13-Unit Apartment Building with
New
For Sale
$1,600,000
1405 W 8th Ave, Spokane, WA 99204
MultiFamily, Multi Level, Spokane, WA
Property Size9,372 SF
Lot Size0.28 Acres
Price / SF$170.72
Days on Market2
Property Features for 1405 W 8th Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMF
Bedrooms
18
Full bathrooms
13
Rooms
Bathroom 7, Bathroom 12, Bedroom 13, Bathroom 13, Bedroom 7, Bedroom 17, Bathroom 3, Bathroom 2, Bedroom 11, Bedroom 16, Bedroom 6, Bathroom 8, Bedroom 3, Bedroom 2, Bathroom 4, Bedroom 4, Bathroom 1, Bathroom 6, Bathroom 10, Bedroom 15, Bathroom 11, Bedroom 5, Bathroom 5, Bedroom 1, Bedroom 8, Bedroom 10, Bedroom 12, Bedroom 9, Bedroom 18, Bedroom 14, Bathroom 9
Lot features
Level
View
City
Directions
GPS is accurate
Subdivision
Washington Counties
Standard status
Active
APN
25244.4001
Size
9,372 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 1 and 2, Block 43, CANNON'S ADDITION TO SPOKANE FALLS, as per plat recorded in Volume ''B'' of Plats, Page 52
Tax Annual Amount
16416
Legal Description
Lots 1 and 2, Block 43, CANNON'S ADDITION TO SPOKANE FALLS, as per plat recorded in Volume ''B'' of Plats, Page 52
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
on-site laundry facility
beautifully landscaped grounds
Building Details
Year built
1962
Number of units
13
Building materials
Wood Siding, Stone, Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
LT Real Estate
Listed By:
Ryan Towner · License #24027253
(509) 481-0373
Added: Oct 27
Last Checked: Oct 28 at 6:06PM
MLS# 26-10526
Copyright © 2026 Coeur d'Alene Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 13-unit apartment property contains 9,372 square feet on a 0.28-acre parcel. Its unit mix includes eight one-bedroom, one-bath apartments and five two-bedroom, one-bath apartments. An on-site laundry facility and landscaped grounds are also part of the property. Built in 1962, the building has RMF zoning, electric baseboard heat, and public water and sewer service.
The property is in Spokane, near restaurants, shopping, I-90, and Downtown Spokane. The reported capitalization rate is 7.14%.
The property is in Spokane, near restaurants, shopping, I-90, and Downtown Spokane. The reported capitalization rate is 7.14%.
Key Highlights
- 13 apartments: eight one‑bedroom, one‑bath units and five two‑bedroom, one‑bath units
- 9,372 square feet on a 0.28‑acre parcel
- On‑site laundry facility and landscaped grounds
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.
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Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines a varied apartment mix with an on-site laundry facility and landscaped outdoor areas.
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: eight one‑bedroom, one‑bath units and five two‑bedroom, one‑bath units; 9,372 square feet on a 0.28‑acre parcel; On‑site laundry facility and landscaped grounds
