Renovated Colonial Apartment
New
For Sale
$830,500
1119 W Augusta Ave, Spokane, WA 99205
MULTI_FAMILY - Colonial - Spokane, WA
Property Size4,309 SF
Lot Size0.14 Acres
Price / SF$192.74
Days on Market3
Property Features for 1119 W Augusta Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1
Parking
10
Parking features
Offsite, Alley
Interior features
Hot Water, High Speed Internet
Basement
Full, Finished
Appliances
Gas Range, Refrigerator
Lot features
Level
Elementary school
Holmes
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35073.4503
Size
4,309 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
7227
Utilities
Utilities
Cable Available
Heating system
Ductless (Heating), Electric (Heating)
Cooling system
Window Unit(s)
Amenities
shared laundry facility
Building Details
Year built
1905
Floors in Building
2
Number of units
8
Building materials
Stone Veneer, Wood Siding
Roof type
Composition
Architectural style
Colonial
Listing Agency:
EXIT Real Estate Professionals · EXIT Realty
(509) 535-8400
Listed By:
Jessica Morales
(509) 535-8400
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 6 at 6:06PM
MLS# 202622104
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 Colonial apartment property was built in 1905 and contains 8 units within 4,309 square feet. The building has undergone a full renovation, with updated residences and a shared laundry area. Separate utility metering supports straightforward management, while interior features include hot water, high-speed internet availability, gas ranges, refrigerators, ductless electric heating, and window-unit cooling. Stone veneer and wood siding complement the original architectural character, with a composition roof completing the exterior improvements.
The property occupies 0.1377 acres and includes alley access along with offsite parking. Its Spokane setting provides proximity to downtown and Kendall Yards. The property is identified with a 9.66% cap rate and includes cable availability among its listed utilities.
The property occupies 0.1377 acres and includes alley access along with offsite parking. Its Spokane setting provides proximity to downtown and Kendall Yards. The property is identified with a 9.66% cap rate and includes cable availability among its listed utilities.
Key Highlights
- 8‑unit apartment building in a Colonial‑style property built in 1905
- Full renovation completed across the apartment property
- 4,309 square feet on a 0.1377‑acre lot
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 - Separate utility meters and shared laundry provide practical operating features for this updated multifamily property.
Where is this apartment building located?
The property is located at 1119 W Augusta Ave 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 in a Colonial‑style property built in 1905; Full renovation completed across the apartment property; 4,309 square feet on a 0.1377‑acre lot
