Gonzaga Investment Property Near
For Sale
$349,000
1217 E Indiana Ave, Spokane, WA 99207
Residential Income, Spokane, WA
Property Size1,974 SF
Lot Size0.15 Acres
Price / SF$176.80
Days on Market156
Property Features for 1217 E Indiana Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Laundry Room, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Utility Room
Parking features
Alley
Window features
Vinyl Frames
Patio and Porch features
Deck
Basement
Partial
Appliances
Free-Standing Range, Dishwasher, Refrigerator, Microwave, Washer, Dryer
Lot features
Sprinkler - Automatic, Level
Elementary school
Logan
Middle school
Yasuhara
High school
North Central
Elementary school district
Spokane Dist 81
Standard status
Active
APN
35084.2211
Size
1,974 SF
Lot size
0.15 Acres
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
1907
Number of units
1
Building materials
Masonite, Vinyl Siding
Roof type
Composition
Architectural style
Bungalow
Listing Agency:
eXp Realty, LLC
(888) 317-5197
Listed By:
Holly Stockton · License #140106
(360) 339-5093
Added: May 6
Changed: Oct 7
Last Checked: Oct 8 at 1:06AM
MLS# 202616846
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 investment property, leased for the 2026-2027 school year, is located blocks from Gonzaga University. The property features 4 bedrooms and 2 bathrooms. Recent updates include newer appliances and a spacious primary suite with a 5-piece en suite bathroom. The home offers functional living spaces designed for student housing. The property includes a sprinkler system and a detached 2-car garage. Currently generating $1,950 per month in gross rent, this property offers investors an opportunity to expand their portfolio in one of Spokane's consistent rental markets. The property size is 1,974 square feet and the lot size is 0.1467 acres.
Key Highlights
- Leased for the 2026‑2027 school year, providing immediate income.
- Located blocks from Gonzaga University, ensuring consistent rental demand.
- Generates $1,950/month in gross rent.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,633
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$392,660
$392.7K
Cap Rate 7%
$280,471
$280.5K
Cap Rate 9%
$218,144
$218.1K
Market Conditions
NOI Build-Up for 1,974 SF
Gross rent
$38.1K $19.32/SF
− Vacancy
−$2.4K −$1.24/SF
EGI
$35.7K $18.08/SF
− OpEx
−$16.1K −$8.14/SF
NOI
$19.6K $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 Rate 5%
$392,660
Cap Rate 7%
$280,471
Cap Rate 9%
$218,144
Alternative Uses
Best Use
Apartment 5plus
$280.5K
$245.4K – $327.2K
NOI $19,633 @ 7.0% cap · market cap 5.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$509.3K
$445.6K – $594.2K
NOI $35,650 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 99207, WA
32,059
Population
13,673
Households
2.3
Avg Household Size
34
Median Age
17%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
6,165
Density / Sq Mi
$55,548
Median Household Income
$31,712
Median Earnings
$1,127
Median Rent
$246,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Single family property - Investment property near Gonzaga University with immediate income potential.
Where is this single family property located?
The property is located at 1217 E Indiana Ave Spokane, WA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Leased for the 2026‑2027 school year, providing immediate income.; Located blocks from Gonzaga University, ensuring consistent rental demand.; Generates $1,950/month in gross rent.
