20-Unit Apartment
New
For Sale
Contact for pricing
1412 North Post Street, Spokane, WA 99201
Multifamily property near downtown with studio and one- to three-bedroom units, off-street parking, and on-site laundry.
Property Size14,353 SF
Price / SF$139.34
Days on Market7
Property Features for 1412 North Post Street
General Information
Standard status
Active
Size
14,353 SF
Property subtype
Multifamily
Net Operating Income
$141,944
Building Details
Year Built
1914
Buildings
1
Stories
3
Units
20
Tenancy
Multi
Listing Agency:
LT Real Estate
(509) 315-8720
Listed By:
Dallas Lightner · License #26840
Source:
Crexi
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 6 at 11:02AM
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 LT Real Estate
Investment Insights
Based on property information with market context.
This 20-unit apartment building contains a mix of studios and one- to three-bedroom residences within a 14,353-square-foot property. The unit mix includes 11 one-bedroom apartments and 8 studios, with the remaining unit described within the one- to three-bedroom range. Built in 1914, the property also provides off-street parking and on-site laundry facilities.
The building is located near downtown Spokane at 1412 North Post Street. Its residential configuration, parking, and shared laundry amenities support a multifamily operating profile with varied unit layouts.
The building is located near downtown Spokane at 1412 North Post Street. Its residential configuration, parking, and shared laundry amenities support a multifamily operating profile with varied unit layouts.
Key Highlights
- 20‑unit apartment building near downtown Spokane
- 14,353‑square‑foot multifamily property built in 1914
- Unit mix includes 11 one‑bedroom apartments and 8 studios
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
$142,754
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
7.14%
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%
$2,855,080
$2.9M
Cap Rate 7%
$2,039,343
$2.0M
Cap Rate 9%
$1,586,156
$1.6M
Market Conditions
NOI Build-Up for 14,353 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
$277.3K $19.32/SF
− Vacancy
−$17.7K −$1.24/SF
EGI
$259.6K $18.08/SF
− OpEx
−$116.8K −$8.14/SF
NOI
$142.8K $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%
$2,855,080
Cap Rate 7%
$2,039,343
Cap Rate 9%
$1,586,156
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.78M – $2.38M
NOI $142,754 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.70M
$3.24M – $4.32M
NOI $259,215 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,683
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property near downtown with studio and one- to three-bedroom units, off-street parking, and on-site laundry.
Where is this apartment building located?
The property is located at 1412 North Post Street Spokane, WA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 20‑unit apartment building near downtown Spokane; 14,353‑square‑foot multifamily property built in 1914; Unit mix includes 11 one‑bedroom apartments and 8 studios
