Versatile Spokane Multi-Family/Mixed-Use
604 S Ray St, Spokane, WA 99202
MULTI_FAMILY - Spokane, WA
Property size:
3,014 SFLot size:
0.15 AcresPrice / SF:
$248/SF- Added:
- Mar 30, 2026
- Days on Market:
- 54
- Last Refresh:
- May 22 at 11:06 pm
Property Features for 604 S Ray St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 3
- Rooms
- Bedroom 5, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 8, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 7, Bedroom 6, Utility Room
- Parking features
- Driveway, Alley, Offsite
- 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 agent Kristopher Zarek License #135095 (509) 327-2238
Listing office Realty One Group Eclipse 1414 W Garland #100, Spokane, WA (509) 327-2238
Listing date Mar 30, 2026
MLS# 202614419
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.
HighLights
- Strong income potential from back unit with 6 bed, 2 bath layout accommodating up to 12 beds.
- Versatile multi‑family/mixed‑use property suitable for group housing, assisted living, student housing, Airbnb, or office conversion.
- Ideal location in Spokane near schools, hospital, and businesses.
- Back unit features large kitchen, open living space, designated manager's quarters, and office loft.
- Front unit offers 2 bed, 1 bath setup ideal for manager or owner‑occupant.
- Side structure (approx. 198 sq ft) plumbed with plumbing and electrical, suitable for office or workspace.
Overview
This multi-family/mixed-use property in Spokane presents a versatile opportunity near schools, a hospital, and various businesses. The property offers strong income potential and supports multiple commercial or residential uses. It is suitable for group housing, assisted living, student housing, Airbnb, or office conversion. The back unit features a 6-bed, 2-bath layout, capable of accommodating up to 12 income-producing beds. Previously operated as a group home, it generated approximately $700 per bed. The layout includes a large kitchen, an open living space, designated manager's quarters, and an office loft, making it ideal for supported living, group housing, or workforce housing. The front unit provides a 2-bed, 1-bath setup, suitable for a manager or owner-occupant, with a bedroom plus an additional guest room/office. A side structure of approximately 198 sq ft offers potential for an intake office, counseling space, or private workspace, and includes plumbing and electrical installations. The property is situated on a lot of approximately 0.15 acres and the building size is approximately 3014 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$479.5K
NOI $43,157 @ 9.00% cap · cautious / downside scenario
Moderate
$616.5K
NOI $43,157 @ 7.00% cap · market / base-case scenario
Aggressive
$863.1K
NOI $43,157 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $66.9k | $22.20 |
| − Vacancy | −$9.4k | −$3.11 |
| EGI | $57.5k | $19.09 |
| − OpEx | −$14.4k | −$4.77 |
| NOI | $43.2k | $14.32 |
3,014 SF · lease $22.20/SF/yr · vacancy 14.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$616.5K
$539.5K – $719.3K
NOI $43,157 @ 7.0% cap · market cap 5.76%
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 Profile
Location Intelligence
Current Use by Public Records
Office Units
Location Insight
- Map
- Local Demand
- City
- Spokane
- County
- Spokane
- State
- Washington
- Longitude
- -117.363386
- Latitude
- 47.650566
Nearby Similar for Sale
FAQs
What type of property is this?
Multifamily property - Multi-family/mixed-use property with income potential near schools and hospital.
Where is this multifamily property 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: Strong income potential from back unit with 6 bed, 2 bath layout accommodating up to 12 beds.; Versatile multi‑family/mixed‑use property suitable for group housing, assisted living, student housing, Airbnb, or office conversion.; Ideal location in Spokane near schools, hospital, and businesses.
