Lower South Hill Multifamily
1828 W 9th Ave Spokane, WA 99204
New
1828 W 9th Ave, Spokane, WA, 99204
$690,000
For Sale
$690,000
Multifamily income property with convenient access to major freeway routes and key North–South corridors.
Property Size4,353 SF
Price / SF$158.51
Days on Market6
Property Features for 1828 W 9th Ave
General Information
- Standard status
- Active
- Size
- 4,353 SF
- Property subtype
- Multi Family Home
Building Details
- Year Built
- 1908
Listing agency
LT Real Estate
(509) 315-8720
Listed by
Dallas Lightner · License #26840
Source
Clearwaterproperties
Added: Jul 17 Updated: Jul 20 at 8:54PM Checked: Jul 21 at 4:26AM
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 multifamily income property is located in Spokane’s historically upscale Lower South Hill neighborhood, an area originally developed more than 120 years ago with an established mix of historic homes. The surrounding residential character reflects long-lasting craftsmanship, and the property benefits from convenient access to downtown.
Access is supported by nearby East–West freeway routes and North–South corridors including Maple and Monroe. Major employers are described as just minutes away, including Deaconess Hospital, Sacred Heart Hospital, Fairchild Air Force Base, and Downtown Spokane.
The property’s positioning within Spokane’s residential core is highlighted as central, with straightforward connections to major roads for commuting and daily access.
Access is supported by nearby East–West freeway routes and North–South corridors including Maple and Monroe. Major employers are described as just minutes away, including Deaconess Hospital, Sacred Heart Hospital, Fairchild Air Force Base, and Downtown Spokane.
The property’s positioning within Spokane’s residential core is highlighted as central, with straightforward connections to major roads for commuting and daily access.
Key Highlights
- Built in 1908 in Spokane’s historic Lower South Hill neighborhood
- Multifamily income property with convenient access to major freeway routes and North–South corridors like Maple and Monroe
- Garage noted as detached, off‑site, with alley access (garage spaces listed as 0)
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $84.1k | $19.32 |
| − Vacancy | −$5.4k | −$1.24 |
| EGI | $78.7k | $18.08 |
| − OpEx | −$35.4k | −$8.14 |
| NOI | $43.3k | $9.95 |
4,353 SF · lease $19.32/SF/yr · vacancy 6.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$618.5K
$541.2K – $721.6K
NOI $43,295 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$982.7K – $1.31M
NOI $78,615 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
Similar For Sale Nearby
FAQs
What type of property is this?
Multifamily property - Multifamily income property with convenient access to major freeway routes and key North–South corridors.
Where is this multifamily property located?
The property is located at 1828 W 9th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Built in 1908 in Spokane’s historic Lower South Hill neighborhood; Multifamily income property with convenient access to major freeway routes and North–South corridors like Maple and Monroe; Garage noted as detached, off‑site, with alley access (garage spaces listed as 0)
