Six-Unit Apartment
For Sale
$645,000
1427 W 7th Ave, Spokane, WA 99202
Central Spokane property with varied unit layouts, on-site parking, and a separate residential structure.
Property Size3,919 SF
Price / SF$164.58
Days on Market154
Property Features for 1427 W 7th Ave
General Information
Standard status
Active
Size
3,919 SF
Total Parking Spaces
3
Property subtype
Residential Income
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
5 x 1BR/1BA, 1 x studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,508
Listing Agency:
SVN Cornerstone Commercial
(509) 496-6922
Listed By:
Jordan Lester · License #1271842
(509) 496-6922
Source:
Exprealty
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 5:58PM
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 SVN Cornerstone Commercial
Investment Insights
Based on property information with market context.
The Seventh Apartments comprise six residential units at 1427 W 7th Ave in Spokane’s Cliff Cannon neighborhood. The unit mix includes five one-bedroom, one-bath apartments and one studio. One residence occupies a separate building, creating a distinct configuration within the property. Three on-site parking spaces are provided, with additional street parking available.
The property is 100% occupied and includes a dedicated room that could be converted into a laundry room. Recent improvements include new water heaters and fresh exterior paint, while upgraded copper electrical wiring is in place. The location is near a bus stop, hospitals, downtown Spokane, I-90, shopping, dining, and major employers.
The property is 100% occupied and includes a dedicated room that could be converted into a laundry room. Recent improvements include new water heaters and fresh exterior paint, while upgraded copper electrical wiring is in place. The location is near a bus stop, hospitals, downtown Spokane, I-90, shopping, dining, and major employers.
Key Highlights
- Six total units: five 1bed/1bath apartments and 1 studio
- 100% occupied apartment property at 1427 W 7th Ave, Spokane, WA
- Three on‑site parking spaces plus ample street parking
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
$38,978
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
6.04%
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%
$779,560
$779.6K
Cap Rate 7%
$556,829
$556.8K
Cap Rate 9%
$433,089
$433.1K
Market Conditions
NOI Build-Up for 3,919 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
$75.7K $19.32/SF
− Vacancy
−$4.8K −$1.24/SF
EGI
$70.9K $18.08/SF
− OpEx
−$31.9K −$8.14/SF
NOI
$39.0K $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%
$779,560
Cap Rate 7%
$556,829
Cap Rate 9%
$433,089
Alternative Uses
Best Use
Apartment 5plus
$556.8K
$487.2K – $649.6K
NOI $38,978 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.01M
$884.7K – $1.18M
NOI $70,777 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,506
Businesses Nearby
Explore this area
Business Placement
Demographics for 99202, WA
21,969
Population
8,296
Households
2.6
Avg Household Size
31
Median Age
33%
College-Educated
92%
High-School Grad
5.9 sq mi
ZIP Area
3,724
Density / Sq Mi
$61,323
Median Household Income
$31,892
Median Earnings
$1,070
Median Rent
$268,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Central Spokane property with varied unit layouts, on-site parking, and a separate residential structure.
Where is this apartment building located?
The property is located at 1427 W 7th Ave Spokane, WA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: Six total units: five 1bed/1bath apartments and 1 studio; 100% occupied apartment property at 1427 W 7th Ave, Spokane, WA; Three on‑site parking spaces plus ample street parking
