13-Unit Apartment Building with
1405 W 8th Ave, Spokane, WA 99204
For Sale
New
$1,600,000
Pending
A varied one- and two-bedroom unit mix is complemented by landscaped grounds and access to an on-site laundry facility.
Property Size9,372 SF
Days on Market3
Property Features for 1405 W 8th Ave
General Information
Standard status
Size
Property subtype
Net Operating Income
Site & Location
Neighborhood
Highway Access
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Amenities
on-site laundry facility
28
Carport,Off Site
City Street,Paved Road
9372
Building Details
Building Size
Year Built
Stories
Listing Agency:
eXp Realty, LLC
(509) 723-7709
Listed By:
Hunter Mackay · License WA #20123491
(360) 339-5093
Source:
Themackaygroup
Added: Nov 11
Last Checked: Nov 13 at 10:02AM
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 eXp Realty, LLC
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Investment Insights
Based on property information with market context.
This 13-unit apartment property contains 9,372 square feet and was built in 1962. The unit mix comprises eight one-bedroom, one-bathroom apartments and five two-bedroom, one-bathroom apartments. Residents have access to an on-site laundry facility, and the grounds are landscaped. The property has a 7.14% cap rate.
The Spokane address is near restaurants, shopping, I-90, and Downtown Spokane.
The Spokane address is near restaurants, shopping, I-90, and Downtown Spokane.
Key Highlights
- 13 apartments: 8 one‑bedroom/one‑bath units and 5 two‑bedroom/one‑bath units
- 9,372 square feet; built in 1962
- On‑site laundry facility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$93,213
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,864,260
$1.9M
Cap Rate 7%
$1,331,614
$1.3M
Cap Rate 9%
$1,035,700
$1.0M
Market Conditions
NOI Build-Up for 9,372 SF
Gross rent
$181.1K $19.32/SF
− Vacancy
−$11.6K −$1.24/SF
EGI
$169.5K $18.08/SF
− OpEx
−$76.3K −$8.14/SF
NOI
$93.2K $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 Rate 5%
$1,864,260
Cap Rate 7%
$1,331,614
Cap Rate 9%
$1,035,700
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.55M
NOI $93,213 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,258 @ 7.0% cap · market cap 10.58%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
13
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,506
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
$355,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/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 - A varied one- and two-bedroom unit mix is complemented by landscaped grounds and access to an on-site laundry facility.
Where is this apartment building located?
The property is located at 1405 W 8th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 13 apartments: 8 one‑bedroom/one‑bath units and 5 two‑bedroom/one‑bath units; 9,372 square feet; built in 1962; On‑site laundry facility
