Updated Two-Bedroom
For Sale
$219,000
1109 S Walnut St, Spokane, WA 99204
Furnished second-floor residence with basement storage, a detached garage space, and stainless steel kitchen appliances.
Property Size728 SF
Price / SF$300.82
Days on Market20
Property Features for 1109 S Walnut St
General Information
Standard status
Active
Size
728 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Amenities
basement storage
stainless steel kitchen appliances
secure building
Building Details
Year Built
1951
Buildings
1
Listing Agency:
Choice Realty
Listed By:
Aaron Magner
(509) 217-0200
Source:
Clemensregroup
Added: Sep 16
Changed: Sep 18
Last Checked: Oct 4 at 1:56PM
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 Choice Realty
Investment Insights
Based on property information with market context.
This furnished condominium offers 728 square feet with two bedrooms and one bathroom on the second floor of a secure building. Recent updates complement a stainless steel appliance package in the kitchen, while the primary bedroom features double closets. Additional storage is provided in the basement, and the property includes a detached single-car garage space.
The condo is positioned on Spokane’s South Hill near the hospital district, downtown dining, and shopping. Its residential layout, furnishing package, storage, and garage component support either owner occupancy or use as a residential income property.
The condo is positioned on Spokane’s South Hill near the hospital district, downtown dining, and shopping. Its residential layout, furnishing package, storage, and garage component support either owner occupancy or use as a residential income property.
Key Highlights
- 728 SF furnished condominium with 2 bedrooms and 1 bathroom
- Recently updated second‑floor unit in a secure building
- Detached single‑car garage space included
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
$7,241
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
3.31%
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%
$144,820
$144.8K
Cap Rate 7%
$103,443
$103.4K
Cap Rate 9%
$80,456
$80.5K
Market Conditions
NOI Build-Up for 728 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
$14.1K $19.32/SF
− Vacancy
−$900 −$1.24/SF
EGI
$13.2K $18.08/SF
− OpEx
−$5.9K −$8.14/SF
NOI
$7.2K $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%
$144,820
Cap Rate 7%
$103,443
Cap Rate 9%
$80,456
Alternative Uses
Best Use
Apartment 5plus
$103.4K
$90.5K – $120.7K
NOI $7,241 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$187.8K
$164.4K – $219.1K
NOI $13,148 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,430
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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Frequently Asked Questions
What type of property is this?
Residential income property - Furnished second-floor residence with basement storage, a detached garage space, and stainless steel kitchen appliances.
Where is this residential income property located?
The property is located at 1109 S Walnut St Spokane, WA.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 728 SF furnished condominium with 2 bedrooms and 1 bathroom; Recently updated second‑floor unit in a secure building; Detached single‑car garage space included
