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    523 E Indiana Ave Spokane, WA 99207

    Sponsored
    For Sale
    Pending
    $399,900

    MULTI_FAMILY - Craftsman - Spokane, WA

    Property size:
    2,502 SF
    Lot size:
    0.17 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 20 at 3:06 am

    Property Features for 523 E Indiana Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Zoning
    R1
    Rooms
    Bedroom 7, Bathroom 1, Bedroom 6, Utility Room, Laundry Room, Bedroom 3, Bathroom 2, Basement, Bedroom 1, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 2
    Bedrooms
    7
    APN
    35083.1510
    Parking
    7
    Parking features
    Open, Alley
    Patio and Porch features
    Patio
    Interior features
    Hot Water, High Speed Internet, Windows Vinyl
    Basement
    Finished, Full, Walk-Out Access
    Appliances
    Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer, Hard Surface Counters
    Size
    2,502 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1903
    Floors in Building
    2
    Number of units
    1
    Building materials
    Wood Siding
    Roof type
    Composition
    Architectural style
    Craftsman

    We can help!

    Listing Contact
    Bryan Swanson
    Bryan Swanson

    Keller Williams Realty Spokane (509) 458-4000

    Listing agent Bryan Swanson (509) 991-2120

    Listing date Feb 19, 2026

    MLS# 202611977 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.

    Learn more

    Property Insight Report

    Overview

    Updated Investment Property Near Gonzaga

    This updated investment property features 7 bedrooms and 3 bathrooms. Located approximately 5 blocks from Gonzaga University and less than a block from Great Northern University, the property includes new flooring, interior and exterior paint, and vanities. A high-efficiency gas furnace and a new gas water heater (installed in 2023) are present. The roof was replaced in 2014 with a 30-year composition roof. All bedrooms are spacious and have legal egress. Additional features include a mud room off the back door for storage and parking off the alley in the backyard. A 2-car detached garage with an opener is also included. The property is located in Spokane, WA.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Spokane
    County
    Spokane
    State
    Washington
    Longitude
    -117.401948
    Latitude
    47.675261

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    FAQs

    What type of property is this?
    Multifamily property - Updated 7-bedroom, 3-bathroom investment property near Gonzaga University.
    Where is this multifamily property located?
    The property is located at 523 E Indiana 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: - Prime location: Just 5 blocks from Gonzaga University and less than a block from Great Northern University, ideal for student rentals.; - High rental potential: 7 spacious bedrooms, all with legal egress, maximizing occupancy and income.; - Recently updated: New flooring, interior/exterior paint, vanities, and a new gas H2O (2023) provide modern appeal and reduce maintenance.
    (509) 991-2120
    Request Owner's contact information
    523 E Indiana Ave Spokane, WA 99207
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    Spokane, WA 99207
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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.

    More about this property
    523 E Indiana Ave Spokane, WA 99207
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    We can help!
    Listing Contact
    Bryan Swanson
    Bryan Swanson
    Real Estate License ID: 102133
    (509) 991-2120 (509) 458-4000 (509) 893-2001
    Learn more
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