Renovated 8-Unit Apartment
New
For Sale
$830,500
1119 Augusta, Spokane, WA 99205
Updated apartments feature shared laundry, alley access, and separately metered units.
Property Size4,309 SF
Price / SF$192.74
Days on Market4
Property Features for 1119 Augusta
General Information
Standard status
Active
Size
4,309 SF
Property subtype
Multi Family Home
Additional Details
Cap Rate
9.66%
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,227
Amenities
shared laundry facility
Garage: Off Site, Alley Access
Garage Spaces: 0
Style: Colonial
Colonial
Off Site, Alley Access
Building Details
Year Built
1905
Buildings
1
Listing Agency:
EXIT Real Estate Professionals
(509) 535-8400
Listed By:
Jessica Morales
Source:
Clearwaterproperties
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 8:40AM
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 EXIT Real Estate Professionals
Investment Insights
Based on property information with market context.
This 8-unit apartment building contains 4,309 square feet and dates to 1905. The property has undergone a full renovation, with updated apartments, shared laundry, and separately metered units that support direct utility management. Alley access and off-site parking provide added functionality for residents.
Located at 1119 Augusta in Spokane, the property is positioned near downtown and Kendall Yards. Its historic character, central setting, and recent improvements create a compact multifamily asset with established residential infrastructure. The reported 9.66% CAP Rate adds a defined operating metric for investor review.
Located at 1119 Augusta in Spokane, the property is positioned near downtown and Kendall Yards. Its historic character, central setting, and recent improvements create a compact multifamily asset with established residential infrastructure. The reported 9.66% CAP Rate adds a defined operating metric for investor review.
Key Highlights
- 8‑unit apartment building with 4,309 square feet
- Fully renovated apartments in a 1905 building
- 9.66% CAP Rate
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
$42,857
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
5.16%
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%
$857,140
$857.1K
Cap Rate 7%
$612,243
$612.2K
Cap Rate 9%
$476,189
$476.2K
Market Conditions
NOI Build-Up for 4,309 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
$83.2K $19.32/SF
− Vacancy
−$5.3K −$1.24/SF
EGI
$77.9K $18.08/SF
− OpEx
−$35.1K −$8.14/SF
NOI
$42.9K $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%
$857,140
Cap Rate 7%
$612,243
Cap Rate 9%
$476,189
Alternative Uses
Best Use
Apartment 5plus
$612.2K
$535.7K – $714.3K
NOI $42,857 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$972.8K – $1.30M
NOI $77,821 @ 7.0% cap · market cap 9.37%
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
1,432
Businesses Nearby
Explore this area
Business Placement
Demographics for 99205, WA
44,036
Population
18,791
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
93%
High-School Grad
9.0 sq mi
ZIP Area
4,893
Density / Sq Mi
$72,547
Median Household Income
$42,148
Median Earnings
$1,250
Median Rent
$286,300
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 - Updated apartments feature shared laundry, alley access, and separately metered units.
Where is this apartment building located?
The property is located at 1119 Augusta Spokane, WA.
What is the asking price?
The asking price for this property is $830,500.
What are key features of this property?
This property features: 8‑unit apartment building with 4,309 square feet; Fully renovated apartments in a 1905 building; 9.66% CAP Rate
