Colonial Multifamily Building with Shared
For Sale
$775,000
Pending
618 E 23RD Ave, Spokane, WA 99203
MULTI_FAMILY - Colonial - Spokane, WA
Property Size6,300 SF
Lot Size0.13 Acres
Days on Market115
Property Features for 618 E 23RD Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
NR-35
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Basement, Bedroom 1, Bathroom 1
Parking features
Alley
Window features
Aluminum Frames, Wood Frames
Patio and Porch features
Patio, Deck
Basement
Finished, Full, Walk-Out Access
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Disposal
Lot features
Fenced Yard, Sprinkler - Automatic, Level
Elementary school
Hutton
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
South on Grand, West on 26th two blocks.
Standard status
Pending
APN
35293.1005
Size
6,300 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
7478
Utilities
Utilities
Cable Available
Heating system
Baseboard, Electric (Heating), Ductless (Heating)
Amenities
shared laundry
raised garden beds
porches
Building Details
Year built
1912
Floors in Building
2
Number of units
6
Flooring type
Wood
Building materials
Wood Siding
Roof type
Composition
Architectural style
Colonial
Listing Agency:
Keller Williams Spokane - Main · Keller Williams Realty
(509) 458-4000
Listed By:
Marc Nilson · License #26340
(509) 458-4000
Added: Apr 15
Changed: Aug 3
Last Checked: Aug 7 at 1:06AM
MLS# 202615493
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.
Built in 1912, this Colonial multifamily property offers a long-established residential layout with wood flooring and wood siding exterior. The home features electric heating with baseboard and ductless systems, a composition roof, and a shared laundry area located in the basement. Outdoor space includes a lower and upper porch, plus raised garden beds, and the property has a sprinkler system. Cable is available, and parking is provided via an alley.
Set in Spokane on a quiet street, the property is centrally located about 3 blocks from Manito Park and Duncan Garden, with bus stops and Rockwood Coffee Shop also nearby. Hutton Elementary School is described as in close proximity, and grocery shopping and restaurants are indicated as about 6 blocks away.
The lot size is 0.1343 acres and the property size is 6,300 square feet. Zoning is NR-35.
Set in Spokane on a quiet street, the property is centrally located about 3 blocks from Manito Park and Duncan Garden, with bus stops and Rockwood Coffee Shop also nearby. Hutton Elementary School is described as in close proximity, and grocery shopping and restaurants are indicated as about 6 blocks away.
The lot size is 0.1343 acres and the property size is 6,300 square feet. Zoning is NR-35.
Key Highlights
- 0.1343‑acre lot
- 6,300 SF multifamily property size
- Built in 1912 with Colonial architecture
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
$62,659
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
8.09%
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%
$1,253,180
$1.3M
Cap Rate 7%
$895,129
$895.1K
Cap Rate 9%
$696,211
$696.2K
Market Conditions
NOI Build-Up for 6,300 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
$121.7K $19.32/SF
− Vacancy
−$7.8K −$1.24/SF
EGI
$113.9K $18.08/SF
− OpEx
−$51.3K −$8.14/SF
NOI
$62.7K $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%
$1,253,180
Cap Rate 7%
$895,129
Cap Rate 9%
$696,211
Alternative Uses
Best Use
Apartment 5plus
$895.1K
$783.2K – $1.04M
NOI $62,659 @ 7.0% cap · market cap 8.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,778 @ 7.0% cap · market cap 14.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 99203, WA
21,072
Population
9,742
Households
2.2
Avg Household Size
43
Median Age
57%
College-Educated
99%
High-School Grad
4.6 sq mi
ZIP Area
4,581
Density / Sq Mi
$95,532
Median Household Income
$56,122
Median Earnings
$1,243
Median Rent
$449,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 1912 Colonial multifamily with shared basement laundry, sprinkler system, and porches on NR-35-zoned lot.
Where is this apartment building located?
The property is located at 618 E 23RD Ave Spokane, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 0.1343‑acre lot; 6,300 SF multifamily property size; Built in 1912 with Colonial architecture
