Craftsman 6-Unit Apartment
For Sale
$1,050,000
928 W 7th Ave, Spokane, WA 99204
MULTI_FAMILY - Craftsman - Spokane, WA
Property Size6,200 SF
Lot Size0.27 Acres
Price / SF$169.35
Days on Market129
Property Features for 928 W 7th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway, Offsite
Window features
Wood Frames
Interior features
Natural Woodwork
Fireplace
1
Basement
Partially Finished, Walk-Out Access, 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) 747-1051
Added: Apr 6
Changed: Aug 1
Last Checked: Aug 12 at 1:06AM
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.
This historic Craftsman apartment building offers 6 residential units and is currently fully occupied. Built in 1909, the property features natural woodwork, wood flooring, and a fireplace. Interior comforts include electric heating and window unit(s) for cooling. The building is constructed with brick, stucco, and wood siding, and it has a composition roof.
Parking is available via a driveway with offsite parking described as part of the setup.
Set on a 0.27-acre lot, the property includes a total building size of 6,200 square feet. Appliances noted include a free-standing range and refrigerator.
Parking is available via a driveway with offsite parking described as part of the setup.
Set on a 0.27-acre lot, the property includes a total building size of 6,200 square feet. Appliances noted include a free-standing range and refrigerator.
Key Highlights
- Historic 6‑unit apartment building, currently fully occupied
- Built in 1909 with Craftsman architecture
- 6,200 SF building on a 0.27‑acre lot
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
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
93
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
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 - Historic 6-unit building on Spokane’s South Hill is fully occupied with electric heat and window-unit cooling.
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: Historic 6‑unit apartment building, currently fully occupied; Built in 1909 with Craftsman architecture; 6,200 SF building on a 0.27‑acre lot
