
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 202624736
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 1947 wood-sided bungalow contains four one-bedroom, one-bath apartments within 2,925 square feet. Interior work was completed over time from 2007 through 2025 and included flooring, paint, finishes, and appliances. The building also has wood flooring, ductless heating, a composition roof, and a fireplace.
Building improvements include replacement windows in 2007, screen doors in 2008, lawn sprinklers and cyclone fencing in 2018, rear hallway carpet in 2019, and exterior painting and a new roof in 2026. The property occupies a 0.1446-acre lot. Parking is listed as offsite and alley access.
Building improvements include replacement windows in 2007, screen doors in 2008, lawn sprinklers and cyclone fencing in 2018, rear hallway carpet in 2019, and exterior painting and a new roof in 2026. The property occupies a 0.1446-acre lot. Parking is listed as offsite and alley access.
Key Highlights
- Four apartments, each with 1 bedroom and 1 bathroom
- 2,925‑square‑foot building on a 0.1446‑acre lot
- Interior updates completed between 2007 and 2025, including flooring, paint, finishes, and appliances
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
$33,460
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
6.50%
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%
$669,200
$669.2K
Cap Rate 7%
$478,000
$478.0K
Cap Rate 9%
$371,778
$371.8K
Market Conditions
NOI Build-Up for 2,925 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
$50.9K $17.40/SF
− Vacancy
−$3.1K −$1.06/SF
EGI
$47.8K $16.34/SF
− OpEx
−$14.3K −$4.90/SF
NOI
$33.5K $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%
$669,200
Cap Rate 7%
$478,000
Cap Rate 9%
$371,778
Alternative Uses
Best Use
Multifamily LT 5
$478.0K
$418.3K – $557.7K
NOI $33,460 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$415.6K
$363.7K – $484.9K
NOI $29,092 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$754.7K
$660.3K – $880.4K
NOI $52,826 @ 7.0% cap · market cap 10.26%
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
Location Intelligence
Trade Area within ½ mile
688
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four one-bedroom apartments feature updated interiors and a mix of documented building improvements.
Where is this quadplex located?
The property is located at 1815 W 10th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $514,999.
What are key features of this property?
This property features: Four apartments, each with 1 bedroom and 1 bathroom; 2,925‑square‑foot building on a 0.1446‑acre lot; Interior updates completed between 2007 and 2025, including flooring, paint, finishes, and appliances
