Two-Bedroom Residential Income
For Sale
$200,000
844 W Cliff Dr, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size936 SF
Price / SF$213.68
Days on Market22
Property Features for 844 W Cliff Dr
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Bedroom 2
Parking
862
Parking features
Carport
Window features
Vinyl Frames
Patio and Porch features
Deck
Fireplace
1
Basement
Finished
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Subdivision
Cliff Cannon
Lot features
Views, City Bus (w/in 6 blks)
View
City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
Corner of Monroe and Cliff Dr. just one block south of Huckleberry's.
Standard status
Active
APN
35193.4603
Size
936 SF
Utilities
Heating system
Electric (Heating), Zoned, Baseboard
Cooling system
Wall Unit(s)
Building Details
Year built
1972
Number of units
1
Flooring type
Wood
Listing Agency:
Realty One Group Eclipse
(509) 327-2238
Listed By:
Mike Meyer · License #2315
(509) 710-6611
Added: Aug 14
Changed: Aug 21
Last Checked: Sep 4 at 6:06PM
MLS# 202622656
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 vacant residential income condo offers 936 square feet with two bedrooms and one bathroom. Built in 1972, the unit includes wood flooring, a fireplace, electric zoned baseboard heating, wall-unit cooling, and a kitchen equipped with a free-standing range, dishwasher, refrigerator, and microwave. A carport and deck add practical outdoor and parking features.
The property is located on Spokane’s South Hill near Huckleberry's, hospitals, downtown Spokane, River Point Campus, I-90, and Spokane Airport. It is also positioned on a bus route and includes views toward Five Mile Prairie and distant mountains. The condo has previously operated as a rental and is currently vacant.
The property is located on Spokane’s South Hill near Huckleberry's, hospitals, downtown Spokane, River Point Campus, I-90, and Spokane Airport. It is also positioned on a bus route and includes views toward Five Mile Prairie and distant mountains. The condo has previously operated as a rental and is currently vacant.
Key Highlights
- 936 SF condo with 2 bedrooms and 1 bathroom
- Currently vacant residential income property
- Wood flooring, fireplace, and updated interiors
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
$9,309
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
4.65%
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%
$186,180
$186.2K
Cap Rate 7%
$132,986
$133.0K
Cap Rate 9%
$103,433
$103.4K
Market Conditions
NOI Build-Up for 936 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
$18.1K $19.32/SF
− Vacancy
−$1.2K −$1.24/SF
EGI
$16.9K $18.08/SF
− OpEx
−$7.6K −$8.14/SF
NOI
$9.3K $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%
$186,180
Cap Rate 7%
$132,986
Cap Rate 9%
$103,433
Alternative Uses
Best Use
Apartment 5plus
$133.0K
$116.4K – $155.2K
NOI $9,309 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$241.5K
$211.3K – $281.7K
NOI $16,904 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 99204, WA
7,000
Population
4,357
Households
1.6
Avg Household Size
34
Median Age
37%
College-Educated
93%
High-School Grad
1.0 sq mi
ZIP Area
7,000
Density / Sq Mi
$50,266
Median Household Income
$39,036
Median Earnings
$1,103
Median Rent
$355,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant condo with updated interiors, a carport, deck, and access to nearby hospitals, downtown, and regional transportation routes.
Where is this residential income property located?
The property is located at 844 W Cliff Dr Spokane, WA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 936 SF condo with 2 bedrooms and 1 bathroom; Currently vacant residential income property; Wood flooring, fireplace, and updated interiors
