15-Bedroom Furnished Apartment
For Sale
$1,050,000
418 Mission, Spokane, WA 99202
Shared-housing residence with furnished bedrooms, common areas, and on-site laundry.
Property Size6,000 SF
Price / SF$175
Days on Market30
Property Features for 418 Mission
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$7,085
Amenities
0.00
Building Details
Year Built
1905
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
Source:
Clearwaterproperties
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 30 at 2:29PM
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 SVN Cornerstone Commercial
Investment Insights
Based on property information with market context.
This 6,000-square-foot apartment building operates as a 15-bedroom shared-housing residence with five bathrooms. Interior amenities include a large communal kitchen, furnished living spaces, and a laundry room equipped with two washers and two dryers. Five off-street parking spaces serve the property.
Capital improvements include furnished bedrooms, upgraded copper electrical wiring, a newer asphalt shingle roof, double-pane windows, and a high-efficiency gas water heater. Built in 1905, the property is located in Spokane’s Logan neighborhood, within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers. Residential Utility Billing is also in place.
Capital improvements include furnished bedrooms, upgraded copper electrical wiring, a newer asphalt shingle roof, double-pane windows, and a high-efficiency gas water heater. Built in 1905, the property is located in Spokane’s Logan neighborhood, within walking distance of Gonzaga University, downtown Spokane, shopping, dining, and major employers. Residential Utility Billing is also in place.
Key Highlights
- 15‑bedroom shared‑housing residence with five bathrooms
- 6,000 square feet on a 0.00‑acre property
- Laundry room with two washers and two dryers
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
$59,676
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
5.68%
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%
$1,193,520
$1.2M
Cap Rate 7%
$852,514
$852.5K
Cap Rate 9%
$663,067
$663.1K
Market Conditions
NOI Build-Up for 6,000 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
$115.9K $19.32/SF
− Vacancy
−$7.4K −$1.24/SF
EGI
$108.5K $18.08/SF
− OpEx
−$48.8K −$8.14/SF
NOI
$59.7K $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%
$1,193,520
Cap Rate 7%
$852,514
Cap Rate 9%
$663,067
Alternative Uses
Best Use
Apartment 5plus
$852.5K
$746.0K – $994.6K
NOI $59,676 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.81M
NOI $108,360 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
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 - Shared-housing residence with furnished bedrooms, common areas, and on-site laundry.
Where is this apartment building located?
The property is located at 418 Mission Spokane, WA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 15‑bedroom shared‑housing residence with five bathrooms; 6,000 square feet on a 0.00‑acre property; Laundry room with two washers and two dryers
