Bungalow Multifamily Redevelopment
For Sale
$335,000
934 E NORA Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size2,005 SF
Lot Size0.16 Acres
Price / SF$167.08
Days on Market65
Property Features for 934 E NORA Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Utility Room, Bedroom 1, Bedroom 2, Bathroom 2
Patio and Porch features
Patio
Basement
Partial, Unfinished
Appliances
Free-Standing Range, Refrigerator, Washer, Dryer
Lot features
Fenced Yard, Level, Fencing
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35084.3404
Size
2,005 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
3148
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1900
Floors in Building
2
Number of units
1
Building materials
Wood Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Aaron Magner
(509) 217-0200
Added: Jun 17
Changed: Aug 19
Last Checked: Aug 20 at 1:06PM
MLS# 202619450
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 for-sale bungalow features five bedrooms and two bathrooms, along with a fenced backyard and a detached single-car garage. The property sits on an open, flat lot with alley access, providing a convenient layout for future site planning. New interior and exterior paint was completed in 2022, supporting a move-in or renovation-focused timetable.
The offering is described as located in the Gonzaga/Logan area, near bus lines, shopping, city parks, and the Centennial Trail. Zoning is noted as R1 and RMF-40, with the remarks stating multifamily development up to 40 feet tall is permitted.
For tenants, investors, or developers, the home’s current configuration combined with the lot characteristics may appeal to those looking to expand income through an ADU addition, as suggested in the marketing remarks. The presence of an alley-access site and the updated paint work can help streamline near-term planning and property presentation, while the zoning language supports multifamily redevelopment considerations.
The offering is described as located in the Gonzaga/Logan area, near bus lines, shopping, city parks, and the Centennial Trail. Zoning is noted as R1 and RMF-40, with the remarks stating multifamily development up to 40 feet tall is permitted.
For tenants, investors, or developers, the home’s current configuration combined with the lot characteristics may appeal to those looking to expand income through an ADU addition, as suggested in the marketing remarks. The presence of an alley-access site and the updated paint work can help streamline near-term planning and property presentation, while the zoning language supports multifamily redevelopment considerations.
Key Highlights
- 5‑bedroom, 2‑bath bungalow built in 1900 with a fenced backyard
- R1 and RMF‑40 zoning allows multifamily up to 40' tall
- Open, flat lot with alley access and a detached single‑car garage
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
$19,942
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
5.95%
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%
$398,840
$398.8K
Cap Rate 7%
$284,886
$284.9K
Cap Rate 9%
$221,578
$221.6K
Market Conditions
NOI Build-Up for 2,005 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
$38.7K $19.32/SF
− Vacancy
−$2.5K −$1.24/SF
EGI
$36.3K $18.08/SF
− OpEx
−$16.3K −$8.14/SF
NOI
$19.9K $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%
$398,840
Cap Rate 7%
$284,886
Cap Rate 9%
$221,578
Alternative Uses
Best Use
Apartment 5plus
$284.9K
$249.3K – $332.4K
NOI $19,942 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$517.3K
$452.6K – $603.5K
NOI $36,210 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
583
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Five-bedroom Spokane bungalow on a fenced, flat lot with alley access and zoning noted for multifamily redevelopment.
Where is this single family property located?
The property is located at 934 E NORA Ave Spokane, WA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 5‑bedroom, 2‑bath bungalow built in 1900 with a fenced backyard; R1 and RMF‑40 zoning allows multifamily up to 40' tall; Open, flat lot with alley access and a detached single‑car garage
