6-Unit Apartment
New
For Sale
$575,000
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
Price / SF$114.50
Days on Market6
Property Features for 1019 Monroe
General Information
Standard status
Active
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
(509) 994-5007
Listed By:
Jeff Hornberger
Source:
Clearwaterproperties
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 25 at 10:13AM
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
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 = 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
$49,948
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
8.69%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
