Fully Occupied 6-Unit Apartment
For Sale
$479,900
2214 W Northwest Blvd, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size2,832 SF
Lot Size0.22 Acres
Price / SF$169.46
Days on Market90
Property Features for 2214 W Northwest Blvd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 4
Parking
6
Parking features
Alley, Offsite
Interior features
Hot Water
Appliances
Free-Standing Range, Refrigerator
Lot features
Open Lot
View
City
Elementary school
Audubon
Middle school
Glover
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25122.1606
Size
2,832 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
4135
Utilities
Heating system
Electric (Heating), Baseboard
Amenities
on-site laundry facilities
tenant storage in the basement
off-street parking
Building Details
Year built
1939
Number of units
6
Building materials
Stucco
Roof type
Composition
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Lenae Thornton
(509) 455-4000
Added: Jun 26
Changed: Sep 14
Last Checked: Sep 23 at 6:06AM
MLS# 202619942
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 6-unit apartment building contains six single-level residences, each configured with 1 bedroom and 1 bathroom. The property totals 2,832 square feet on a 0.22-acre site and was built in 1939. Interior features include hot water service, while individual units are equipped with a free-standing range and refrigerator. Stucco construction, a composition roof, baseboard heating, and electric heating complete the existing improvements.
The building is fully occupied and includes on-site laundry facilities, basement tenant storage, and off-street parking accessed from the alley and offsite areas. Located at 2214 W Northwest Blvd in Spokane, the property is within ZIP Code 99204.
The building is fully occupied and includes on-site laundry facilities, basement tenant storage, and off-street parking accessed from the alley and offsite areas. Located at 2214 W Northwest Blvd in Spokane, the property is within ZIP Code 99204.
Key Highlights
- Fully occupied 6‑unit apartment building
- Six 1‑bedroom, 1‑bathroom single‑level units
- 2,832 square feet on a 0.22‑acre site
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
$28,167
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
5.87%
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%
$563,340
$563.3K
Cap Rate 7%
$402,386
$402.4K
Cap Rate 9%
$312,967
$313.0K
Market Conditions
NOI Build-Up for 2,832 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
$54.7K $19.32/SF
− Vacancy
−$3.5K −$1.24/SF
EGI
$51.2K $18.08/SF
− OpEx
−$23.0K −$8.14/SF
NOI
$28.2K $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%
$563,340
Cap Rate 7%
$402,386
Cap Rate 9%
$312,967
Alternative Uses
Best Use
Apartment 5plus
$402.4K
$352.1K – $469.5K
NOI $28,167 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$730.7K
$639.3K – $852.4K
NOI $51,146 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
311
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
View Realmo Analytics
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 - Six single-level residences offer one bedroom and one bathroom each, with laundry, basement storage, and off-street parking.
Where is this apartment building located?
The property is located at 2214 W Northwest Blvd Spokane, WA.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Fully occupied 6‑unit apartment building; Six 1‑bedroom, 1‑bathroom single‑level units; 2,832 square feet on a 0.22‑acre site
