Eight-Unit Apartment
For Sale
$995,000
104 Oak, Spokane, WA 99201
Eight-unit residential income property with four 1-bedroom and four 2-bedroom units, on-site laundry, and six garages.
Property Size5,397 SF
Lot Size0.12 Acres
Price / SF$184.36
Days on Market28
Property Features for 104 Oak
General Information
Standard status
Active
Size
5,397 SF
Total Parking Spaces
6
Lot size
0.12 Acres
Property subtype
Multi Family Home
Additional Details
Multifamily Units
8
Amenities
Garage: Underground
Garage Spaces: 6
Underground
6
Building Details
Year Built
1939
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Clearwaterproperties
Added: Jul 16
Changed: Aug 11
Last Checked: Aug 12 at 6:42AM
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
Investment Insights
Based on property information with market context.
This eight-unit apartment building offers a balanced unit mix of four 1-bedroom and four 2-bedroom residences. The property includes on-site laundry and six garages, supporting convenient tenant parking and everyday operations.
Built in 1939, the building sits on a 5,350 SF lot and totals approximately 5,397 SF. The asset is positioned in Browne’s Addition, with proximity to downtown Spokane and nearby dining, shopping, and transit.
For buyers seeking a straightforward multi-family investment, the existing layout and unit mix provide an immediate rental offering, supported by the on-site laundry amenity and garage parking.
Built in 1939, the building sits on a 5,350 SF lot and totals approximately 5,397 SF. The asset is positioned in Browne’s Addition, with proximity to downtown Spokane and nearby dining, shopping, and transit.
For buyers seeking a straightforward multi-family investment, the existing layout and unit mix provide an immediate rental offering, supported by the on-site laundry amenity and garage parking.
Key Highlights
- 8‑unit residential income property with four 1‑bed and four 2‑bed units
- Approximately 5,397 SF total on a 5,350 SF lot
- Built in 1939
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
$53,678
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
5.39%
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%
$1,073,560
$1.1M
Cap Rate 7%
$766,829
$766.8K
Cap Rate 9%
$596,422
$596.4K
Market Conditions
NOI Build-Up for 5,397 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
$104.3K $19.32/SF
− Vacancy
−$6.7K −$1.24/SF
EGI
$97.6K $18.08/SF
− OpEx
−$43.9K −$8.14/SF
NOI
$53.7K $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%
$1,073,560
Cap Rate 7%
$766,829
Cap Rate 9%
$596,422
Alternative Uses
Best Use
Apartment 5plus
$766.8K
$671.0K – $894.6K
NOI $53,678 @ 7.0% cap · market cap 5.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,470 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,414
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
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 - Eight-unit residential income property with four 1-bedroom and four 2-bedroom units, on-site laundry, and six garages.
Where is this apartment building located?
The property is located at 104 Oak Spokane, WA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 8‑unit residential income property with four 1‑bed and four 2‑bed units; Approximately 5,397 SF total on a 5,350 SF lot; Built in 1939
