Renovated 5-Plex Apartment
For Sale
$800,000
2109 W Pacific Ave, Spokane, WA 99201
Four two-bedroom units and one one-bedroom-plus-office unit feature updated interiors and appliances.
Property Size3,892 SF
Price / SF$205.55
Days on Market24
Property Features for 2109 W Pacific Ave
General Information
Standard status
Active
Size
3,892 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2bd/1ba, 1 x 1bd+office/1ba
Multifamily Units
5
Parking per Unit
1
Additional Details
Highway Access
Yes
Amenities
on-site laundry
basement storage
Building Details
Year Built
1909
Buildings
1
Listing Agency:
Windermere Manito, LLC
Listed By:
Jill Klinke · License #SP53646
(509) 994-8273
Source:
Clemensregroup
Added: Sep 14
Changed: Sep 24
Last Checked: Oct 5 at 7:58PM
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 Windermere Manito, LLC
Investment Insights
Based on property information with market context.
Built in 1909, this 3,892-square-foot apartment property contains five updated units: four two-bedroom, one-bath residences and one one-bedroom unit with an office and one bath. Renovations include new flooring, interior and exterior paint, plumbing fixtures, appliances, and a commercial 76-gallon gas water heater. Unit D was rebuilt to the studs. A conventional gas boiler with hydronic heating serves the entire building.
Each residence includes a covered parking space in the carport or garage, along with basement storage. On-site laundry uses a smart-card system, and the property also includes a newer garage/carport roof; the main roof is approximately 12 years old. The building is located in Browne’s Addition, one block from several restaurants, near Coeur d’Alene Park and a grocery store, with access to downtown Spokane and I-90.
Each residence includes a covered parking space in the carport or garage, along with basement storage. On-site laundry uses a smart-card system, and the property also includes a newer garage/carport roof; the main roof is approximately 12 years old. The building is located in Browne’s Addition, one block from several restaurants, near Coeur d’Alene Park and a grocery store, with access to downtown Spokane and I-90.
Key Highlights
- Five‑unit apartment property with four 2bd/1ba units and one 1bd+office/1ba unit
- 3,892 SF building constructed in 1909
- Updated flooring, paint, plumbing fixtures, appliances, and commercial 76‑gallon gas water heater
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,710
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,200
$774.2K
Cap Rate 7%
$553,000
$553.0K
Cap Rate 9%
$430,111
$430.1K
Market Conditions
NOI Build-Up for 3,892 SF
Gross rent
$75.2K $19.32/SF
− Vacancy
−$4.8K −$1.24/SF
EGI
$70.4K $18.08/SF
− OpEx
−$31.7K −$8.14/SF
NOI
$38.7K $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 Rate 5%
$774,200
Cap Rate 7%
$553,000
Cap Rate 9%
$430,111
Alternative Uses
Best Use
Apartment 5plus
$553.0K
$483.9K – $645.2K
NOI $38,710 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$878.6K – $1.17M
NOI $70,290 @ 7.0% cap · market cap 8.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 99201, WA
15,716
Population
8,842
Households
1.8
Avg Household Size
39
Median Age
34%
College-Educated
91%
High-School Grad
3.0 sq mi
ZIP Area
5,239
Density / Sq Mi
$35,286
Median Household Income
$36,599
Median Earnings
$883
Median Rent
$259,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom units and one one-bedroom-plus-office unit feature updated interiors and appliances.
Where is this apartment building located?
The property is located at 2109 W Pacific Ave Spokane, WA.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Five‑unit apartment property with four 2bd/1ba units and one 1bd+office/1ba unit; 3,892 SF building constructed in 1909; Updated flooring, paint, plumbing fixtures, appliances, and commercial 76‑gallon gas water heater
