Victorian Multi-Family Investment
For Sale
$374,500
4722 N Regal St, Spokane, WA 99217
MULTI_FAMILY - Victorian - Spokane, WA
Property Size3,406 SF
Lot Size0.15 Acres
Price / SF$109.95
Days on Market32
Property Features for 4722 N Regal St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 2, Bathroom 2, Basement, Bedroom 1, Bedroom 7, Bedroom 5, Bedroom 6
Parking features
Offsite, Alley
Patio and Porch features
Deck
Interior features
Hot Water, Kitchen Island
Basement
Partial, Partially Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Treed, Level, City Bus (w/in 6 blks)
View
City
Elementary school
Regal
Middle school
Shaw
High school
Rogers
Elementary school district
Spokane Dist 81
Standard status
Active
APN
36343.2908
Size
3,406 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
3861
Utilities
Heating system
Hot Water(Heating), Radiant, Radiant Floor
Cooling system
Window Unit(s)
Building Details
Year built
1909
Floors in Building
2
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Architectural style
Victorian
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Cody Fenske · License #SP54854
(360) 339-5093
Added: Jul 23
Changed: Jul 24
Last Checked: Aug 23 at 3:06AM
MLS# 202621429
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 Victorian-style single-family income property offers 7 bedrooms and 2.5 bathrooms, with tenants renting private rooms while sharing common areas including the kitchen, bathrooms, and living spaces. The home is described as well-maintained and is currently configured as an income-generating rental by-the-room model.
The property is located at 4722 N Regal St in Spokane, Washington (99217). It sits on a 0.1458-acre lot and is listed for sale at an individual level or as part of a larger rental portfolio, according to the provided remarks.
Current lease terms are described as flexible month-to-month for all tenants, which may offer operational flexibility compared to fixed-term arrangements. The property is being marketed as an investment opportunity with an established rental track record.
The property is located at 4722 N Regal St in Spokane, Washington (99217). It sits on a 0.1458-acre lot and is listed for sale at an individual level or as part of a larger rental portfolio, according to the provided remarks.
Current lease terms are described as flexible month-to-month for all tenants, which may offer operational flexibility compared to fixed-term arrangements. The property is being marketed as an investment opportunity with an established rental track record.
Key Highlights
- 7‑bedroom, 2.5‑bath income property currently rented by the room with private bedrooms and shared kitchen, bathrooms, and living spaces
- Tenants are on flexible month‑to‑month leases
- Radiant floor heating and hot water heating
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
$33,876
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
9.05%
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%
$677,520
$677.5K
Cap Rate 7%
$483,943
$483.9K
Cap Rate 9%
$376,400
$376.4K
Market Conditions
NOI Build-Up for 3,406 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
$65.8K $19.32/SF
− Vacancy
−$4.2K −$1.24/SF
EGI
$61.6K $18.08/SF
− OpEx
−$27.7K −$8.14/SF
NOI
$33.9K $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%
$677,520
Cap Rate 7%
$483,943
Cap Rate 9%
$376,400
Alternative Uses
Best Use
Apartment 5plus
$483.9K
$423.5K – $564.6K
NOI $33,876 @ 7.0% cap · market cap 9.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$878.7K
$768.9K – $1.03M
NOI $61,512 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
493
Businesses Nearby
Explore this area
Business Placement
Demographics for 99217, WA
19,298
Population
8,166
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
93%
High-School Grad
51.4 sq mi
ZIP Area
375
Density / Sq Mi
$71,807
Median Household Income
$43,267
Median Earnings
$1,267
Median Rent
$329,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Victorian-style 7-bedroom, 2.5-bath income property currently rented by the room with month-to-month leases.
Where is this single family property located?
The property is located at 4722 N Regal St Spokane, WA.
What is the asking price?
The asking price for this property is $374,500.
What are key features of this property?
This property features: 7‑bedroom, 2.5‑bath income property currently rented by the room with private bedrooms and shared kitchen, bathrooms, and living spaces; Tenants are on flexible month‑to‑month leases; Radiant floor heating and hot water heating
