Victorian Four-Unit Apartment
For Sale
$399,900
1911 W 2nd Ave, Spokane, WA 99201
Residential Income, Spokane, WA
Property Size2,584 SF
Lot Size0.13 Acres
Price / SF$154.76
Days on Market19
Property Features for 1911 W 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bathroom 2, Basement, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3
Parking
4
Parking features
Driveway, Offsite
Basement
Partial
Appliances
Free-Standing Range, Refrigerator
Lot features
Level
View
City
Elementary school
Roosevelt
Middle school
Sac
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25241.2102
Size
2,584 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
3769
Utilities
Heating system
Baseboard
Cooling system
Window Unit(s)
Amenities
off-street parking
basement storage
Building Details
Year built
1900
Number of units
4
Building materials
Asbestos
Roof type
Composition
Architectural style
Victorian
Listing Agency:
REAL Broker LLC
(855) 450-0442
Listed By:
Matthew Brunner · License #97277
(855) 450-0442
Added: Aug 12
Changed: Aug 26
Last Checked: Aug 30 at 12:06PM
MLS# 202622478
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.
Located at 1911 W 2nd Ave in Spokane’s Browne’s Addition, this 1900 Victorian quadplex contains four one-bedroom, one-bath apartments within 2,584 square feet. The two-story property includes a partial basement for storage and mechanical equipment, along with baseboard heat, window-unit cooling, composition roofing, and a mix of free-standing ranges and refrigerators. Distinctive architectural elements include curved bay windows, arched fanlights, columned porches, and a river-rock chimney.
The property is 100% occupied, with leases staggered through 2027. Gravel off-street parking is available behind the building with alley access. The location is within walking distance of Coeur d’Alene Park, the MAC, and neighborhood cafes and pubs, while downtown Spokane, Kendall Yards, and the medical district are minutes away.
The property is 100% occupied, with leases staggered through 2027. Gravel off-street parking is available behind the building with alley access. The location is within walking distance of Coeur d’Alene Park, the MAC, and neighborhood cafes and pubs, while downtown Spokane, Kendall Yards, and the medical district are minutes away.
Key Highlights
- Four 1 bed/1 bath units in a 2,584 sq ft Victorian building
- Built in 1900 with curved bay windows, arched fanlights, columned porches, and a river‑rock chimney
- 100% occupied with leases staggered through 2027
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
$29,560
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
7.39%
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%
$591,200
$591.2K
Cap Rate 7%
$422,286
$422.3K
Cap Rate 9%
$328,444
$328.4K
Market Conditions
NOI Build-Up for 2,584 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
$45.0K $17.40/SF
− Vacancy
−$2.7K −$1.06/SF
EGI
$42.2K $16.34/SF
− OpEx
−$12.7K −$4.90/SF
NOI
$29.6K $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%
$591,200
Cap Rate 7%
$422,286
Cap Rate 9%
$328,444
Alternative Uses
Best Use
Multifamily LT 5
$422.3K
$369.5K – $492.7K
NOI $29,560 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$367.1K
$321.3K – $428.3K
NOI $25,700 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$666.7K
$583.3K – $777.8K
NOI $46,667 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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?
Quadplex - Four occupied one-bedroom units span two stories with a partial basement for storage and mechanical systems.
Where is this quadplex located?
The property is located at 1911 W 2nd Ave Spokane, WA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four 1 bed/1 bath units in a 2,584 sq ft Victorian building; Built in 1900 with curved bay windows, arched fanlights, columned porches, and a river‑rock chimney; 100% occupied with leases staggered through 2027
