14-Unit Studio Apartment
For Sale
$1,350,000
220 S Elm St, Spokane, WA 99201
Updated studio residences sit near restaurants and shopping in Spokane’s historic Browne’s District.
Property Size5,320 SF
Price / SF$253.76
Days on Market760
Property Features for 220 S Elm St
General Information
Standard status
Active
Size
5,320 SF
Property subtype
Residential Income
Site & Location
Neighborhood
Brownes Addition
Units
Unit Mix
14 x Studio
Multifamily Units
14
Building Details
Building Size
5,320 SF
Year Built
1953
Stories
2
Units
14
Construction
brick
Listing Agency:
LT Real Estate
Listed By:
Dallas Lightner · License #26840
(509) 315-8720
Source:
Ericksrealty
Added: Sep 24, 2024
Changed: Oct 23
Last Checked: Oct 23 at 3:27PM
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 5,320-square-foot apartment building contains 14 studio units. Built in 1953, it has a brick exterior and vinyl windows, with updated units throughout.
The property is in Spokane’s historic Browne’s District, close to restaurants and shopping.
The property is in Spokane’s historic Browne’s District, close to restaurants and shopping.
Key Highlights
- 14 studio units in a 5,320‑square‑foot apartment building
- Units have been updated
- Brick exterior with vinyl windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,912
Cap Rate
3.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,058,240
$1.1M
Cap Rate 7%
$755,886
$755.9K
Cap Rate 9%
$587,911
$587.9K
Market Conditions
NOI Build-Up for 5,320 SF
Gross rent
$102.8K $19.32/SF
− Vacancy
−$6.6K −$1.24/SF
EGI
$96.2K $18.08/SF
− OpEx
−$43.3K −$8.14/SF
NOI
$52.9K $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%
$1,058,240
Cap Rate 7%
$755,886
Cap Rate 9%
$587,911
Alternative Uses
Best Use
Apartment 5plus
$755.9K
$661.4K – $881.9K
NOI $52,912 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,079 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,224
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
Frequently Asked Questions
What type of property is this?
Apartment building - Updated studio residences sit near restaurants and shopping in Spokane’s historic Browne’s District.
Where is this apartment building located?
The property is located at 220 S Elm St Spokane, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 14 studio units in a 5,320‑square‑foot apartment building; Units have been updated; Brick exterior with vinyl windows
