8-Unit Apartment
1303 13th, Spokane, WA 99204
For Sale
$1,550,000
Fully occupied property with two-bedroom layouts, in-unit laundry, and covered off-street parking.
Property Size7,424 SF
Lot Size0.37 Acres
Price / SF$208.78
Days on Market11
Property Features for 1303 13th
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Net Operating Income
Site & Location
Neighborhood
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
in-unit washer/dryer
wood fireplace
covered off-street parking
Garage: Off Site
Garage Spaces: 0
Off Site
Building Details
Year Built
Stories
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License WA #26840
(509) 315-8720
Source:
Clearwaterproperties
Added: Oct 30
Changed: Nov 8
Last Checked: Nov 8 at 5:43AM
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
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Investment Insights
Based on property information with market context.
This two-story apartment building contains eight units, each with two bedrooms, one bathroom, and approximately 1,000 square feet. Four apartments include wood-burning fireplaces; all have electric heat and in-unit washer/dryers. The 1968 property received a new roof and water heaters in 2025, and its windows have been updated. The 7,424-square-foot building occupies a 0.37-acre lot, with covered off-street parking and an adjacent lot. All eight units are occupied.
The property is on Spokane’s South Hill in the Cliff-Cannon area, minutes from Manito Park, Riverfront Park, restaurants, hospitals, and transportation. Gross scheduled rent is $129,600 annually, with a 5.90% cap rate and NOI of $91,446.
The property is on Spokane’s South Hill in the Cliff-Cannon area, minutes from Manito Park, Riverfront Park, restaurants, hospitals, and transportation. Gross scheduled rent is $129,600 annually, with a 5.90% cap rate and NOI of $91,446.
Key Highlights
- Eight 2‑bedroom, 1‑bath units, approximately 1,000 SF each
- 100% occupied
- 7,424 SF building on a 0.37‑acre (16,250 SF) lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,839
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,476,780
$1.5M
Cap Rate 7%
$1,054,843
$1.1M
Cap Rate 9%
$820,433
$820.4K
Market Conditions
NOI Build-Up for 7,424 SF
Gross rent
$143.4K $19.32/SF
− Vacancy
−$9.2K −$1.24/SF
EGI
$134.3K $18.08/SF
− OpEx
−$60.4K −$8.14/SF
NOI
$73.8K $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%
$1,476,780
Cap Rate 7%
$1,054,843
Cap Rate 9%
$820,433
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$923.0K – $1.23M
NOI $73,839 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.92M
$1.68M – $2.23M
NOI $134,077 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
270
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
$355,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Spokane, WA
Properties on Market for Apartment buildings in Spokane
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with two-bedroom layouts, in-unit laundry, and covered off-street parking.
Where is this apartment building located?
The property is located at 1303 13th Spokane, WA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Eight 2‑bedroom, 1‑bath units, approximately 1,000 SF each; 100% occupied; 7,424 SF building on a 0.37‑acre (16,250 SF) lot
