8-Unit Apartment
1015 S Walnut Pl, Spokane, WA 99204
For Sale
$830,000
An on-site laundry room serves a mix of one- and two-bedroom residences.
Property Size3,520 SF
Price / SF$235.80
Days on Market10
Property Features for 1015 S Walnut Pl
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Amenities
onsite laundry room
Building Details
Buildings
Stories
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License #26840
(509) 315-8720
Source:
Exprealty
Added: Oct 29
Changed: Nov 6
Last Checked: Nov 6 at 2:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LT Real Estate
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Investment Insights
Based on property information with market context.
This 3,520-square-foot apartment property rises three stories and contains eight units: six one-bedroom, one-bath residences and two two-bedroom, one-bath residences. An on-site laundry room is also part of the building.
Exterior work includes a roof replacement in 2019, repainting in 2021, and installation of new curbing and rock in 2022.
Exterior work includes a roof replacement in 2019, repainting in 2021, and installation of new curbing and rock in 2022.
Key Highlights
- Eight apartments: six 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units
- 3,520‑square‑foot, three‑story apartment building
- On‑site laundry room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,010
Cap Rate
4.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$700,200
$700.2K
Cap Rate 7%
$500,143
$500.1K
Cap Rate 9%
$389,000
$389.0K
Market Conditions
NOI Build-Up for 3,520 SF
Gross rent
$68.0K $19.32/SF
− Vacancy
−$4.4K −$1.24/SF
EGI
$63.7K $18.08/SF
− OpEx
−$28.6K −$8.14/SF
NOI
$35.0K $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 Rate 5%
$700,200
Cap Rate 7%
$500,143
Cap Rate 9%
$389,000
Alternative Uses
Best Use
Apartment 5plus
$500.1K
$437.6K – $583.5K
NOI $35,010 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$908.2K
$794.6K – $1.06M
NOI $63,571 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,702
Businesses Nearby
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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
$355,700
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - An on-site laundry room serves a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 1015 S Walnut Pl Spokane, WA.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: Eight apartments: six 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units; 3,520‑square‑foot, three‑story apartment building; On‑site laundry room
