6-Unit Apartment
For Sale
$575,000
Pending
1019 Monroe, Spokane, WA 99204
Six residential units include covered parking, coin-operated laundry, and a mix of one-bedroom and studio layouts.
Property Size5,022 SF
Days on Market58
Property Features for 1019 Monroe
General Information
Standard status
Pending
Size
5,022 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Property Condition
Severity
Repairs Needed
Evidence
many units remain dated
Units
Unit Mix
5 x 1BR/1BA, 1 x studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,328
Amenities
coin-operated laundry
Garage: Detached
Garage Spaces: 5
Detached
5
Building Details
Year Built
1940
Buildings
1
Listing Agency:
The Hornberger Group, LLC
Listed By:
Jeff Hornberger
(509) 994-5007
Source:
Clearwaterproperties
Added: Aug 21
Changed: Oct 16
Last Checked: Oct 16 at 9:09AM
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 The Hornberger Group, LLC
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Investment Insights
Based on property information with market context.
Located at 1019 S Monroe St in Spokane’s South Hill area, this 5,022-square-foot apartment property contains six units: five one-bedroom, one-bath residences and one studio. The building includes five covered off-street parking spaces and coin-operated laundry facilities.
The property sits directly across from Huckleberry's Natural Market and is minutes from Downtown Spokane, Sacred Heart, Deaconess, and other major employers. Tenancy has been stable, with long-term occupants current on rent. The building has been maintained, while several units retain dated finishes that may allow future updates as vacancies occur.
The property sits directly across from Huckleberry's Natural Market and is minutes from Downtown Spokane, Sacred Heart, Deaconess, and other major employers. Tenancy has been stable, with long-term occupants current on rent. The building has been maintained, while several units retain dated finishes that may allow future updates as vacancies occur.
Key Highlights
- Six units: five 1‑bedroom/1‑bath apartments and one studio
- 5,022 SF apartment building on Spokane’s South Hill
- Five covered off‑street parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,948
Cap Rate
8.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$998,960
$999.0K
Cap Rate 7%
$713,543
$713.5K
Cap Rate 9%
$554,978
$555.0K
Market Conditions
NOI Build-Up for 5,022 SF
Gross rent
$97.0K $19.32/SF
− Vacancy
−$6.2K −$1.24/SF
EGI
$90.8K $18.08/SF
− OpEx
−$40.9K −$8.14/SF
NOI
$49.9K $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 Rate 5%
$998,960
Cap Rate 7%
$713,543
Cap Rate 9%
$554,978
Alternative Uses
Best Use
Apartment 5plus
$713.5K
$624.4K – $832.5K
NOI $49,948 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,697 @ 7.0% cap · market cap 15.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Six residential units include covered parking, coin-operated laundry, and a mix of one-bedroom and studio layouts.
Where is this apartment building located?
The property is located at 1019 Monroe Spokane, WA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Six units: five 1‑bedroom/1‑bath apartments and one studio; 5,022 SF apartment building on Spokane’s South Hill; Five covered off‑street parking spaces
