Updated Furnished
For Sale
$219,000
1109 S WALNUT St, Spokane, WA 99204
Residential Income, Spokane, WA
Property Size728 SF
Lot Size0.05 Acres
Price / SF$300.82
Days on Market26
Property Features for 1109 S WALNUT St
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Utility Room, Bedroom 2, Bedroom 1, Bathroom 1, Laundry Room
Window features
Vinyl Frames
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave
Lot features
Sprinkler - Automatic, Level, Corner Lot, City Bus (w/in 6 blks), Common Grounds
Elementary school
Roosevelt
Middle school
Sacajawea
High school
Lewis & Clark
Elementary school district
Spokane Dist 81
Standard status
Active
APN
25244.5803
Size
728 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2125
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Window Unit(s)
Amenities
secure building
extra basement storage
stainless steel kitchen appliances
Building Details
Year built
1951
Number of units
1
Flooring type
Wood
Building materials
Brick, Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Choice Realty
(509) 217-0200
Listed By:
Aaron Magner
(509) 344-9056
Added: Sep 10
Changed: Sep 17
Last Checked: Oct 5 at 1:06AM
MLS# 202624072
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 728-square-foot residential income property is a furnished, recently updated second-floor condominium with two bedrooms and one bathroom. The interior includes wood flooring, a utility room, laundry room, and a kitchen equipped with a free-standing range, dishwasher, refrigerator, and microwave. Electric baseboard heating and a window unit provide the listed heating and cooling systems. The building was constructed in 1951 and features brick and wood siding with a composition roof.
The property includes additional basement storage and a detached garage space for one vehicle. Its Spokane setting places it near the hospital district as well as downtown dining and shopping. The primary bedroom offers double closets, adding dedicated storage within the unit.
The property includes additional basement storage and a detached garage space for one vehicle. Its Spokane setting places it near the hospital district as well as downtown dining and shopping. The primary bedroom offers double closets, adding dedicated storage within the unit.
Key Highlights
- 728 SF furnished condo with 2 bedrooms and 1 bathroom
- Recently updated second‑floor unit in a secure building
- Detached single‑car garage space included
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
$7,241
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
3.31%
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%
$144,820
$144.8K
Cap Rate 7%
$103,443
$103.4K
Cap Rate 9%
$80,456
$80.5K
Market Conditions
NOI Build-Up for 728 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
$14.1K $19.32/SF
− Vacancy
−$900 −$1.24/SF
EGI
$13.2K $18.08/SF
− OpEx
−$5.9K −$8.14/SF
NOI
$7.2K $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%
$144,820
Cap Rate 7%
$103,443
Cap Rate 9%
$80,456
Alternative Uses
Best Use
Apartment 5plus
$103.4K
$90.5K – $120.7K
NOI $7,241 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$187.8K
$164.4K – $219.1K
NOI $13,148 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,702
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor furnished residence with secure access, basement storage, and dedicated garage parking near Spokane’s hospital district.
Where is this residential income property located?
The property is located at 1109 S WALNUT St Spokane, WA.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 728 SF furnished condo with 2 bedrooms and 1 bathroom; Recently updated second‑floor unit in a secure building; Detached single‑car garage space included
