Six-Unit Craftsman Apartment
For Sale
$1,050,000
928 W 7th Ave, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size6,200 SF
Lot Size0.27 Acres
Price / SF$169.35
Days on Market175
Property Features for 928 W 7th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Offsite, Driveway
Window features
Wood Frames
Interior features
Natural Woodwork
Fireplace
1
Basement
Walk-Out Access, Partially Finished, Full
Appliances
Free-Standing Range, Refrigerator
Lot features
Views, Fenced Yard, Sprinkler - Automatic, Hillside, City Bus (w/in 6 blks), Oversized Lot
View
City
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Directions
S on Monroe. Property sits on the NE corner of 7th and Monroe.
Standard status
Active
APN
35193.5307
Size
6,200 SF
Lot size
0.27 Acres
Utilities
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1909
Floors in Building
2
Number of units
7
Flooring type
Wood
Building materials
Brick, Stucco, Wood Siding
Roof type
Composition
Architectural style
Craftsman
Listing Agency:
Windermere Manito, LLC
(509) 747-1051
Listed By:
Dan McLaughlin · License #93712
(509) 434-9219
Added: Apr 6
Changed: Sep 13
Last Checked: Sep 27 at 5:06PM
MLS# 202614878
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 1909, this six-unit apartment building offers 6,200 square feet on a 0.27-acre parcel in Spokane’s South Hill. The Craftsman-style property features brick, stucco, and wood siding, along with wood flooring, natural woodwork, and a fireplace. Individual units include free-standing ranges and refrigerators, while heating is provided by electric systems and cooling by window units.
The property is positioned near bus routes, grocery stores, restaurants, and hospitals. Parking includes a driveway and offsite spaces. The building is currently fully occupied and includes a composition roof.
The property is positioned near bus routes, grocery stores, restaurants, and hospitals. Parking includes a driveway and offsite spaces. The building is currently fully occupied and includes a composition roof.
Key Highlights
- Six‑unit apartment building with 6,200 square feet
- Built in 1909 with Craftsman architectural styling
- Situated on a 0.27‑acre parcel in Spokane’s South Hill
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
$61,665
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
5.87%
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%
$1,233,300
$1.2M
Cap Rate 7%
$880,929
$880.9K
Cap Rate 9%
$685,167
$685.2K
Market Conditions
NOI Build-Up for 6,200 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
$119.8K $19.32/SF
− Vacancy
−$7.7K −$1.24/SF
EGI
$112.1K $18.08/SF
− OpEx
−$50.5K −$8.14/SF
NOI
$61.7K $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%
$1,233,300
Cap Rate 7%
$880,929
Cap Rate 9%
$685,167
Alternative Uses
Best Use
Apartment 5plus
$880.9K
$770.8K – $1.03M
NOI $61,665 @ 7.0% cap · market cap 5.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $111,972 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,351
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully occupied property with wood flooring, natural woodwork, and convenient access to local services.
Where is this apartment building located?
The property is located at 928 W 7th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Six‑unit apartment building with 6,200 square feet; Built in 1909 with Craftsman architectural styling; Situated on a 0.27‑acre parcel in Spokane’s South Hill
