Multifamily Mixed-Use
604 S Ray St Spokane, WA 99202
For Sale
$749,900
MULTI_FAMILY - Spokane, WA
Property Size3,014 SF
Lot Size0.15 Acres
Price / SF$248.81
Days on Market118
Property Features for 604 S Ray St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 3
- Rooms
- Laundry Room, Bedroom 7, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 8, Utility Room, Bedroom 1, Bedroom 5
- Parking features
- Alley, Offsite, Driveway
- Window features
- Vinyl Frames, Wood Frames
- Interior features
- High Speed Internet
- Appliances
- Free-Standing Range, Dishwasher, Refrigerator, Washer, Dryer
- Standard status
- Active
- APN
- 35222.4411
- Size
- 3,014 SF
- Lot size
- 0.15 Acres
Utilities
- Heating system
- Electric (Heating), Ductless (Heating)
- Cooling system
- Wall Unit(s)
Building Details
- Year built
- 1946
- Number of units
- 2
- Building materials
- Fiber Cement
- Roof type
- Composition
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Kristopher Zarek · License #135095
(509) 327-2238
Added: Mar 30
Changed: Jul 15
Last Checked: Jul 25 at 8:06AM
MLS# 202614419
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 versatile multi-family property includes two residential units plus an additional side structure. The back unit features a spacious 6-bedroom, 2-bath layout with an open living area and a large kitchen, along with designated manager’s quarters and an office loft. The front unit is a 2-bedroom, 1-bath space with a flexible bedroom plus an additional guest room or office setup, suited for an owner-occupant or a manager. A side structure of approximately 198 square feet is plumbed with plumbing and electrical, providing space that could support an intake office, counseling room, or private workspace.
The property is located at 604 S Ray St in Spokane, near schools, a hospital, and local businesses. The back unit was previously operated as a group home, generating around $700 per bed.
With its residential configuration and supporting side space, the property is set up for multiple possible operating models, including group housing or supported living arrangements, based on the existing layouts and infrastructure described in the offering.
The property is located at 604 S Ray St in Spokane, near schools, a hospital, and local businesses. The back unit was previously operated as a group home, generating around $700 per bed.
With its residential configuration and supporting side space, the property is set up for multiple possible operating models, including group housing or supported living arrangements, based on the existing layouts and infrastructure described in the offering.
Key Highlights
- Back unit: 6 bed, 2 bath layout with ability to accommodate up to 12 income‑producing beds (previously group home).
- Back unit previously operated as a group home generating around $700 per bed.
- Front unit: 2 bed, 1 bath with flexible setup for a manager or owner‑occupant, including a bedroom plus guest room/office.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.4k | $17.40 |
| − Vacancy | −$3.2k | −$1.06 |
| EGI | $49.3k | $16.34 |
| − OpEx | −$14.8k | −$4.90 |
| NOI | $34.5k | $11.44 |
3,014 SF · lease $17.40/SF/yr · vacancy 6.08% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$492.6K
$431.0K – $574.7K
NOI $34,479 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$428.2K
$374.7K – $499.6K
NOI $29,977 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$777.6K
$680.4K – $907.2K
NOI $54,433 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Back unit offers a 6-bed, 2-bath group home style layout, with a front 2-bed unit and a plumbed side structure.
Where is this duplex located?
The property is located at 604 S Ray St Spokane, WA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Back unit: 6 bed, 2 bath layout with ability to accommodate up to 12 income‑producing beds (previously group home).; Back unit previously operated as a group home generating around $700 per bed.; Front unit: 2 bed, 1 bath with flexible setup for a manager or owner‑occupant, including a bedroom plus guest room/office.
